Calculators

Conventional Loans: The Classic Choice

What Are Conventional Loans?
Conventional loans are the most popular type of mortgage. Not backed by the government, they offer flexibility in terms and conditions. Ideal for borrowers with strong credit, conventional loans typically require a higher down payment but offer competitive interest rates.

Requirements & Calculations:
A minimum credit score of 620 and a down payment ranging from 3% to 20% are standard. Your interest rate is directly influenced by your credit score and down payment size, impacting your monthly payments.

FHA Loans: Accessible and Accommodating

Understanding FHA Loans
FHA loans, backed by the Federal Housing Administration, are designed for low-to-moderate-income borrowers. They require lower minimum down payments and credit scores than many conventional loans, making them an attractive option for many first-time homebuyers.

Eligibility & Costs:
With a minimum credit score of 580, you can qualify for a down payment as low as 3.5%. FHA loans come with two types of mortgage insurance premiums (MIPs) that protect the lender if you default on your loan.

VA Loans: Honoring Veterans

VA Loans Explained
Exclusively for veterans, active-duty service members, and some surviving spouses, VA loans offer significant benefits, such as no down payment and no private mortgage insurance (PMI). These loans are backed by the Department of Veterans Affairs.

Qualifications & Savings:
Qualifying for a VA loan requires proof of service or discharge under conditions other than dishonorable. The absence of a down payment and PMI can translate into substantial monthly savings.

Affordability: How Much House Can You Afford?

Calculating Home Affordability
Understanding how much house you can afford is crucial. It's not just about how much a lender is willing to give you; it's also about managing your long-term financial happiness. Your income, debt, credit score, and the down payment all play pivotal roles in this equation.

Budgeting for Your Home:
We provide a simple formula to estimate your affordable home price based on your income and debts. Remember, the goal is to maintain a comfortable lifestyle, not just to buy a house.

Refinancing: Lower Your Payments or Tap into Equity

Why Refinance Your Mortgage?
Refinancing your mortgage can lower your interest rate, reduce your monthly payments, shorten your loan term, or help you access home equity. It's a powerful tool for improving your financial health, but it comes with considerations.

Types of Refinancing & Calculations:
Whether you're looking for a rate-and-term refinance or a cash-out option, understanding the closing costs and how they affect your break-even point is crucial. Our calculators can help you decide if refinancing is right for you.