A mortgage payment calculator can help you estimate your monthly payment for your home loan. The links below are calculators for fixed rate loans and provide rough estimates for the MI, property taxes, and home owner’s insurance for homes in the DFW area. The loan options shown do not have prepayment penalties and the fee structures in the worksheet are with no points.
For compliance purposes we do not include an interest rate; however, for a rough estimate we recommend using the interest rate shown in the bottom left section at www.FreddieMac.com. You may want to increase the rate just a bit for a no point option. Freddie Mac’s rates are updated every Thursday and are determine by actual loans in process. In other words, Freddie Mac not like other websites that show rates as an attempt to make the phone ring.
Types Of Home Loan Calculators
Conventional Loans are the Fannie Mae and Freddie Mac “plain vanilla” type loans and require a minimum down payment of 5%. When the loan amounts are $417,000 and under the loans are called “conforming” loans; above $417,000 they are called “jumbo” loans.
Jumbo Loans are technically conventional loans but the loan amounts make them non-conforming. In Texas the conforming loan limit is $417,000 which means any loan over $417,001 is a jumbo loan. In most cases jumbo loans required 20% down.
USDA Home Loans offer 100% financing but both the property and the borrower must qualify. The property must be in an approved area and the borrower must be under certain income thresholds.