Mortgage Calculator

Our mortgage calculator will help you figure out your total monthly mortgage, payment schedule and payoff date. This calculations provides an initial idea regarding how much house you can afford based on your income. Keep in mind there are many variables including your credit report that will need to be factored in order to calculate to your personal monthly mortgage rate.

For more calculator options, click here to view our complete list of helpful mortgage calculator tools.

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Mortgage Calculator Tips:

Mortgage Term: The length of time of the mortgage will be repaid. Most mortgage terms are either 15 to 30 years.

Interest Rate: Is the interest charged on the loan which ideally should be fixed as variable is of high risk.

Property Tax: This is the tax assessed on the value of the property by the local or municipal governments. Most houses have the property tax as part of the listing unless it is a new home construction. In this case, you would need to estimate the property tax based on similar home values.

Property Insurance: Provides protection against most risks to property. If you are not sure, you can use .50% of the value or sales price.

Private Mortgage Insurance: PMI rates vary, but may range between 0.3% and 1.2% of the loan amount on an annual basis. Reference: (3% down .77%)(5% down .54%) (10% down .39%).

First Payment Date: Is when you would expect to make the first payment on the house which usually is at closing.


Powered by Interest RatesActual rates may differ from US National Average rates displayed.

Do You Have Additional Questions About this Mortgage Calculator?
Click here to have Mark  help find your personal monthly mortgage rate.

Mark Svihel & Lake Area Mortgage, a Division of Lake Area Bank can save you money and time! We truly believe your home loan shopping experience can end here. Mark has a proven record of over 25 years helping people nationwide purchase the home that is right for them.

We act like a mortgage broker in addition to being a mortgage banker. Traditional mortgage bankers only have their bank’s interest rates and credit guidelines for you to choose from. Not all rates and terms are the same. Shopping for a mortgage is an important part of the process.

  • Why limit yourself to what potentially would be a higher rate and fees?
  • As a mortgage broker, Lake Area Mortgage has relationships with many of the big banks.
  • We have access to their rates, fees and programs.
  • Mark will best place your loan based on your unique situation, with your approval of course!
  • We have national searches for the best rates!

We are also a Mortgage Banker. Lake Area Mortgage is a Division of Lake Area Bank. A Minnesota-based bank with a strong history of keeping mortgages, servicing them and doing what it takes to be a strong lender in Minnesota and nationwide. We have the ability to make in-house credit decisions, or a common sense credit decision that can be the most important thing between the dream of home ownership and years of renting. That, along with the comfort of knowing your payments are being collected and serviced at a local Minnesota office versus a big, out of state P.O. Box can set some people’s minds at ease. Our bank affiliation allows us to offer great one-time close new construction mortgages, and are very good at new construction mortgages in general. We do mortgages all the time that some other lenders just can’t do!

Down payment assistance and first-time homeowner loans are our specialty! We are a leading lender in this area. Many, many lenders just will not do these loans. They are too much work, too complicated, need credit improvement assistance, and just don’t make them enough of a return. Mark has access to down payment assistance loans, and loves to do them! Don’t let lenders tell you they are not a good deal or they come with too high of an interest rate. They are a great deal, if you qualify!

Are you still not convinced?

WHAT CUSTOMERS SAY ABOUT WORKING WITH MARK

“We’ve worked with Mark Svihel many times on loans for our home and an investment property we own. We appreciate his tireless efforts to make the process swift and smooth. Always gracious and frank, Mark’s a pleasure to work with.”

Beth D. – Minneapolis, MN

“I don’t make it a habit to give testimonials. But in Mark’s case I welcome the opportunity to recommend him. My wife Thea and I have refinanced several times with Mark over the years. It has always been a pleasure to work with Mark; each time it was like reconnecting with an old friend. Mark is personable and clearly dedicated to serving the customer. I relied on his knowledge, experience, and good advice and I couldn’t be happier that I did.”

Don K. – Minneapolis, MN

Click here to see more testimonials

You can call Mark at 612-564-2466 or fill out our contact form online.

If you are interested in more calculator options, click here to view our complete list of helpful mortgage calculator tools.


Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.