Buying a home needs a huge investment. And as most don’t have the required amount, they opt for home loan programs to finance the home. But before you apply for a mortgage, you need to know your home affordability. This is where a mortgage loan calculator can help you.
You can simply go online to use a mortgage loan calculator Texas. But before using one, do you want to know about the types of mortgage calculators that are available and how they could help you. Here are a few popular types of home loan calculators –
1. Adjustable-rate mortgage calculator
This online tool can help you calculate your monthly loan payment amounts over time as interest rates adjust. Besides, this calculator also includes other monthly expenses, such as property taxes, home insurance, closing costs, PMI, association or HOA fees, etc. So, enter the inputs properly and know your monthly loan payment amounts.
2. FHA loan payment calculator
Designed specifically for FHA loan borrowers, this online tool is easy to use. With this, you can know how much house you can afford when you are applying for an FHA home loan program. Along with amortization, insurance estimates and taxes are also incorporated in the calculation. And sliding rulers make calculations quick to figure out. Go online to know more about this calculator.
3. VA home loan calculator
Like an FHA home loan calculator, it is also a loan specific calculator, especially designed for VA loan borrowers. With this, you can know your home affordability, when applying for a VA loan. This online tool has many easy-to-use features. A colorful graph shows a visual breakdown of your monthly payment along with principal, interest, insurance, taxes, as well as funding fees. Besides, it can calculate the interest rates depending on credit score, type of military service, and loan terms. VA loans are only offered to veterans, military officers, those who are currently serving in the military, and reservists. So, check the eligibility before using this calculator.
4. USDA loan calculator
USDA is a specially designed home loan for buyers who want to buy a home in rural areas. This online tool comes with plenty of features when calculating how much house you can afford. Add insurance and taxes for a more accurate amount. And an income guide can let you know your housing expense ratio along with the debt-to-income ratio according to your monthly housing payment. Know whether you can eligible for this loan and then use this tool.
Besides the mentioned ones, there are different other types of home loan calculators. And they can be used for several reasons along with knowing how much house you can afford. So, check the options and then use the right one.