Nurse Home Loan Calculator

The biggest difference between our nurse home loan and a low-down conventional loan is mortgage insurance. The nurse program has none, even at 3% down, while a conventional loan with less than 20% down adds PMI to every payment. This calculator puts the two side by side at the same rate, so the gap you see is the mortgage insurance you'd skip.

Worked example: you're buying a $550,000 home with 3% down ($16,500), for a $533,500 loan. A conventional loan at that down payment carries estimated PMI of about $467 a month. The nurse loan has no PMI, so you'd pay about $5,600 less a year for the same home and rate. Drag the down payment slider and the savings shrink as PMI drops, until both loans match at 20% down.

The program finances up to 97% on loans up to $2,000,000 and up to 89.99% up to $3,000,000, so above $2M you'll need just over 10% down. Every borrower needs a 700 credit score. Above the $832,750 conforming limit, a 3%-down conventional loan isn't available, so the calculator shows a note in that column instead of a comparison that couldn't happen. If you're qualifying on a signed offer letter, pick your start date to see the reserves you'll need: one month of payments for each month between closing and your first day, plus two months on loans above $2,000,000. On 30-year fixed purchases you can also model a 2-1 or 1-0 temporary buydown. Closing costs and prepaid items still apply, and final terms are confirmed in underwriting.