Skip to main content
Bank of America
- Signin
- Log in
- Locations
- En español
Please wait a moment while we retrieve our low rates
What would you
pay each month?
Use this mortgage calculator to calculate estimated monthly mortgage payments and rate options.
- PURCHASE
- REFINANCE
×
Mortgage payment schedule
placeholder
Totals
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
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 our 3% down, no mortgage insurance Affordable Loan Solution® 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.
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.
There is more than one ZIP code for your location. These are the ZIP codes we found in that city.
Update rates
Please enter your city and state to find your ZIP Code
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 prior to the loan closing date in order to receive the full program benefit adatext .
Learn more about Preferred Rewards
Top home mortgage FAQs
- How does my credit rating affect my home loan interest rate?
- Do I need to get a home appraisal in order to get a home loan?
- How long does the whole loan process take?
- See all home mortgage FAQs>
Resources and tools
Mortgage rates
Closing costs calculator
Down Payment Center adatext
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
Connect with us
Lending Specialist
NMLS ID:
Meet with us
Mon-Fri 8 a.m.-10 p.m. ET
Sat 8 a.m.-6:30 p.m. ET
Schedule an appointment
Findanotherlending specialist
Enter a ZIP or city
Go
Schedule an appointment
Mon-Fri 8 a.m.-10 p.m. ET
Sat 8 a.m.-6:30 p.m. ET
Find a location
Mon-Fri 8 a.m.-10 p.m. ET
Sat 8 a.m.-6:30 p.m. ET
Call us
Mon-Fri 8 a.m.-10 p.m. ET
Sat 8 a.m.-6:30 p.m. ET
Get a call backlayer
By clicking \"Continue\", you will be taken to a website that is not affiliated with Merrill and may offer a different privacy policy and level of security. Merrill is not responsible for and does not endorse, guarantee or monitor content, availability, viewpoints, products or services that are offered or expressed on other websites.
You can close this window to return to the previous page, or you can close the new window after you leave.
Important notice: you are now leaving Merrill
By clicking continue, you will be taken to a website that is not affiliated with Merrill and may offer a different privacy policy and level of security. Merrill is not responsible for and does not endorse, guarantee or monitor content, availability, viewpoints, products or services that are offered or expressed on other websites.
You can click the Cancel button now to return to the previous page, or you can close the new window after you leave.
It's possible that the content, applications and other documents related with specific products and services on that page may only be available in English. Before choosing a product or service, please make sure you have read and understood all terms and conditions provided.
You're continuing to another website that Bank of America doesn't own or operate. Its owner is solely responsible for the website's content, offerings and level of security, so please refer to the website's posted privacy policy and terms of use.
Loading . . .
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).
