Interest is charged on your outstanding balance, which is largest at the start. As the balance falls, more of each fixed payment flows to principal — the schedule makes the crossover visible.

A HELOC is a flexible credit line, usually variable-rate, good for ongoing or uncertain costs. A home equity loan is a fixed lump sum with a predictable payment. A cash-out refinance is a third option that replaces your first mortgage entirely.

Most lenders cap combined borrowing at 80–90% of your home’s value. The calculator applies your selected cap to show your maximum borrowable amount after your current balance.

A temporary buydown where your effective interest rate is reduced by 3% the first year, 2% the second, and 1% the third, before returning to your note rate. The payment difference is paid from an escrow account funded at closing — usually by the seller or builder.

Typically the seller or builder as a negotiated concession. The cost equals the sum of all the payment reductions, which this calculator totals for you.

You borrow above your current balance and take the difference in cash, commonly for renovations or debt consolidation. It raises the new payment and total interest — enter the amount to see the effect.

It replaces your loan with a new one at the term you choose. Matching your remaining term (say, refinancing 24 remaining years into a 20-year loan) avoids stretching interest back out.

Often, yes. Down payment assistance pairs most commonly with FHA and conventional HomeReady or Home Possible loans. Availability and amounts vary by state and program, so ask your loan officer what applies where you’re buying.

Minimums vary by program — from 580 for conventional, FHA, and VA to 660 for jumbo. Some programs will review borrowers with no credit score case by case. A lower score doesn’t mean no; it means we look at which program fits.

Yes. Different lenders use different programs and different underwriting. Non-QM and manual underwriting exist for exactly this situation. We look at the full file, not just what an automated system reads.