New Hampshire Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of New Hampshire and the rest of the United States. On this page we offer a convenient New Hampshire home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in New Hampshire.
| Total principal & interest | $0 |
| Monthly payment | $0 |
| Total interest paid | $0 |
| Payoff date | Date |
Detailed payment info
| Date | Payment | Principal Paid | Interest Paid | Remaining Balance |
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Best mortgage lenders in New Hampshire
The most popular mortgage lenders in New Hampshire operate nationwide. These include such recognizable names as Rocket Mortgage, AmeriSave, First Citizens Bank. Several lesser known but trustworthy options include New Hampshire-based Insight Mortgage Corp, Embrace Home Loans, Inc.
How to calculate mortgage payment in New Hampshire
Use our mortgage calculator in NH to assess your future monthly financial commitments. Below, you'll find a comprehensive step-by-step guide to assist you with the process.
Why and How to Use Our Mortgage Calculator
Use our house payment calculator New Hampshire for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in New Hampshire parameters.
The first element in this process involves considering the home price, which signifies the amount you intend to invest in your future property. A down payment is the upfront portion of this price that must be paid. To avoid costly insurance expenses, it's necessary to come up with a minimum down payment of 20% in the case of a conventional loan. The remaining amount constitutes the principal, for example, 80% of the home price when a 20% down payment is made.
The loan term signifies the duration over which you will fully repay your mortgage through scheduled payments. While fixed-rate conforming loans can extend up to 30 years in most cases, adjustable-rate options typically feature shorter terms.
An interest rate represents a fixed or variable fraction of the principal amount that you are required to pay throughout the loan's duration. It's important to note that you are actually charged an annual percentage rate (APR), commonly abbreviated as APR, which is not exactly the same as the interest rate. While the interest rate forms the majority of the APR value, the latter also encompasses various fees such as origination fees, closing costs, insurance payments, and more.
For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in New Hampshire, given a $400,000 home price and a 10% down payment.
Median property taxes in New Hampshire counties
Property tax is another critical factor to take into account when choosing your future home. It's worth noting that many lenders require the establishment of a mortgage escrow account to ensure that borrowers remain current with their tax and insurance expenses.
| County | Avg. property tax rate | Avg. home value |
|---|---|---|
| Belknap County | $3,558 | $220,400 |
| Carroll County | $2,582 | $227,600 |
| Cheshire County | $4,271 | $200,300 |
| Coos County | $2,686 | $123,200 |
| Grafton County | $3,579 | $217,300 |
| Hillsborough County | $4,839 | $278,400 |
| Merrimack County | $4,709 | $231,500 |
| Rockingham County | $5,344 | $327,500 |
| Strafford County | $4,332 | $246,100 |
| Sullivan County | $3,710 | $171,100 |
Source: American Communities Survey 2016, U.S. Census
New Hampshire Housing Market 2024
Over the past year, the housing market in New Hampshire has experienced a notable increase in property values, continuing a well-established trend that was further accelerated by the effects of the COVID-19 pandemic. However, it's essential to highlight that the pace of growth has moderated compared to the previous year. Despite this, both home purchase and refinance rates have been consistently on the rise for some time, with expectations of further increases in the near future. This presents both opportunities and challenges for prospective homebuyers and those looking to refinance their properties.
How do I calculate my mortgage payment?
The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:
M = P*i(1 + i)^n / (1 + i)^n – 1
M – estimated monthly mortgage payment;
P – principal;
I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);
N – the loan term expressed in months (in other words, the overall number of monthly payments)
Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).
I = .0699 % / 12 = .005825%.
Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.
M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.
So, you are going to pay about $4042 a month.
It is important to note that the calculated M value is approximate, as no extra fees are taken into account.
Tips for first-time home buyers in New Hampshire
First, there are several federal agencies, including USDA, FHA, and VA, that provide loan guarantees for eligible borrowers. Many first-time homebuyers can explore these options to find the one that best fits their budget.
Besides these government-guaranteed programs, it is worth considering some offers from UHC (New Hampshire Housing Corporation) available to New Hampshirens. Specifically, first-time homebuyers can apply for the FirstHome program, which offers assistance with down payments and closing costs. To qualify, applicants should meet the requirements for an FHA loan and have a minimum FICO score of 660. This program covers up to 6% of the loan amount, allocated towards the down payment and/or closing costs. It's important to note that this assistance is provided in the form of a 30-year-fixed-rate second loan.
Here are some valuable tips for those new to the homebuying process:
- Obtain pre-approval in advance. This enhances your credibility in the eyes of home sellers. It's strongly advisable to secure pre-approval letters from not just one, but from at least two or three different lenders.
- Compare mortgage rates from various lenders. Opt for a minimum of three lenders to ensure you have a wide range of options.
- Conduct initial financial calculations based on the pre-approved amount to effectively plan for your future expenses.
- Start setting aside funds for a down payment as early and as generously as possible. A larger down payment reduces the principal amount, subsequently lowering potential expenses. Therefore, beginning to save well in advance is crucial.
- If you qualify for a VA loan, prioritize considering this option.
- Explore government-backed plans and local assistance programs, as they may offer enticing incentives that you shouldn't overlook.
- Whenever feasible, work on paying off any existing debts to strengthen your financial position.