Before you get started with your simple mortgage calculator for San Antonio homes, let’s get some basic usage instructions out of the way first.
**Keep in mind, this calculator is just a way of estimating your monthly mortgage payment in San Antonio.** There are several variables that go in to calculating an accurate payment amount. This is typically done when your loan officer has a specific home to calculate for you.
How to Use The Simple Monthly Mortgage Calculator
- Select the type of mortgage loan that you will be using (Conventional, FHA, or VA). If you are using a VA loan, make sure that you indicate if this is your first-time using it. If you’re unsure which loan type is right for you, I have some really amazing lender partners that can help us determine which is best for you.
- Enter the sales price of the home.
- The mortgage term will default at 30 years, but if you are planning on a 15 year note, you can change that field.
- Enter the amount of down payment that you will use (typically 3.5% for FHA, 5-20% for Conventional or 0% for VA).
- The Annual Taxes are very important! This is where most mortgage calculators give inaccurate results, because our property taxes are higher here in Texas. Make sure that you enter an accurate amount here, and if you have any questions, I can look up this amount for you.
- Interest rates are another huge variable when calculating your monthly mortgage in San Antonio. These rates can change daily, so make sure that you update this field according to what your loan officer tells you.
- Homeowner’s insurance is also built in to your monthly payment. This rate is going to vary, depending on the size, features, and location of the home that you purchase.
- PMI for Conventional loans, and MIP for FHA loans are an insurance that protect the lenders in case the loan ever defaults. This insurance is required when you have a down payment that is less than 20%. It is also a variable fee, as the percentage can be higher or lower, depending on your credit score & history.