Home Loan Comparison Calculator
There are a variety of loan options, so how do you know what term is best for you? This calculator helps you compare home loan terms side by side, interest rates, and how long you plan to stay in the home. It's designed for home buyers to look past the headline rate and choose the mortgage terms that's genuinely the best fit for them.
Questions about homeownership or UMB Bank's mortgage loan options?
Mortgage interest rates fluctuate with national economic factors. Generally, a good mortgage interest rate is equal to or lower than the current national average. To find the best interest rate for you, put yourself in the best position as a low-risk borrower: improve your credit and save for a down payment. Home buyers with a low debt-to-income ratio and a good credit score typically receive the best mortgage rates. A higher down payment can also help some applicants receive a lower rate.
Fixed-rate mortgage and adjustable-rate mortgage (ARM) are the two main types of home loans. There are many options within these mortgage categories.
With a fixed-rate mortgage, loan terms include an interest rate that remains the same for the duration of the loan. The advantage of a fixed-rate mortgage loan is that you can budget knowing your principal and interest payment will not change.
An adjustable-rate mortgage (ARM) has an interest rate that can fluctuate based on current market and indexed rates. ARM loans generally offer lower initial rates and monthly payments compared to fixed-rate loans, appealing to borrowers who anticipate personal incomes to increase over time.
The best way to choose the right home loan is to shop among lenders and speak to mortgage professionals who’ll take time to answer your questions. When comparing interest rates among lenders, it’s also important to remember the other costs associated with obtaining a mortgage loan, like loan origination fees and other closing costs. Be sure to look at the same factors for each lender as you compare them.
The right home loan for you is one that works for your budget and meets your financial goals. Be sure to work with a lender who’ll get to know your situation and support you through the mortgage process. If you’re ready to take the next steps in applying for a mortgage, connect with a member of the UMB Mortgage team.
Mortgage loan checklist
Use our Mortgage Loan Checklist to gather the necessary documents ahead of time and help you move smoothly through the application process.
Homeownership resources
Read our helpful blogs that span topics from first time home buyer tips to mortgage refinancing.
Mortgage calculators
Use our mortgage calculators to help determine how much house you can afford, if refinancing your current mortgage is a good option and more.