Columbus Fixed Rate Mortgage Calculator

Choosing the right type of loan is an important step in the mortgage process. In some cases, an adjustable-rate mortgage could be the right fit. More commonly, borrowers find value and peace of mind in a fixed-rate mortgage.

With fixed rate mortgages, the interest rate remains the same throughout the duration of the loan period. This rate is set at the time of origination and is locked in for the entire life of the loan, safeguarding the borrower against fluctuations in marketplace interest rates.

There are many other benefits to securing a fixed rate mortgage. Monthly payments with a fixed rate mortgage will remain the same from month to month, even if principal and interest rates change. Additionally, initial loan payments for fixed rate loans are applied more to interest than the principal.

On the reverse, there are a few potential drawbacks to these types of loans that borrowers should consider. Compared to adjustable-rate mortgages, principal and interest payments for fixed rate loans are initially higher. Also, if interest rates should decrease after signing, borrowers must refinance to take advantage of the lower rate.

Borrowers who prefer steady principal and interest payments that do not increase with rising interest rates and those planning to stay in their home for 10 or more years should strongly consider applying for a fixed rate mortgage. This calculator provides an estimate for payments (principal and interest) with a fixed rate loan.

If you’re considering a fixed rate mortgage, the experts at The Columbus Mortgage Company are here to assist. Contact our dedicated loan officers to determine which type of loan is the best fit for your situation.

Are you looking to take the next step towards prequalification? The Columbus Mortgage Company is here to assist you! Our team of experts will help you take advantage of any benefits you may be entitled to, such as loan or down payment assistance programs.