Mortgage Calculators

How much will my mortgage payment be?

When you’re budgeting for a home purchase, it’s important to have an estimate of your monthly mortgage payment. To use this calculator, complete the Home Information and Loan Information below.

How much can I save if I refinance my mortgage?

Replacing your current mortgage with a new one is called refinancing. You can save money by refinancing* to a lower interest rate (monthly savings) or a shorter loan term (long-term savings). To use t

Is it better to rent or buy?

It takes more than a review of monthly payments to answer this question, but this tool allows you to compare the cost of renting with the cost of buying to help you make the best decision. To use this

Mortgage Checklist

The following information is usually required during the loan process. Additional documentation may be needed.
 

  • Your government-issued photo ID
  • Federal tax returns for the most recent two years
  • W-2s for the most recent two years
  • Pay stubs for the past 30 days
  • Bank statements for the most recent two months
  • The purchase contract for your new home
  • Most recent copies of asset/retirement account statements
  • The declarations page of your homeowners insurance

Find a Loan

I want stable monthly payments.

If you’re looking for a monthly loan payment that won’t change over the life of your loan, a fixed-rate mortgage might be for you. You’ll have the security of knowing that your principal and interest payment will be the same every month.

I only plan to live in the house for a few years.

If you don’t plan on living in your home long-term, and you’d like a rate that may be lower initially than a fixed-rate mortgage, an adjustable rate mortgage (ARM) might be right for you.

I want a home that needs renovation.

Whether your dream home is a major fixer-upper or needs minor improvements, a CrossCountry Mortgage renovation loan combines a home purchase and qualified improvement costs in one mortgage.

I want a luxury or higher-priced property.

More expensive homes often require loans that exceed conventional home loan limits. A CrossCountry Mortgage jumbo loan can provide up to $3 million in financing for your home purchase.

I am a military veteran.

If you’re a veteran or other qualified borrower, a VA home loan, insured by the U.S. Department of Veteran Affairs, can provide up to 100% financing with no mortgage insurance. You don’t need to be a first-time homebuyer, and you can reuse your benefit.

I want to live in a rural area.

Through a USDA rural home loan, purchasing a home in a designated rural area provides 100% financing, flexible credit requirements, and the security of a fixed rate.

I want to make a low down payment.

CrossCountry Mortgage offers many loan programs with low down payments. One option is an FHA home loan, insured by the Federal Housing Administration, with down payments starting at 3.5%. FHA loans can benefit first-time homebuyers who may need a co-signer on the loan or have less than perfect credit. Other low down payment options include USDA and VA home loans, offering 0% down payments for qualified borrowers.

I want to lower my monthly payment.

Refinancing a higher-rate loan to a lower-rate loan can help you save on your monthly mortgage payment and improve your immediate cash flow. There are costs to refinancing, so be sure to discuss your break-even point with your licensed CrossCountry Mortgage loan originator.

I want to save money over the life of my loan*.

Refinancing to a shorter term can save thousands of dollars in interest. One common refinance is from a 30-year fixed-rate loan to a 15-year fixed-rate loan. Your monthly payment is likely to be higher, but your savings over the life of the loan can be substantial.

I want to renovate my home.

Using the equity in your home to pay for home improvements can be a good reason to refinance. You are investing money from your home back into your home. Depending on the loan program, there may be restrictions on the types of renovations you can make.

I want to pay off higher interest consumer debt.

A debt-consolidation refinance can help you save money by replacing high interest consumer debt, such as credit cards or installment loans, with a lower rate home loan. Be aware that the debt doesn’t disappear. You are paying those debts with your refinance, so your new home loan will be higher than your old one.

I want to pay for my children’s college or other important expense.

When you choose a cash-out refinance, the money comes from the equity you have built up in your home. Think carefully about the way you will use the money because you are incurring debt with your home as collateral. Investing in education or other expenses with long term benefits may be a good choice.

I want to change loan type.

If you have an adjustable rate mortgage (ARM) with an interest rate that is about to increase, it may be time to refinance into a fixed-rate loan. You’ll want to consider the length of time you plan to stay in your home and the rates available for fixed-rate loans.

I have more than one mortgage on my home.

You may have a first and second mortgage on your home. Consolidating them into one loan can save you money and make your payment more manageable.

Your Homebuyer Guide

Our free guide provides the information you need to understand home financing, the loan options available to you, and the benefits of owning a home.
 

DOWNLOAD THE BUYING GUIDE DOWNLOAD THE REFINANCE GUIDE