Calculate Mortgage Payment Clearfield Utah

Monthly Payment Calculator Instructions

Conventional Loan Down Payment - First Time Homebuyers can use as low as 3%, Regular buyers use 5%, 20% allows you to not need mortgage insurance

FHA Loan Down Payment - 3.5% is the minimum - 5-10% allow the monthly mortgage insurance on an FHA loan to drop off after 11 years. Otherwise, FHA mortgage insurance is permanent.

VA Loan Down Payment - No down payment is required but you will be required to pay a few thousand in closing costs and to set up an escrow account for taxes and insurance.

USDA Loan Down Payment - No down payment is required but you will be required to pay a few thousand in closing costs and to set up an escrow account for taxes and insurance.Annual Interest Rate - Do your best to estimate where current rates are. You can always contact us for help.

Private Mortgage Insurance - This is required on any FHA or Conventional loan where the down payment amount is less than 20%. It can be paid monthly, upfront, or the lender can pay it and give you a higher rate. Estimate between .2% and .5% of the loan amount. Higher credit and multiple borrowers on a loan are helpful.

Monthly Insurance - This is your homeowners insurance estimate. A good general rule is to use .125% of the loan amount. (.00125 * your loan amount)

Monthly Property Taxes - This is your property taxes due to the county. A general rule of thumb is to use .027% of your loan amount. (.00027 * your loan amount)

Length of Mortgage - This is your mortgage loan term. Most people stick with 30 years.

 

Verify Mortgage Calculation

Ready to move forward? Contact us to help you verify the payment you calculated and your estimated loan terms. Mortgage calculators are a great tool to see if things make sense. Once you feel comfortable with the estimated payment, it's time to move forward. Complete our form or call us at 801-820-7620 to get started!