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Tools to Help You Make Smarter Mortgage Decisions

Understanding your options doesn't have to begin with an application. These simple tools can help you explore payments, home equity and common mortgage terminology before deciding what makes sense for you.

Mortgage Calculators

Use these calculators to explore some basic scenarios. They're designed for planning and comparison—not as a loan quote or approval.

Mortgage Payment Calculator

Estimate the monthly principal and interest payment for a mortgage.

Enter a loan amount, interest rate and term.

Estimate reflects principal and interest only. Property taxes, homeowners insurance, mortgage insurance, HOA dues and other costs are not included. Actual loan terms and payments may vary.

Home Equity Estimator

Get a simple estimate of how much equity you currently have in your home.

Enter your estimated home value and current mortgage balance.
How much equity can you access?

Most loans involving cash out—including cash-out refinances, home equity loans and HELOCs—limit borrowing to a percentage of the home's value, after taking existing mortgage balances into account.

The maximum percentage varies by loan program, borrower qualifications and property type. Certain VA-eligible financing may permit borrowing up to 100% of the home's value in qualifying circumstances.

This calculator provides a simple estimate of your current home equity and does not represent the amount you may be eligible to borrow. Available financing depends on property value, existing liens, program guidelines and borrower qualifications.

Mortgage Terms — In Plain English

Mortgage terminology can make a relatively simple decision sound complicated. Here are some of the terms borrowers encounter most often.

Interest Rate The percentage charged for borrowing money. It is one of the primary factors used to calculate your mortgage payment.
APR Annual Percentage Rate. A measure designed to reflect the interest rate plus certain costs associated with obtaining the loan.
LTV Loan-to-Value. The amount borrowed compared with the value of the property.
DTI Debt-to-Income ratio. A comparison of certain monthly debt obligations with qualifying monthly income.
Points Fees calculated as a percentage of the loan amount. One point equals one percent of the loan amount.
PMI Private Mortgage Insurance. Insurance that may be required on certain conventional mortgages with higher loan-to-value ratios.
HELOC Home Equity Line of Credit. A revolving credit line secured by your home that allows borrowing as needed, subject to the terms of the program.
DSCR Debt Service Coverage Ratio. A calculation commonly used in investment-property financing to compare a property's income with its debt obligation.
HECM Home Equity Conversion Mortgage. A federally insured reverse mortgage program for eligible homeowners.

Before You Apply

You don't need to assemble a stack of documents just to have a conversation with Colonial Credit. But when you decide to move forward with a mortgage, some of the following information may eventually be requested depending on the loan program.

Not ready for that? That's exactly why we created the Rapid Qualifier. You can tell us about your situation without providing sensitive information such as a Social Security number or date of birth.

Not Sure Where to Start?

You don't need to figure out the mortgage program yourself. Tell us what you're trying to accomplish and we'll help you understand the alternatives that may be worth exploring.

Talk With Us Rapid Qualifier — No Sensitive Information Needed