It only takes a few minutes, and afterward you can easily take the next step and let us know you'd like to get preapproved. If you're not sure which option is right for you, start by getting prequalified online. Our loan calculator shows you how much a loan will cost you each month, and how much interest you’ll pay overall. Your preapproval also comes with a PriorityBuyer SM Preapproval Letter that you and your agent can give to sellers when you make an offer, so they know you're a serious buyer. To make the calculator easier to use we’ve given you the minimum and maximum loan amounts and number of months to repay the loan. That's because when you prequalify, we perform a "soft" credit inquiry, which gives us information about your credit history and monthly debts, but this doesn't provide as much detail as a "hard" credit inquiry, which is required for a preapproval. To calculate the loan amount simply add: Loan Amount (The amount you wish to borrow) Loan Term (The number of months you want to repay until complete) Click Calculate. The key difference is that a preapproval is a more accurate and reliable estimate based on a more complete view of your credit. Create and print a loan amortization schedule. Choose from general, personal, business, auto, student and boat loan calculators, as well as other topics such as mortgages, investing, retirement, personal finance and more.
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