This example shows what your mortgage could look like based on this scenario. Numbers are estimates — your actual rate may vary.
Affects rate tier and pricing. Higher scores earn lower rates.
Affects loan-to-value ratio and whether mortgage insurance applies.
Affects eligibility requirements and total cost of the loan.
At a 620 credit score with 20% down, you're in a lower pricing tier where small credit improvements can meaningfully reduce your rate. At 20% or more down, you can typically avoid mortgage insurance entirely. Small changes in credit score or down payment can significantly impact your payment and upfront costs.
Use a small upfront cost (discount points) to reduce your interest rate and monthly payment. This works best if you plan to stay in the home for several years.
Take a slightly higher interest rate in exchange for a lender credit that reduces the amount of cash you need upfront.
This option balances upfront cost and monthly payment based on typical homeowner timelines, avoiding extremes in either direction.
The estimated monthly payment of $2,076 shown here covers only principal and interest — the two components that go toward paying down your loan balance. Your actual monthly housing cost will include additional items.
Your credit score is one of the most powerful factors in determining your mortgage rate. Lenders use it to assess risk — and even small differences can have a significant impact on what you pay.
Borrowers in this range typically face higher rates and may have limited program options. Improving credit before applying can have a meaningful impact.
A solid range with access to most loan programs. Rates are competitive but not at the lowest tier. A 20-point gain could lower your rate by up to 0.25%.
Borrowers in this tier generally qualify for the lowest rates and best terms available for their loan type and down payment.
The estimated cash to close of $92,000 for this scenario includes three main components.
20% of the $400,000 estimated purchase price.
~3% estimate covering lender fees, title, escrow, and other charges.
Prepaid interest, insurance, and property tax escrow are not included in this estimate.
This is an example scenario. Your actual numbers can be better or worse depending on your full financial profile.
Get a real rate based on your credit, income, and property — not a generic estimate.
See Your Exact Scenario →Lenders use your credit score as a measure of repayment reliability. A higher score signals lower risk, which earns a lower rate. Even a 20-point difference can move your rate by 0.25% or more.
A larger down payment reduces the lender's exposure. Putting 20% or more down typically eliminates mortgage insurance and can lower your rate. Lower down payments often carry slightly higher rates.
FHA and VA loans are government-backed and often carry lower rates but include upfront fees. Conventional loans require stronger credit. DSCR loans are used by investors and are priced on cash flow, not income.
Mortgage rates move daily based on bond markets, inflation data, and Federal Reserve policy. The numbers on this page reflect a typical scenario — actual rates are locked at time of application.