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FHA loan calculator in Texas is designed to estimate your monthly payment including the loan principal and interest components, property taxes, private mortgage insurance and homeowner's insurance of your desired mortgage loan program as well as the amortization schedule.
Before introducing the desired Purchase Price please note you must select the program amongst FHA, VA, USDA or Conventional Mortgage Program. Simply click the Program and the FHA Loan calculator's fields become accessible.
As a reminder,
FHA is the low-down-payment first time home buyer program.
VA is the mortgage program available only to active members of the US Armed Forces and their Veterans.
Then USDA is the rural mortgage program tailored for low-income borrowers with no down payment requirement and,
Conventional mortgage program is for borrowers who typically have higher credit scores, income and have access to more funds to close.
Once the desired program has been selected and FHA loan calculator's fields become accessible, input the desired Purchase Price and click TAB. Please note how all fields are automatically filled based on Program minimum down payment requirements, estimated taxes and insurance for a property in Houston, Chicago, IL & Fairfax County, VA and Texas and its Upfront Mortgage Insurance if the program requires one. Feel free to modify down payment if desired then click TAB to have calculator update results.
Once we have selected the desired Program, added the Purchase Price and satisfied with its down payment, you can add extra payments on a monthly basis, every 6 months and once a year to find out how many years would you save if decided to pay extra over required minimum monthly payment.
This calculator is a custom design for the main mortgage programs mostly used in the mortgage industry. That is FHA or First Time Home Buyer, VA for this Nation's Heroes Veterans, Rural Program known as USDA and the Conventional Program for First, Second or Investment Homes. Each Loan Program is set by default to show its minimum down payment required per guidelines, Upfront Mortgage Insurance if the program requires one, Monthly Mortgage Insurance if the program requires one, approximate tax rate amount per year and approximate homeowner's insurance amount per year based on the property purchase price. Then the default interest rate is also based on market rates based on 760+ scores. Each field that auto-populates can be modified. Simply type the amount desired and tab to the next field. Finally, this calculator offers the option to add extra payments a month, every six months or once a year to see how faster can we pay off the mortgage. It will show years saved and $ amount of payments saved giving extra payments. For more questions please apply online for a free estimate.
Also known as the First Time Home Buyer, this program typically has the lowest cash to close requirements, lowest interest rates in the market, low mortgage insurance and allows for the largest overall debt. Once you select this program, the calculator automatically populates the program minimum requirements which are 3.5% down payment, 1.75% upfront mortgage insurance, 0.85% monthly mortgage insurance and taxes and insurance are calculated as 2.455% and 0.695% respectively of the purchase price. Feel free to change down payment, rate, taxes or insurance fields then click the tab to recalculate to get new results.
Also known as the Veterans Mortgage Program, this program has by far best the terms the mortgage industry can offer tailored for this Nation's Heroes. No down payment and No Mortgage Insurance. Only the VA Funding Fee which can be financed on top of the loan. Once you select this program, the calculator automatically populates the program's minimum requirements which are 0% down payment, 2.30% VA Funding Fee, 0% monthly mortgage insurance and taxes and insurance are calculated as 2.455% and 0.695% respectively of the purchase price. Feel free to change down payment, rate, taxes or insurance fields then click the tab to recalculate to get new results.
Also known as the Rural Program, USDA Rural Development guarantees low interest, fixed-rate homeownership loans provided to qualified borrowers. This program is considered to offer 2nd best terms in the mortgage industry tailored to low-income buyers in rural areas. No down payment, lowest Mortgage Insurance in the industry and low funding fee which can be financed on top of the loan. Once you select this program, the calculator automatically populates the program's minimum requirements which are 0% down payment, 1% Funding Fee, 0.35% monthly mortgage insurance and taxes and insurance are calculated as 2.455% and 0.695% respectively of the purchase price. Feel free to change down payment, rate, taxes or insurance fields then click the tab to recalculate to get new results.
Loans for Primary, Secondary Residence as well as Investment Homes. This program has different down payment requirements depending on occupancy. Primary residence starts at 3% down payment, secondary or vacation homes require 10% and investment 20%. Mortgage Insurance rates are based on down payment and credit scores. Once you select this program, the calculator automatically populates the program's most typical down payment of 5% and 0.340 monthly mortgage insurance which is based on 760+ credit scores. Taxes and insurance are calculated as 2.455% and 0.695% respectively of the purchase price. Feel free to change down payment, rate, taxes or insurance fields then click the tab to recalculate to get new results.
This calculator is a custom design for the main mortgage programs mostly used in the mortgage industry. That is FHA or First Time Home Buyer, VA for this Nation's Heroes Veterans, Rural Program known as USDA and the Conventional Program for First, Second or Investment Homes. Each Loan Program is set by default to show its minimum down payment required per guidelines, Upfront Mortgage Insurance if the program requires one, Monthly Mortgage Insurance if the program requires one, approximate tax rate amount per year and approximate homeowner's insurance amount per year based on the property purchase price. Then the default interest rate is also based on market rates based on 760+ scores. Each field that auto-populates can be modified. Simply type the amount desired and tab to the next field. Finally, this calculator offers the option to add extra payments a month, every six months or once a year to see how faster can we pay off the mortgage. It will show years saved and $ amount of payments saved giving extra payments. For more questions please apply online for a free estimate.
