Browse All Loan Categories — Rates, Terms & Monthly Payment
Explore borrowing options across top loan categories: Compare mortgage loans, auto loans, personal loans, and student loans with monthly payment schedules.
Loan category guide
Direct guide to US loan categories
Compare mortgage, auto, personal, and student loans. Mortgages typically offer the lowest interest rates but require real estate collateral over 15 to 30 years. Personal and credit card loans offer fast funding without collateral but carry higher rates and shorter terms.
What the calculator covers
Interest rates based on recent US federal and commercial market indicators.
Calculations use annuity (equal monthly payments) or reducing balance methods.
Actual rates depend on individual FICO score, down payment, and lender fees.
Step-by-step comparison
Step 1 — Compare monthly payments and total interest across different categories.
Estimates are for educational purposes. Lenders perform formal credit checks.
Confirm final APR, origination fees, and prepayment rules before signing.
Mortgage
Rate: ~6.35%
In the US mortgage market, the headline rate is only part of the decision. The real affordability test is PITI plus HOA, reserve requirements, and whether you can still stay below a safe DTI range if rates, taxes, or insurance costs rise.
US personal loans can be useful when used as a structured payoff tool, but they become dangerous when they simply convert short-term overspending into a longer fixed obligation.
Student debt is less about the first monthly payment and more about the long runway of repayment. The right question is whether the expected career path justifies the total borrowing burden.
Quick answers to common questions about loan calculations and repayment scenarios.
Standard 30-year fixed mortgage rates typically hover between 6.0% and 7.5%, depending on Federal Reserve policies and local lender market conditions. Initial teaser rates for ARMs might be lower, but they reset after a fixed period. Use our simulator to model both phases.
A Fixed-Rate mortgage locks in your interest rate for the entire life of the loan (e.g., 30 years). An ARM offers a lower introductory rate for a few years (5 or 7), then adjusts annually based on market indices. ARMs are riskier if rates rise but beneficial if you plan to move before the reset.
Most conventional lenders require at least 620, but a score of 740 or higher is typically needed to secure the most competitive interest rates. FHA loans might accept scores as low as 580 with a 3.5% down payment.
Lenders use the Debt-to-Income (DTI) ratio. A standard rule is the 36% rule, where your total monthly debt payments (including the new mortgage) shouldn't exceed 36% of your gross monthly income. Some programs allow up to 43% or 50% for highly qualified borrowers.
Closing costs usually range from 2% to 5% of the home's purchase price. These include origination fees, appraisal, title insurance, and taxes. Factor these into your initial cash-to-close requirements.
Even a 1% increase in interest rate can increase your monthly payment by hundreds of dollars and add tens of thousands to your total interest over 30 years. Always run a stress test with higher rates before signing.
A 15-year mortgage has a lower interest rate and builds equity twice as fast, but the monthly payment is significantly higher (~30-50% more). A 30-year term offers lower monthly pressure but costs much more in total interest over time.
A pre-approval is a lender's commitment to lend you a specific amount based on a check of your credit and finances. It shows sellers you are a serious buyer and is often required to make an offer in competitive US markets.
Your monthly housing cost isn't just Principal and Interest (P&I). It also includes property taxes and homeowners insurance, often collected via an Escrow account. In many US states, these can add $300-$800+ to your monthly bill.
Yes, refinancing allows you to replace your current loan with a new one at a lower rate. However, you will pay closing costs again. Experts recommend refinancing if the new rate is at least 0.75% to 1% lower and you plan to stay in the home for several more years.
