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A fixed-rate mortgage offers you consistency that can help make it easier for you to set a budget. Your mortgage interest rate, and your total monthly payment of principal and interest, will stay the same for the entire term of the loan.
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Rates based on a $200,000 loan in ZIP code 95464
Rates based on a $200,000 loan in ZIP code 95464
The rate of interest on a loan, expressed as a percentage.
The annual cost of a loan to a borrower. Like an interest rate, an APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan.
An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).
The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change annually (after the initial period) based on any increase or decrease in the London Interbank Offered Rate (LIBOR) index.
A home loan with an interest rate that remains the same for the entire term of the loan.
Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the London Interbank Offered Rate (LIBOR). Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.
Your monthly payment may fluctuate as the result of any interest rate changes, and a lender may charge a lower interest rate for an initial portion of the loan term. Most ARMs have a rate cap that limits the amount of interest rate change allowed during both the adjustment period (the time between interest rate recalculations) and the life of the loan.
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To recalculate and see results try lowering your purchase price, increasing your down payment or entering a different ZIP code. (Note: We offer a wide range of loan options beyond the scope of this calculator, which is designed to provide results for the most popular loan types.)
Our experienced lending specialists are ready to help you with your financing needs:
Other types of mortgages
Adjustable-rate mortgages (ARMs)
Interest rate may change periodically during the loan term
Your monthly payment may increase or decrease based on interest rate changes
For borrowers needing higher loan amounts
Available for primary residences, second or vacation homes and investment properties
Resources and tools
Real Estate Center
Search millions of existing homes, new homes, and bank-owned properties
With so many different mortgages available, choosing one may seem overwhelming.
Understanding your mortgage options
With so many different mortgages available, choosing one may seem overwhelming.
Understanding your mortgage options
Know what steps you can take to help the loan process go smoothly.
Guide to the mortgage process
Know what steps you can take to help the loan process go smoothly.
Guide to the mortgage process
