Want to Use a Mortgage Loan Calculator Texas: Check These 5 Choices
Do you want to purchase a new home? Or do you want to refinance the existing one? Whatever it could be, a mortgage calculator will help you better understand your home financing options. It will crunch the numbers for you and give you a result to show your approximate monthly payment, as well as help you know whether you can afford the house you choose or not.
When you go online for a mortgage loan calculator Texas, you will find that you have several options to choose from. Here, we have listed down a few online mortgage calculators that you can use –
- Mortgage payment
Your monthly mortgage payment depends on diverse things, such as down payment, purchase price, interest rate, property taxes, loan term, and insurance. This online tool offers customized result based on the information that you provide it. However, it assumes a few things about you. In case you are buying a single-family home as your primary residence, the calculator will make assumptions about lender’s fees, closing costs, as well as other costs.
- FHA mortgage calculator
An FHA loan is a home loan program that is backed by the Federal Housing Administration. These loans have lower credit and down payment requirements for qualified homebuyers. An FHA mortgage calculator includes additional costs in the estimated monthly payment, such as a one-time, upfront mortgage insurance premium (MIP), and annual premiums paid monthly. Based on the input, you will provide it, this online tool will offer you a near-accurate result.
- VA mortgage calculator
A VA loan is a specially designed home loan program for veterans, military officers, and their surviving spouses. But before you apply for this home loan, you would like to know how much home you can qualify for. A VA home loan calculator will allow you to know this based on the home price, down payment, interest rate, loan term, etc. So, provide the input to get a result.
- Mortgage affordability calculator
This calculator will let you know your home affordability that is important for you to know before applying for a home loan program. However, like any estimate, it is based on some rounded numbers, as well as rules of thumb. For instance, generally, it is assumed that your monthly mortgage payment (interest, principal, insurance, and taxes) must not be more than 28% of your gross monthly income. It ensures you have enough money for other expenses. Moreover, your total monthly debt obligations must be 43% or lower than that. Keep this in mind that closing costs, along with any additional taxes and fees, can also be included. You can get in touch with a mortgage lender to know more about this.
- Mortgage refinance calculator
Lowering monthly payments, changing terms, access to cash for major purchases, and reducing the interest rate are some of the major benefits for which people want to refinance their home loans. But before you do so, you would like to get an estimate. This calculator will help you with this. Choose the right refinancing option and then use an online refinance calculator.
Besides the mentioned ones, different other types of mortgage calculators are available online. Pick the right one and give proper inputs to get the right estimate.