Want to Use a Mortgage Calculator in Texas: Try These 5 Options


A mortgage calculator is an online tool that makes complicated amortization calculations in an instant. They can easily calculate the monthly principal – the amount you borrowed and you are paying back – and interest payments – the cost of borrowing money – over the life of the loan. So, it is a useful tool for homebuyers.

You can also use a mortgage loan calculator Texas before applying for a home loan. But to get an accurate or near-accurate result, you need to fill out the various fields in the calculator correctly. Here are some of the calculators that you can use –


  1. Mortgage calculator with taxes and insurance

It is a great online tool that you can use before purchasing a home. It takes into account other monthly costs, such as property taxes and homeowner’s insurance. There are various categories and each of which needs an input. And based on these, this tool can quickly recalculate a monthly payment by sliding prices and interest rates higher or lower.

  1. Adjustable-rate mortgage calculator

An adjustable mortgage rate calculator can calculate monthly loan payment amounts over time as interest rates adjust. This online tool can also include other monthly expenses like property taxes, home insurance, closing costs, PMI, and association or HOA fees.

  1. FHA loan payment calculator

Specially made to calculate payments for a Federal Housing Administration loan, this home loan calculator is easy to use when you want to know how much house you can afford and what your monthly payment will be. Besides, taxes, amortization, and insurance estimates are included in the calculation. Before you use this calculator, know about the FHA loan to know whether you can qualify for this loan.

  1. VA loan calculator

It is another specially designed calculator that you can use to calculate payments for a VA loan. This calculator has many easy-to-use features. Some of the online VA calculators show you a visual breakthrough of your monthly payment along with principal, interest, insurance, taxes, and funding fees. Besides, it can also calculate interest rates based on credit score, loan terms, and type of military service. These loans are only offered to veterans, military officers and their surviving spouses. You should check the eligibility for the loan, before using this calculator.

  1. USDA loan calculator

Generally used for rural homebuyers, who are eligible for USDA loan, this home loan calculator uses a wide array of features when calculating how much house you can afford. Include taxes and insurance for a more accurate amount. Moreover, an income guide can tell you your housing expense ratio and debt to income ratio according to your monthly housing payments. Have a look at the eligibility before using this loan.

Besides the mentioned ones, there are various online home loan calculators that you can use before applying for a home loan program. When searching for the best calculator, look for the one that offers the most features and additional calculations. The more detailed inputs you need to give, the more precise the result you will get.