Rate and Payment Assumptions: If you did not choose a loan amount and state, here are the assumptions we used to calculate the rates that are shown: Home value: $187,500, Loan amount: $150,000 Located in Michigan. If you chose a loan amount and state, we have used those to customize your rate and payment. All rates and payments use the following assumptions: loan purpose: 1st lien refinance, single family primary residence, loan-to-value ratio: 80%, debt-to-income ratio less than 40%, credit score greater than 700, 2 points due at closing, no prepayment penalty, closing costs paid out of pocket, includes escrow and impounds. Please remember that we don't have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers over a hundred loan products. To get more accurate and personalized results, please call (800) 656-7644 to talk to one of our mortgage bankers.

30-Year Fixed

How the Quicken Mortgage^® Fixed-Rate Loan works

• Your interest rate or monthly mortgage payment never changes over the life of your loan.
• Quicken Loans allows you to refinance your mortgage at any time without charging pre-payment penalties.
• You can get a fixed-rate mortgage for 10, 15, 20, 25, or 30 years.
• Actual mortgage payments will vary based on your individual client situation and current mortgage rates.

Who it's for

• People who want to avoid rising interest rates and payments.
• Homeowners who aren't going to move and plan on owning their home for 10 years or more.
• People who want a mortgage from a lender with superior client service.

Interest-Only, 30-Year Fixed-Rate Loan

How the Smart30 loan works

• Your interest rate is fixed for the life of the loan
• You can pay only the interest for the first 10 years of the loan or interest plus as much principal as you wish. After 10 years, the full monthly interest plus principal is due.
• Quicken Loans allows you to refinance your loan at any time with no pre-payment penalties.
• Actual mortgage payments will vary based on individual client situation and current mortgage rates. The Smart30 loan is not available in all states.

Who it's for

• People who want a 30-year fixed-rate mortgage.
• People who also want monthly payment flexibility.

5-Year Interest Only

How the Smart Choice loan works

• You can pay interest-only mortgage payments for 10 years.
• You can choose to pay more toward your principal at any time.
• After the 10 year interest-only period, you pay principal plus interest.
• The interest rate can only adjust every 6 months after the fixed-rate period.

Who it's for

• People who don't want to put the majority of their money in their house
• Homeowners wanting to pay off debt
• People who want to pay off their mortgage sooner

7-Year Interest Only

Who it's for

• Those looking for flexibility in a payment
• People looking for a lower payment
• People who don't want to put the majority of their money in their house
• Homeowners wanting to pay off debt
• People who want to pay off their mortgage sooner