I had already worked out my monthly budget to determine the max payment I was comfortable making per month, and the lender worked back from that (along with my salary and debts) to give me a ballpark figure for list prices I could afford. I called one, not to get a pre-approval yet but just to get a sense of what I could afford. I talked to a realtor pretty early on and he recommended some lenders to talk to. Any thoughts/tips/experiences are appreciated! I just like to keep a pulse on what we can afford and gauge our local market accordingly. I understand that this would obviously not be a pre-approval, but we're too early in the game to go through that process, as our home purchase would most likely be a year away. As such, I plan on contacting a few local lenders - if I give them our income/asset/debt information (probably similar to what goes into the mortgage calculator), will they spit out a ballpark figure of what they'll lend? I understand that what we can afford does not equate what we'll get approved on a loan for. and seeing if we're comfortable with the monthly payment? What was everyone's initial plan to determine how much house they could afford? Do you recommend putting our info (income/debt/assets/etc.) into a mortgage calculator that includes taxes/HOA/etc. Our current task is to determine how much we can afford. Borrowers who aren't exempt and have used a VA loan before are subject to a slightly higher VA funding fee.My fiancée and I are in the very-early stages of planning a home purchase. VA buyers exempt from the VA funding fee include those with a disability rating greater than 10%, those who've received a Purple Heart and surviving spouses. VA specifics relate to the VA funding fee. While this calculator works for refinancing, we also have a specific VA refinance calculator for cash-out and IRRRLs here. Calculations for loan types differ due to the VA funding fee. VA loans provide both purchase and refinance options. Estimate your credit score for a more accurate VA loan payment. Interest rates typically vary based on several factors, including credit score. Loan term is the length you wish to borrow - typically 15 or 30 years. You can view current VA mortgage rates here. Interest rates in the calculator are for educational purposes only, and your interest rate may differ. Interest rates in the calculator include APR, which estimates closing costs and fees and is the actual cost of borrowing. The interest rate is the cost of borrowing. However, if you decide to put money down, it can reduce the VA funding fee - if required - and your overall monthly payment. VA loans do not require a down payment, and most VA borrowers choose $0 down. The down payment is an upfront amount paid towards the principal. Home value is the potential purchase price of the home, not including a down payment. In the "Advanced Settings" section, you can update the property taxes and insurance estimates for your specific location, though 1.2% and 0.35% are typical.Ī Look at the VA Loan Calculator's Inputs The calculator updates your estimated VA loan payment as you change the fields. To use the VA loan calculator, adjust the inputs to fit your unique homebuying or refinancing situation. Veterans United's VA loan calculator considers these factors and more to estimate your purchasing power with a VA loan more accurately. VA loans have unique factors that affect the accuracy of the payment, including the VA funding fee, VA disability rating, prior VA loan usage and the loan type. Broad Mortgage CalculatorĬalculating monthly payments for a VA loan is similar to other mortgage options, but it's not the same. VA loans have a variety of benefits, including the flagship benefits of $0 money down, no private mortgage insurance (PMI) and typically lower-than-average interest rates. VA loans are a government-backed mortgage program uniquely for Veterans, military members and select military spouses with a valid Certificate of Eligibility (COE).
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