Whether you’re buying a home or ready to refinance, our professionals can help.
Use our mortgage payment calculator to estimate your monthly mortgage costs on a new home. You can factor in key expenses like property taxes, homeowner's insurance, and PMI for a more accurate calculation. To get the most precise results, simply input the following details into the calculator:
Start with your home price to calculate the most effective loan term and estimate your monthly payment.
Use your down payment and monthly budget to determine how much home you can afford, and save up to $3,000 by comparing offers from leading lenders.
Enter your desired monthly payment to find the loan that suits you most of all, then apply with a lender to confirm your estimate.
Make biweekly payments instead of monthly to reduce your principal faster and save thousands over the life of your loan.
Enter the amount you intend to offer on your dream home, or calculate based on the listed price.
Subtract your closing costs from your savings, and the remainder becomes your down payment.
Keep in mind that your interest rate will fluctuate based on the lender, loan program, and your credit score.
Your finances will be affected differently depending on the loan type you select, whether it's FHA, VA, USDA, or conventional.
To estimate your property tax, multiply the assessed value of the home by the local tax rate.
The amount you pay for home insurance to safeguard your investment will be influenced by the home's value and its location.
You’ll need to pay PMI ranging from 0.5% to 2% of the loan amount if your down payment amounts to less than 20% of the home price.
A homeowners association (HOA) will charge monthly or annual dues, so find out if your home is located in an affected neighborhood.
If you can make a larger than required payment every month, the additional funds can go to reduce your loan principal.
Divide your annual income by 12 months to arrive at the monthly income that will be used when determining your ability to repay.
Add all recurring expenses or payments that you owe every month (like credit card bills or auto loan payments) to arrive at your monthly debt.
Compare your monthly income and monthly debt to find out what your debt to income (DTI) ratio is, the lower this number is, the better.
A bigger monthly payment means you’ll pay off your loan more quickly, cutting years and interest costs off your mortgage.
If you make half of a mortgage payment every other week, it works out to a whole extra mortgage payment every year.
Ask your mortgage company to provide you with your amortization schedule so you can learn your estimated payoff date.
If your instant rate quote isn’t quite what you expected, our team is here to guide you on ways to improve it. As a family-owned mortgage company with over 30 years of experience, Sammamish Mortgage is dedicated to helping homebuyers throughout the Pacific Northwest. We proudly serve Washington, Oregon, Idaho, Colorado, and California. If you’re planning to purchase a home in any of these states, we’re ready to assist you every step of the way!
Since 1992 Sammamish Mortgage has offered excellent service at very competitive rates and fees. Over this time, our proven track record and quality loans have helped us build exceptional relationships with the lenders that provide you with home loans. These relationships have been built on trust, integrity, and most of all, exceptional business practices. Our long standing business partnerships allow us the ability to offer unrivaled pricing on home mortgages. This pricing, in addition to utilizing top of the line technology and low overhead, enables us to pass the savings on to you, our clients.
We do not have a large team of loan officers that require us to pay out large commissions. Instead we have a small team of highly experienced and trained professionals to handle your home loans.
Yes. At Sammamish Mortgage, when we advertise no points, it also means there are no hidden charges like origination fees. Many banks, credit unions, and mortgage companies may promote no-point loans, only to reveal later in the process or in the fine print that a minimum 1% fee is added to the loan. While this practice is legal, we believe it is misleading and does not align with transparent lending standards.
Yes. At the time of your pre-approval, we can guarantee all lender and 3rd party costs associated with your loan. Your costs may change if there is a valid change in circumstance such as a lower than expected appraised value, or if you decide to change your loan amount as your loan to value is a key factor in pricing your loan. Your loan specialist can go over all the different scenarios with you if you are unsure of your value on a refinance. We rarely have issues with the value on a purchase.
Choosing a loan with 0 points/origination fees generally benefits the borrower for the first 4 to 7 years of the loan. This is because you exchange lower up front closing costs for a slightly higher interest rate and monthly payment. This is a great option for people that do not have excess liquid cash or emergency funds and people that are not sure how long they are planning on keeping the loan. Since most people either refinance or sell their home every 3 to 5 years, this plan can be of great value. When determining whether a no point, additional and/or no mortgage broker fee loan would work for you, you have to carefully consider the following:
• How long you plan on staying in the property?
• Do you think that you might refinance in the near future?
• Do you have enough emergency funds saved to warrant paying higher up front costs?
If you are uncertain as to which is right for you, one of our loan specialists can assist you in making the decision that suits your needs.
There are several key points that can affect your rate. Below is a detailed breakdown of some attributing factors that may apply:
• Credit Score: Your credit score is one of the most important factors that will determine your rate.
• Loan to Value: Your down payment in a purchase transaction or your equity in a refinance transaction also plays a key role in determining your rate. The lower your loan to value (LTV), the better your rate may be.
• Rate/term refinance vs. Cash out refinance: A rate/term refinance has a loan amount that is just enough to repay the balance of your existing mortgage. You may include all third party fees, taxes, insurance and interest into the loan amount. A cash-out refinance, on the other hand, has a loan amount that exceeds your current mortgage balance.
• Purchase vs. Refinance: There are times when lenders offer purchase specials, which allow us to offer even lower rates than we already do.
• Property type: Often times there can be pricing adjustments for condos and multi-family properties.
• Escrow Reserve: Paying your property taxes and homeowners insurance on your own rather than having them included in your house payment may cost you an additional fee. Most lenders charge a onetime fee for the impound waiver.
• Loan amount: Your loan amount can affect your pricing. If you have a large loan amount (over $417,000) there will be pricing adjustments. If your loan amount is low, there can also be pricing adjustments generally starting at $165,000 and lower.
• Subordinate financing: Having a second mortgage or Home Equity Line of Credit tied to the property can impact the terms of the first mortgage even if no money is owed on the equity line. The line is still considered a lien against your property and impacts your Combined Loan to Value.
The obvious trigger for a cash-out refinance is borrowing more than your existing loan balance; however, consolidating debt that was not obtained as part of the original purchase is also considered a cash-out refinance. This includes second mortgages or Home Equity Line of Credits opened after you purchased the property.
Our additional mortgage calculator tools are also free, and use data from your unique loan situation to give you a better idea of your estimated monthly mortgage payments. You can update the amount of your budgeted home price, your down payment, the expected interest rate, and your anticipated loan term to make adjustments to your projected monthly payment.
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