For most mortgage borrowers, there are three major loan types: conventional, FHA and VA. Each loan type comes with a different set of qualifications, benefits and drawbacks.
Our opinions are our own. This conventional loan calculator estimates your monthly payment if you use a fixed-rate.
A conventional refinance exchanges an FHA or USDA loan for a conventional one, thereby eliminating associated monthly fees. And, with 20% or more equity, you pay no mortgage insurance on the new.