David Matthew Buck, Broker | Mortgage Advisor at Buck Mortgage
David Matthew Buck, Broker | Mortgage Advisor
Buck Mortgage
Phone: (941) 286-8072
Email: [email protected]
NMLS# 1176745
Company NMLS# 181106
Licensed in: FL, TN, TX
David Matthew Buck | NMLS #1176745 | Buck Mortgage Powered by Barrett Financial Group, L.L.C. | NMLS #181106 | 2701 East Insight Way, Suite 150, Chandler, AZ 85286 | FL MLD1880 | TN 204577 | TX view complaint policy at www.barrettfinancial.com/texas-complaint | Equal Housing Opportunity | Equal Housing Lender | This is not a commitment to lend. All loans are subject to credit approval. | nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106
LOAN PROGRAMS
Conventional loan PMI is based on down payment and credit score. Please consult your Mortgage Advisor for the PMI factor.
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Estimate your monthly payments, explore affordability, and see how much you could save by refinancing.
Base Loan Amount
Total Loan Amount
Hover over chart segments to see detailed breakdown
Conventional loans are standard mortgage loans not backed by a government agency. They are typically best for borrowers with strong credit, stable income, and moderate to larger down payments.
Best For
Buyers with good to excellent credit
First Time Homebuyers putting less than 5% down
Those who want to avoid PMI if putting more than 20% down
Funding Fee
Conventional loans do not have an upfront government funding fee. The total loan amount equals the base loan amount unless mortgage insurance is required.
FHA loans are government-backed loans designed to help buyers with lower credit scores or smaller down payments qualify for home financing.
First-time homebuyers
Buyers with lower credit scores
Borrowers putting as little as 3.5% down
FHA Funding Fee (Upfront Mortgage Insurance Premium)
FHA loans include an upfront mortgage insurance premium of 1.75% of the base loan amount. This fee helps insure the lender in case of default and allows FHA to offer more flexible qualification guidelines.
Because this 1.75% fee is typically financed into the loan rather than paid out of pocket, the final loan amount shown at closing is higher than the base loan amount.
VA loans are government-backed loans available to eligible veterans, active-duty service members, and certain surviving spouses.
Eligible military borrowers
Buyers wanting 0% down
Borrowers looking to avoid monthly mortgage insurance
VA Funding Fee
VA loans include a one-time funding fee. The percentage depends on down payment amount and whether it is .
The funding fee helps keep the VA loan program self-sustaining and reduces cost to taxpayers.
Most borrowers choose to finance the funding fee into the loan. When this happens, the total loan amount becomes higher than the base loan amount.
USDA loans are government-backed loans designed to promote homeownership in eligible rural and suburban areas.
Buyers purchasing in USDA-eligible areas
Moderate-income households
Borrowers seeking 0% down options
USDA Funding Fee
USDA loans include a 1% upfront guarantee fee. This fee allows the USDA program to guarantee the loan and support affordable financing for eligible buyers.
Like FHA and VA loans, this fee is typically financed into the loan, which makes the final loan amount higher than the base loan amount.
Conservative
Housing costs ≤ 28% of gross income
Moderate
Total debt ≤ 36% of gross income
Maximum
Maximum DTI for most loan programs
You break even in months.
After that, you save approximately per month.
Based on current inputs, refinancing would not provide monthly savings. Consider waiting for lower rates or if you have other goals like eliminating PMI.
Current rate is at least 0.5% higher than new rate
You plan to stay in your home for 3+ years
Your credit score has improved since purchase
You want to switch from ARM to fixed rate
You want to eliminate PMI
The break even point is the number of months it takes for the monthly savings from refinancing to recover the total closing costs paid for the refinance.
Break Even Calculation:
Monthly Savings = Current total monthly payment minus New total monthly payment
Closing Costs = Net Closing Costs (excludes escrows due to escrow credits or refunds)
Monthly Savings
Net Closing Costs
Break Even Point
We typically suggest refinancing when one or more of the following is true:
Break even point is less than 36 months