Purpose: This calculator provides an estimated monthly payment and closing costs based on the information you entered and common assumptions for Conventional purchase loans. For accurate, personalized quotes based on your full profile and goals, explore our ClearPath™ application process, designed to give you flexible options and complete transparency.

 

Interest Rate: The default rate used is an example, it's not an advertisement for available rates. Your actual interest rate depends on market conditions, your credit score, down payment, loan term, and other factors upon qualification. Visit our Mortgage Factors Explained Insights article to learn more about what impacts your rate or request a quote.

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Points: Points are upfront fees paid at closing, typically used to lower your interest rate. Learn all about Origination Points in our Understanding Mortgage Points article. 

 

Taxes and Insurance: Property taxes and homeowners insurance are estimated based on the state, property usage and home price. Second homes and investment properties carry higher property tax rates as they don’t qualify for the homestead exemption. These are averages and can vary significantly by specific location, property, and coverage choices. 

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Escrow Waiver: Choose “Yes” if you plan to pay property taxes and insurance on your own instead of including them in your monthly mortgage payment. Escrow waivers aren't always granted, they depend on loan type, down payment, and lender guidelines. Selecting "No" means the Lender will handle paying these on your behalf as they become due each year. This will increase the estimated Closing Costs in the Initial Escrow Payment section because Lenders have to pre-fund the Escrow account at Closing. Learn more in our Escrow Accounts Guide.

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Closing Day of Month: This determines how much prepaid interest you'll owe at closing based on your loan scenario. Prepaid interest covers the daily interest from your closing date through the end of that month, since your first mortgage payment isn’t due until the second month after closing. Prepaid Interest = Daily Interest × Number of Days Remaining in Month After Closing.

 

PMI: Private Mortgage Insurance is estimated based on the loan-to-value ratio and selected credit score tier, using representative market factors which can change. Actual PMI costs may vary. Loans with over a loan-to-value ratio of 80% or higher, require PMI for Conventional Mortgages.  

 

Debt Ratios: Ratios highlighted in red (e.g., > 50%) may indicate challenges in qualifying for most loan programs. The total debt-to-income and housing expense ratios allowed for conventional loans can vary significantly based on your overall credit profile. 

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Estimated Closing Costs: These figures are estimates provided for educational and informational purposes only and do not necessarily reflect the actual offerings, rates, or terms available through Murray Mortgage Solutions. While we try to make our calculators as accurate as possible, actual costs may vary. 

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