Whats the mortgage on a 700k house

Mortgages are some of the biggest commitments you’ll make in your financial life. And with all the options, it can be hard to work out what they’ll cost you. Our mortgage calculator can help.

It’ll give you a simple, ballpark figure to show you the monthly payments you’d pay on:

• new mortgages
• interest only mortgages
• your mortgage if there was an interest rate rise.

You can also adjust the mortgage term, interest rate and deposit to get an idea of how those affect your monthly payments.

To get started all you need is the price of your property, or the amount left on your mortgage.

Skip to main content

Please wait a moment while we retrieve our low rates

failure

Get a call back

from one of our lending specialists

By submitting this form, you authorize Bank of America to contact you at the telephone number or email provided here, even if you’ve previously registered on a Do Not Call registry or requested that we not send you marketing information by email. You agree we may use an auto-dialer to reach you. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.

What would youpay each month?What would you pay each month?What would you payeach month?

Use this mortgage calculator to calculate estimated monthly mortgage payments and rate options.Use this mortgage calculator to calculate estimated monthly
mortgage payments and rate options.Use this mortgage calculator to
calculate estimated monthly
mortgage payments and rate options.

• PURCHASE
• REFINANCE

Mortgage payment schedule

placeholder

Principal

$XXXX

Interest

$XXXX

Taxes, HOI, PMI

$XXXX

Total payments over 30 years

$XXXX

Principal

Interest

Taxes HOI, PMI

Mortgage Balance

Show more Show less

How much should I put down?

The larger your down payment, the more likely you are to qualify for lower interest rates. This will also help to lower your overall monthly payment. We recommend your down payment be at least 5% of the purchase price.

If your down payment is at least 20% of the property price, you typically won't have to pay for private mortgage insurance (PMI), which is required by some loan types.

Bank of America offers low down payment loans and programs to help with down payment and closing costs, including a fixed-rate 3% down payment mortgage and America's Home Grant®, which provides eligible borrowers up to $7,500 for nonrecurring closing costs. Connect with a lending specialist for details.

What your loan term means

A Fixed-rate mortgage is a home loan with a fixed interest rate for the entire term of the loan. The Loan term is the period of time during which a loan must be repaid. For example, a 30-year fixed-rate loan has a term of 30 years.

An Adjustable-rate mortgage (ARM) is a mortgage in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Also called a variable-rate mortgage.

Note: Typically Bank of America adjustable-rate mortgage (ARM) loans feature an initial fixed interest rate period (typically 5, 7 or 10 years) after which the interest rate becomes adjustable every six months for the remainder of the loan term.

ZIP code finder

Enter City and State to get a custom rate

Please enter your city and state to find your ZIP Code

City * Select a city from the dropdown

Select State *Select a state from the dropdown

Preferred Rewards members may qualify for an origination fee or interest rate reduction based on your eligible tier at the time of application. Depending on your tier, you may be required to enroll in PayPlan from an eligible Bank of America deposit account at least 10 days prior to loan closing in order to receive the full program benefit.

Learn more about Preferred Rewards

Resources and tools

• Search for down payment and cost savings programs that can help make buying a home more affordable

• Real Estate Center

• Search millions of existing homes, new homes, and bank-owned properties

Monthly Principal & Interest

The principal is the amount of money borrowed on a loan. The interest is the charge paid for borrowing money. Principal and interest account for the majority of your mortgage payment, which may also include escrow payments for property taxes, homeowners insurance, mortgage insurance and any other costs that are paid monthly, or fees that may come due.

Property Taxes

Typically, a fixed percentage based on the appraised value of your home that you pay to the county, the school district and the municipality where your property is located. The taxes may be assessed annually or semiannually, and you may pay them as part of your monthly mortgage payments. Depending on when you close your loan, some of this property tax may be due at the time of closing. Each local tax assessor’s office can give you the tax rate. Also known as property tax.

Homeowners Insurance

A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.

PMI

Private Mortgage Insurance is a special type of insurance policy, provided by private insurers, to protect the lender if you default on your loan. If your down payment is less than 20%, most lenders will require you to pay mortgage insurance. You’ll typically pay PMI until the mortgage’s LTV drops to 78% - meaning your down payment, plus the loan principal you’ve paid off, equals 22% of the home’s purchase price.

Interest rate

Cost for the use of a loan, usually expressed as a percentage of the loan, paid over a specific period of time. The interest rate does not include fees charged for the loan. See also: annual percentage rate (APR).

APR

The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, discounts points and loan origination fees) to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing the costs of similar credit transactions.

Closing costs

Closing costs, also known as settlement costs, are the costs incurred when obtaining your loan. For new purchases, these costs also include ownership transfer of any collateral property from the seller to you. Costs may include and are not limited to: attorney's fees, preparation and title search fees, discount points, appraisal fees, title insurance and credit report charges. They are typically about 3-5% of your loan amount. Funds often needed to close a loan, such as homeowners insurance, property taxes and escrow impound account funds, aren't included in closing costs and are considered separate. You should be prepared to pay these costs before your loan closes.

Points

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 1% of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).