About our Conventional Mortgage Payment Calculator
The conventional payment calculator calculates an accurate mortgage payment by accounting for
various down payments, private mortgage insurance (PMI) (coming soon), property
taxes, and homeowner's insurance.
** PMI ESTIMATE COMING SOON.
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.
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.
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 smaller down payments.
A conventional mortgage loan is generally considered a mortgage loan that meets guidelines established
by Fannie Mae and/or Freddie Mac.
Five Reasons to Check Your Credit Report Regularly
Top five reasons why you should make a practice of regularly reviewing your credit report...
What is Lender Paid Mortgage Insurance?
Avoid paying monthly mortgage insurance by putting as little as 5% down and ask your lender for lender paid mortgage insurance...
Conventional Loans Available with 3% Down Payment
The minimum down payment for conventional mortgage loans is now 3%...
Ask the Seller to Pay Your Closing Costs
Seller paid closing costs are a great way to minimize your out of pocket cash to close. 3% (the conventional max) to 6% (the FHA max) is common...
FHA vs Conventional Loan
FHA is often best when looking to minimize out of pocket cash & down payment. Conventional loans are for borrowers with strong credit & more liquid assets...
To the real estate agents & new homebuyers who count on our mortgage payment calculators,
thank you for supporting www.whatsmypayment.com.
If you're ready to take the next step and get preapproved for your new mortgage loan,
we can match you with approved lenders here.
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Today's Mortgage Rates
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Data provided by Informa Research Services.
Payments do not include amounts for taxes and insurance premiums.
The actual payment obligation will be greater if taxes and insurance are included.
for more information on rates and product details.
*All calculations on www.WhatsMyPayment.com are for demonstration purposes only.
Every effort is made to maintain accurate calculations for each program listed.
Actual numbers may vary.
What's My Payment, LLC and www.whatsmypayment.com are not affiliated with any government agency, nor do we originate mortgage loans.