Buyers Resources

Real Estate Mortgage Calculator

When you're applying for a mortgage, it's certainly not a "one size fits all" kind of deal. In fact, there are over 200 different types of loans available to home buyers! While not all of those types of loans will work for everyone, you do probably have a lot more options than you think.

Feel free to take some time to learn a little more about the types of loan options available to you. Still have questions or need lender recommendations? Feel free to contact me at any time!

Calculate Your Mortgage

First, Determine How You'll Pay Interest

Before you start thinking about loan types, you might want to learn a little more about interest rate options. Believe it or not, you've even got a choice when it comes to paying interest! Here are some of the most common types:

Fixed-Rate Mortgage

  • Interest rate remains the same throughout the duration of the loan
  • Payments remain the same throughout the duration of the loan
  • Very predictable

Adjustable-Rate Mortgage

  • Interest rate may start off lower for a set period of time, then flux to match current market rates
  • Rates may increase or decrease, depending on current rates
  • Monthly payments will increase or decrease along with interest rates

Two-Step Mortgage

  • Also called 5/25s or 7/23s
  • Offers an initial fixed interest rate for the first 5 or 7 years, then converts to match market rates
  • Can be convertible (buyer may move to another fixed-rate loan) or non-convertible (automatically becomes ARM)

Next, Choose Your Loan Type

Now that you know a little more about interest rate options, it's time to delve into loan types. Here are a few of the most common types of loans used by Charlotte home buyers.

Conventional Loan

  • Usually 15 or 30 year duration
  • Can be fixed-rate or adjustable
  • Typically requires great credit, financial history, and a 20% down payment

USDA Rural Loan

  • Targeted to buyers searching in "rural" areas
  • As little as 0% down payment
  • Targets buyers with "steady, low, or modest income"

FHA Loan

  • Flexible income and credit requirements
  • 3 – 5% down payment options
  • Requires mortgage insurance and may have higher interest rates

VA Loan

  • Available to most military service members and veterans
  • As little as 0% down payment, with NO mortgage insurance
  • May require a one-time funding fee

Balloon Mortgage

  • Has a short term of 5 – 7 years but payments based on a 30-year loan
  • At the end of the loan, borrower must pay off the balance, refinance the loan, or convert the loan
  • May have lower interest rates and credit requirements


  • Buyers get lower rates in exchange for a share of the profits when the home sells
  • Lenders don't make money unless the buyer does, buyer loses out on more home equity
  • Often used to help low-income buyers

First-Time Buyer Loans

  • State-funded programs designed to help first-time buyers
  • May help with closing costs or down payments, offer low interest rates, and require less strict credit qualifications
  • May require a homebuyer education course

Lender-Specialty Loans

  • Some mortgage brokers or banks may offer their own specialty loan programs
  • May offer lower down payments or credit requirements
  • Often geared towards first-time buyers or low-to-moderate income buyers

Finally, Calculate Your Mortgage

Taking everything you've learned about loans into consideration, play around with my mortgage calculator a bit to get an idea of what your monthly payments might look like—and how much home you'll be able to afford.

Mortgage Calculator

Want to Learn More About Mortgages?

This is hardly a comprehensive list of all your mortgage options! To get a better understanding of what's available to you, the loans you'll qualify for, and the loans that make the most sense for your situation, you'll likely want to sit down with a few different lenders to discuss your options.

Need help navigating the process? I'd love to give you some personal recommendations! Looking for more buyer resources or want to start searching? I can certainly help with that, too!

Start Your Calculation