MORTGAGE CALCULATOR
Use our loan mortgage calculator to estimate your total mortgage payment. Simply select the loan type, enter the price of the home and details about the loan to calculate your mortgage payment and more.
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This is just an approximation and may not be accurate. This is not a commitment to lend nor a pre-approval. Consult a financial professional for full details.
Results are hypothetical and may not be accurate. This is not a commitment to lend nor a pre-approval. Consult a financial professional for full details.
LOAN TYPES
FHA Loans
FHA loans, insured by the Federal Housing Administration, are popular among first-time homebuyers and those with less-than-perfect credit. With lower down payment requirements (as low as 3.5% of the purchase price) and more flexible qualification criteria, FHA loans make homeownership more accessible to a broader range of borrowers. Additionally, FHA loans often have competitive interest rates and allow for higher debt-to-income ratios, making them an attractive option for buyers looking to enter the housing market with minimal upfront costs.
Conventional Loans
Conventional loans, not backed by any government agency, are offered by private lenders and typically require higher credit scores and larger down payments compared to FHA loans. These loans adhere to guidelines set by Fannie Mae and Freddie Mac, and they offer various fixed-rate and adjustable-rate mortgage options. While conventional loans generally have stricter qualification requirements, they often provide more flexibility in terms of loan amounts, property types, and borrower profiles. Borrowers with strong credit histories and stable financial situations may benefit from the lower interest rates and fewer fees associated with conventional loans.
VA Loans
VA loans, guaranteed by the U.S. Department of Veterans Affairs, are exclusively available to eligible military service members, veterans, and their spouses. VA loans offer several advantages, including no down payment requirements, competitive interest rates, and no private mortgage insurance (PMI) premiums. These loans also have more lenient credit and income requirements, making homeownership more attainable for military personnel. VA loans can be used to purchase primary residences, and they often feature streamlined refinancing options to help veterans lower their monthly mortgage payments or shorten their loan terms.