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©City Creek Mortgage 2019. City Creek Mortgage is an Equal Housing Lender. NMLS 85855

Find my payment tool intention and limitations

We created this tool to help give you a close idea as to what your total payment will be based on different loan programs.  Although we try to ensure it is fully accurate, it is not meant to provide information based on which decisions will be made.  It is possible that the tool will produce inaccurate results or quote a payment on a loan criteria that is outside of guidelines.  Consider this when viewing results.  Call our team to confirm the results before making a decision. 

Use the interest rate chosen from our Find Your Best Rate tool to compute the payment.  That way, the payment information you request through this tool will reflect an accurate interest rate based on the current market.

 The payment tool assumes a mortgage insurance premium for each conventional loan in excess of 80% loan to value.  If your actual scenario will have a form of lender paid mortgage insurance (MI), enter the correct lender paid MI interest rate and then subtract the portion of the payment shown as ‘Mortgage Insurance’. 

 At this time, the tool is only computing program criteria for owner occupied scenarios.  We hope to have investment and second home payment scenarios soon.

Loan Purpose

Purchase

If you are buying your first home, second home, or an investment property.

Refi

You want to refinance your home loan.

Cashout Refi

For those who want to refinance and get additional money out.

Property Use

Primary Residence

A primary home must be occupied by at least one of the borrowers for the majority of the calendar year.

Secondary Residence

A secondary residence must be suitable for year round occupancy. The home cannot have been purchased as an investment loan and cannot have a lease agreement if refinancing.

Investment Property

Investment properties are utilized for rental income purposes and are not occupied by the home owner.

Cashout Amount

The amount you want to take out in addition to your refinance.

Zip Code

Input the zip code for the home you’re financing.

Your Credit

Estimate your credit score based on your credit history. Your credit score has a significant impact on mortgage pricing.

Purchase Price

The appraised value of the home.

Example :
George finds a house he would like to buy that’s on the market for $300,000.The purchase price would be $300,000.

Loan Amount

The total cost of the home, minus your downpayment.

Example :
Mary wants to buy a house for $200,000 & has $50,000 for a downpayment.

The loan amount would be $200,000 – $50,000 = $150,000.

Property Type

Single Family Home

This is the most common property type.

Townhome

A townhome is a residence that shares a common wall with another unit.

Duplex

2 unit ….

Condo (1-4 stories)

Condo Description.

 

If none of these types describe your property, chat with us to see what yours is >

VA Eligible

VA loans are available to the following :

  • Veterans
  • Active-duty personnel
  • Reservist/National Guard member
  • An eligible surviving spouse

 

There are requirements for being eligible and can be found at the Dept. of Veteran Affairs website >

Rural Housing Eligible

The United States Department of Agriculture has created a single family housing program designed to provide homeownership opportunities for low to moderate income individuals and families who live in select rural areas.

Click here to see if the area you live in qualifies.

FHA Help

The total closing cost includes the FHA Upfront Mortgage Insurance Premium. This is something that can be financed into your loan, instead of being paid at closing.

To see what the upfront FHA mortgage insurance is :

Click on the total closing cost number shown for the rate you are considering. A window will pop up with a breakdown of your closing fees.

Subtract “FHA Upfront MI premium”  from “Estimated Closing Costs” to see what your closing costs can be.

Estimated Closing Costs $2,683
FHA Upfront MI Premium ($1,575)
Actual Closing Costs $1,108

 

 

This premium is the same for all lenders, and is generally added to the loan amount; it  should not be considered as a standard closing cost.

The premium shown may not be accurate for all borrowers.

VA Help

Our tool shows the total closing cost including the highest VA Funding Fee(3.3% of loan).

Click on the total closing cost number shown for the rate you are considering. A window will pop up with a breakdown of your closing fees.

 

 

To compare closing costs with other lenders, subtract “VA Funding Fee”  from “Estimated Closing Costs” to see what your closing costs can be.

Estimated Closing Costs $2,368
FHA Upfront MI Premium ($1,125)
Actual Closing Costs $1,243

 

The VA will charge the same premium to the borrower regardless of what lender you use. The premium shown may not be accurate for all borrowers.  For example, the VA funding fee can be as little as $0 (for vets who receive VA disability) or up to 3.3% of the loan amount (or somewhere in between based on their status with the VA, number of past VA loans closed and purpose of loan).

Closing Cost Help

Closing Costs in () are No-Cost Loans.

The amount is a credit above and beyond closing costs and will be applied toward your new escrow account setup.

That means you don’t pay any closing costs & get a credit!

For example: ($2063)
Instead of paying $2063 at closing, it will be a credit and be applied toward your new escrow account setup.