Conventional Mortgage Payment Calculator
Mortgage Loan Payment Calculator
Enter annual taxes or
enter insurance premium or
Mortgage rates will update as payment is calculated. Select state and estimated credit score.
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.
** 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.
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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.
Avoid paying monthly mortgage insurance by putting as little as 5% down and ask your lender for lender paid mortgage insurance...
The minimum down payment for conventional mortgage loans is now 3%...
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 is often best when looking to minimize out of pocket cash & down payment. Conventional loans are for borrowers with strong credit & more liquid assets...