Conventional Loan Calculator
Conventional loans are the most popular program available. The housing market has stabilized, and lenders are signalling they are opening up from the very strict guidelines of the recent past. Conventional lending is now being done with common-sense underwriting guidelines once again.
To use the conventional loan calculator, type in the purchase price of the house you plan to buy. Then use the drop down menu to select the term of the mortgage you are seeking to obtain. You can select 5, 10, 15, 20, 25, or 30-year mortgage terms. Use the sliders to set the amount of your down payment, estimated annual taxes, interest and interest rates. If you know the amount of annual insurance type it in the space. Also, you can add any monthly fees for a Home Owners Association if they apply.
The box on the right will show you an estimated monthly payment amount. Each of these elements affect your payment and it can change subject to varied interest rates, loan amounts, or the term of your mortgage. By choosing different mortgage terms, you can see how the monthly payment is effected.
Contact Dave Kevelighan for FNMA or FHLMC scenarios & pricing today!