The conventional mortgage calculator is a great tool to help you estimate your monthly payment, interest rate, and loan amount.
The following mortgage calculator is only a tool to give you a rough estimate of what a potential payment may be. For a more detailed description of what you can expect give us a call now at 855-956-4040 and we can go over different scenarios and options to fit your needs.
Conventional Loan Basics
A conventional mortgage is a type of home loan that is not guaranteed or insured by the government. This means that if you default on your loan, you will not be protected by the government. There are two types of conventional mortgages: fixed-rate and adjustable-rate.
With a fixed-rate mortgage, your interest rate will stay the same for the entire term of your loan. This can be helpful because it allows you to plan your budget around your monthly payment. However, your interest rate may be higher than with an adjustable-rate mortgage.
With an adjustable-rate mortgage, your interest rate will change throughout the term of your loan. This can be risky because your monthly payment could go up or down. However, your interest rate may be lower than with a fixed-rate mortgage.
There are many benefits to choosing a conventional mortgage. One of the biggest benefits is that you can usually get a lower interest rate than with other types of mortgages. Additionally, you have more flexibility with your loan term than with government-backed mortgages.
There are also some drawbacks to choosing a conventional mortgage. One of the biggest drawbacks is that you are not protected by the government if you default on your loan. Additionally, you may have to pay mortgage insurance if you put down less than 20% on your home.