* Minimum down payment for this conventional loan is 3%.
** PMI IS ESTIMATED.
The mortgage enviroment is continually changing, and
PMI rates are dependent upon many factors, including
credit scores, loan to value, debt to income, and more.
PMI Rates are not available on loans with less than 3% down payments.
To all the AGENTS & HOMEBUYERS
out there for using WhatsMyPayment.com
and making it the success it has become!
click here to apply online.
Conventional Mortgage Payment Calculator
The conventional payment calculator calculates an accurate mortgage payment by accounting for
various down payments, private mortgage insurance (PMI), property
taxes, and homeowner's insurance.
What is a conventional mortgage loan?
Conventional mortgages are just that -- Conventional.
Before government backed loans, home buyers financed their purchase by making large down payments in order to
get a loan from their local bank.
Conventional loans have evolved to become more efficient with Fannie Mae and Freddie Mac,
however the premise is the same. PMI has made it easier to get conventional financing by allowing as little as 3% down.
Loans with less than 20% down payments require PMI. PMI rates vary depending on down payment amount,
credit scores, debt-to-income ratio, and overall loan profile.
PMI can be paid monthly or in one upfront lump sum. Once you have completed a full loan
application a PMI estimate can be provided.