Start a Payment Calculation
Use this calculator to get an estimate of your monthly payments.
Remember, these are only estimates. We've made some assumptions about general credit scores, purchase areas, and insurance coverages that work for most borrowers. Your actual payment amounts will vary, and you should speak with The Mortgage Collective for details that fit your situation.
Here's a look at some of the key numbers that go into your payment estimate.
Purchase Price
This is the amount you agree to pay for the home. Sometimes you'll see this called sales price or contract amount.
Down Payment Amount
Down payment often starts at 3.5% for first-time homebuyers. Other common amounts include 10% and 20%, but you can put whatever amount works for you. If you're a veteran or active duty military member, you are eligible for 0% down.
A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans are subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits.
Mortgage Period (Years)
This is the term of your mortgage, or how many years you'll borrow the money for. The most-common answers here are 15 and 30.
Annual Insurance Rate
This number (0.50%) is an estimate of homeowners insurance to get you started, and your amount will vary based on area and coverage selections. If you plan to buy in a coastal county, you may want to increase this number to 0.75% for better estimates.
Annual Property Tax Rate
3% is a good starting point for averages across the state of Texas. Your mortgage adviser will help you get an exact rate based on your purchase location.
Other Costs
If you put less than 20% down on a home, you could be required to pay some form of mortgage insurance. The calculator automatically includes that number in your monthly payment estimate if your down payment amount is less than 20% of your purchase price.
This calculator is a self-help tool intended for you to estimate monthly payment with different loan amounts and interest rates for a typical borrower.
We cannot and do not guarantee its applicability or accuracy in regards to your individual circumstances. All examples are for illustrative purposes and do not constitute a rate quote, pre-qualification, pre-approval, or commitment to lend. We encourage you to seek personalized advice from a mortgage adviser regarding your specific circumstance.