Buyers Resources

Real Estate Mortgage Calculator

Many buyers believe that they're limited to just one type of home loan—but in reality, there are hundreds of options available to suit your unique needs. Mortgages are hardly a "one size fits all" deal, which means it's important to shop around and find a loan that's a good fit for you.

If you're thinking about making a move to the Mount Pleasant area, I'd love to help you find the right mortgage or offer some lender recommendations. Here's some essential information you need to know before you get started.

Figure Out How You'll Pay Interest

Mortgages are much more customizable than you might think. In fact, you can even choose how you'll pay off your interest and whether or not the rate will fluctuate over time. Here are some of the most common types to consider:

Fixed Rate Mortgage

  • The interest rate does not fluctuate
  • Payments remain the same as you pay off the loan
  • Very predictable

Adjustable Rate Mortgage

  • The interest rate starts low, then changes to match current rates
  • Rates can increase or decrease
  • Your monthly payment may fluctuate

Two-Step Mortgage

  • Also called 5/25s or 7/23s
  • Offers an initial fixed rate for the first 5 or 7 years, then changes to match current rates
  • Can be converted into a fixed-rate loan or automatically become an ARM

Select Your Loan Type

Now that you know a bit more about the different types of interest, it's time to take a closer look at mortgages. Here are a few of the most popular home loans used by buyers in Mount Pleasant:

Conventional Loan

  • Usually last for 15 or 30 years
  • Can be fixed-rate or adjustable
  • Often requires great credit, sound financial history, and a 20% down payment

USDA Rural Loan

  • Only available in rural areas
  • Have a down payment as low a 0%
  • Targeted towards buyers with a "steady, low, or modest income"

FHA Loan

  • Flexible credit and income requirements
  • 3 – 5% down payment options
  • May be subject to higher interest rates or mortgage insurance

VA Loan

  • Available to most active duty military and veterans
  • Pay as little as 0% down with no mortgage insurance
  • Can require a one-time funding fee

Balloon Mortgage

  • Payments are based on a 30-year loan, but are paid over 5 – 7 years
  • At the end of the term, the borrower must pay off, refinance, or convert the loan
  • Can have lower interest rates and credit requirements


  • Buyers get lower rates, but must share some of the profits with their lender if they sell
  • The buyer loses out on equity in the long run to pay the lender
  • Can be helpful for low-income buyers

SC Housing Programs

  • Competitive, fixed-rate loans for first-time homebuyers
  • Requires at least a 3.5% down payment
  • May offer forgivable down payment assistance up to $6,000

Lender-Specialty Loans

  • Many banks or lenders offer specialty loan programs
  • May feature lower down payments or credit requirements
  • Can help first-time or low-to-moderate income buyers

Calculate Your Mortgage

Ready to start crunching some numbers? My mortgage calculator makes it easy to estimate your potential monthly payments—and if you have any questions, I'm only a phone call, email, or text away.

Mortgage Calculator

It's Time to Make Your Move

Whether you need help getting pre-approved or want some recommendations for a great lender, you can trust me to answer all of your mortgage-related questions! As your Mount Pleasant real estate expert, I have what it takes to guide you through every step of the buying process. Feel free to reach out to me when you're ready to take your next steps—I'm always here to lend you my expertise

Start Your Calculation