Mortgage Calculator

Calculator

Affordability Calculator

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Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

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Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

information
Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

information
Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

information
Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

What is most important to you?

Current Loan

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Mortgage Amount

Enter the amount of the actual mortgage after down payment.

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Interest Rate

Enter the interest rate of the original Mortgage.

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Loan Term

Enter the number of years of your original Mortgage.

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Mortgage Start Date

Choose the month and year your original mortgage started.

New Loan

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Mortgage Amount

Enter your current mortgage balance.

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Cash Out Amount

Enter the amount of Cash Out you are taking on your new mortgage.

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Refinancce Costs

Enter the amount of fixed refinance costs (Points/Fees).

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New Loan Amount

The new loan amount after cash out and refinance costs.

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Interest Rate

Enter the current Market Rate.

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Loan Term

Enter the number of years of the Mortgage.

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Mortgage Start Date

Choose the month and year the new mortgage will start.

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Include Refinance Costs

Will Refinance costs be included in the new loan?

informationMortgage Information

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Home Price

Enter the amount of the home's value.

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Down Payment

Enter the amount or percentage of the down payment.

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Mortgage Amount

Enter the amount of the actual mortgage after down payment.

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Interest Rate

Enter the current Market Rate.

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Loan Term

Choose the number of years of the Mortgage.

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Mortgage Start Date

Choose the month and year the mortgage will start.

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PMI Rate

Private Mortgage Insurance (PMI) protects the lender from losing money if you default on the loan. Most mortgages with a down payment of less than 20% require PMI. his is an estimate based on the details above. PMI can vary significantly based on several factors.

Optional Information

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Home Insurance

Enter the annual amount of insurance.

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Annual Tax Amount

Enter the annual tax amount.

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HOA Dues

Enter the annual HOA dues.

informationBuying Assumptions

informationRenting Assumptions

What is most important to you?

Current Loan

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Mortgage Amount

Enter the amount of the actual mortgage after down payment.

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Interest Rate

Enter the interest rate of the original Mortgage.

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Loan Term

Enter the number of years of your original Mortgage.

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Mortgage Start Date

Choose the month and year your original mortgage started.

New Loan

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Mortgage Amount

Enter your current mortgage balance.

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Cash Out Amount

Enter the amount of Cash Out you are taking on your new mortgage.

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Refinancce Costs

Enter the amount of fixed refinance costs (Points/Fees).

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New Loan Amount

The new loan amount after cash out and refinance costs.

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Interest Rate

Enter the current Market Rate.

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Loan Term

Enter the number of years of the Mortgage.

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Mortgage Start Date

Choose the month and year the new mortgage will start.

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Include Refinance Costs

Will Refinance costs be included in the new loan?

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Property Value or Purchase Price

Enter the property Value or purchase Price.

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Unit 1 Monthly Rent

Enter the Unit 1 Monthly Rent.

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Annual Property Taxes

Enter the Annual Property Taxes.

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Annual Insurance

Enter the Annual Insurance.

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Monthly HOA Fee

Enter the Monthly HOA Fee.

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Annual Utilities

Enter the Annual Utilities.

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Closing Costs

Enter the Closing Costs.

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Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • PMI

Loan Details

  • Home Value:
  • Mortage Amount:
  • Monthly Conventional Payment:
  • Down Payment:
  • Monthly Estimated PMI:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

50%/50%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a Conventional Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 50%/50%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.

Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • MIP

Loan Details

  • Home Value:
  • Base Loan Amount:
  • Monthly FHA Payment:
  • Down Payment:
  • FHA Loan Amount:
  • Upfront MIP:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

50%/50%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a FHA Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 50%/50%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.

Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues

Loan Details

  • Home Value:
  • Base Loan Amount:
  • Monthly VA Payment:
  • Down Payment:
  • VA Loan Amount:
  • VA Funding Fee:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

65%/65%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a VA Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 65%/65%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.

Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • USDA MIP

Loan Details

  • Home Value:
  • Base Loan Amount:
  • Monthly USDA Payment:
  • Down Payment:
  • USDA Loan Amount:
  • USDA Guarantee Fee:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

29%/41%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a USDA Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 29%/41%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.

Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • PMI

Loan Details

  • Home Value:
  • Mortage Amount:
  • Monthly Conventional Payment:
  • Down Payment:
  • Monthly Estimated PMI:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

50%/50%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a Jumbo Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 50%/50%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.
All Payment Total Loan Amount Total Interest Paid

Payment Breakdown

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Payment Breakdown

A breakdown of your total payment so you can see where money is allocated.

$1,915

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • PMI
  • Extra Payment
  • Monthly Payment
  • Total Payment
  • Home Value:
  • Mortgage Amount:
  • Monthly Principal & Interest:
  • Monthly Extra Payment:
  • Monthly Property Tax:
  • Monthly Home Insurance:
  • Monthly PMI:
  • Monthly HOA Fees:
  • Total # Of Payments:
  • Down Payment:
  • Principal:
  • Total Extra Payment:
  • Total Interest Paid:
  • Total Tax, Insurance, PMI and Fees:
  • Total of all Payments:
Savings Payment Amount Shorten Loan Term By

Early Payoff Strategy

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Early Payoff Strategy

Add an extra payment and see how many months you can eliminate on the back end of the loan.

Lump Sum Payment

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Lump Sum Payment

Shorten your loan term by paying a lump sum all to principal.

Monthly Payment Decrease

$

 Total Interest Difference

$

Monthly Payment Comparison

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Payment Breakdown

A breakdown of your total payment so you can see where money is allocated.

Current Loan

$

New Loan

$

Monthly Payment Difference

$
Refinance Costs

$

 Time to Recoup Fees

Total Interest Comparison

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Payment Breakdown

A breakdown of your total payment so you can see where money is allocated.

Current Loan Remaining Interest

$

New Loan Interest

$

Total Interest Difference

$
Years 1 years

Results Summary

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Buying Renting
Cash Spent $ $
Home value -$ --
Balance on Loan $ --
Closing costs on sale $ --
Adjusted Net Cash Savings $ $

Rent

$

Buy

$556
YEAR

2

 BUY GAIN

$43,244
BUY

$43,244

 RENT

$43,244
Out of Pocket Cost:If you opt for homeownership of a property valued at $, your total expenses out of your pocket for 2 years would add up to $. However, if you choose to rent instead, your overall expenditure would come to $, thus saving you $ (which also covers the down payment you would have otherwise made).
Financial Gain:After 2 years, if you choose to purchase the property, the value of equity in your home would be $, which you can access upon selling it.
Summary:Based on the overall expenses incurred and the equity gained, it would be more advantageous for you to buy the property instead of renting, provided you intend to reside in the house for more than 2 years.
All Payment Total Loan Amount Total Interest Paid

Payment Breakdown

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Payment Breakdown

A breakdown of your total payment so you can see where money is allocated.

$1,915

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • Extra Payment
  • Monthly Payment
  • Total Payment
  • Home Value:
  • Mortgage Amount:
  • Monthly Principal & Interest:
  • Monthly Extra Payment:
  • Monthly Property Tax:
  • Monthly Home Insurance:
  • Monthly HOA Fees:
  • Total # Of Payments:
  • Down Payment:
  • Principal:
  • Total Extra Payment:
  • Total Interest Paid:
  • Total Tax, Insurance and Fees:
  • Total of all Payments:
Savings Payment Amount Shorten Loan Term By

Early Payoff Strategy

information
Early Payoff Strategy

Add an extra payment and see how many months you can eliminate on the back end of the loan.

Lump Sum Payment

information
Lump Sum Payment

Shorten your loan term by paying a lump sum all to principal.

Monthly Payment Decrease

$

 Total Interest Difference

$

Monthly Payment Comparison

information
Monthly Payment Comparison

A breakdown of your total payment so you can see where money is allocated.

Current Loan

$

New Loan

$

Monthly Payment Difference

$
Refinance Costs

$

 Time to Recoup Fees

Total Interest Comparison

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Total Interest Comparison

A breakdown of your total payment so you can see where money is allocated.

Current Loan Remaining Interest

$

New Loan Interest

$

Total Interest Difference

$
Cash Flow

$

 Cap Rate

%

Deal Breakdown

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Deal Breakdown

A breakdown of your rental loan deal.

  • Loan Amount:
  • Down Payment:
  • Mortgage Payment:
  • Monthly Payment:
  • Origination Fee Amount:

Deal Metrics

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Deal Metrics

A metrics of your rental loan deal.

  • Total Closing Costs:
  • Cash Needed to Close:
  • Price Per Unit:
  • Gross Rental Income:
  • Operating Expenses:
  • Net Operating Income:
Cash on Cash Return

%

 DSCR

Return Metrics

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Deal Metrics

A metrics of your rental loan return.

  • Cash Flow:
    Annual cash flow after all expenses and mortgage are paid.
  • Cap Rate:
    Cap rate, or capitalization rate, is a metric that divides your net operating income (not including your mortgage) by the purchase price or property value. It is most useful in comparing multifamily properties.
  • Cash on Cash Return:
    Cash on cash return is a metric that divides your pre-tax cash flow by the total cash invested in the deal. This is a key metric for most investors.
  • DSCR:
    DSCR calculates the ratio of rental income to your mortgage payment. Ideally, you'll have a DSCR of 1.0 or higher. First Equity CAN finance rental properties at DSCRs lower than 1.0 (negative cashflow).
Borrower Equity Needed

$

 Net Profit

$

Deal Breakdown

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Deal Breakdown

A breakdown of your rental loan deal.

  • Loan Amount:
  • Down Payment:
  • Monthly Interest Payment:
  • Total Interest Over Term:
  • Origination Fee Amount:
  • Other Closing Costs Amount:
  • Cost To Sell Amount:

Deal Metrics

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Deal Metrics

A metrics of your rental loan deal.

  • Closing Costs:
  • Carrying Costs:
  • Borrower Equity Needed:
  • Total Cash In Deal:
Return on Investment

%

 Loan to After Repaired Value

%

Return Metrics

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Deal Metrics

A metrics of your rental loan return.

  • Net Profit:
  • Loan to After Repaired Value:
  • ROI:

This type of loan is only used to buy land or property. It usually comes with a set payment plan lasting up to thirty years. If someone wants to buy a house, they should learn about mortgages. They can alter how they spend their cash and the house price they can afford.  Know your rights and options before getting a mortgage calculator. Since mortgages are long-term arrangements, they affect your finances. Mortgage Calculator estimates help prospective homeowners estimate their monthly costs. Mortgage Calculator helps people make better financial decisions. These tools consider loan time, interest rate, down payment, and housing price. Users may estimate their monthly spending and see what happens if they modify their figures by entering them. So, mortgage tools are essential for those who wish to secure a loan, learn about loans, and budget for their property.

Understanding Mortgage Calculators

Definition and Purpose

Mortgage Calculator help customers calculate monthly payments. This calculator makes it easy to calculate your monthly mortgage charge by reviewing essential loan items. When comparing mortgage conditions and rates, a mortgage calculator helps people calculate their payments. By showing how a loan will change their money over time, you help them make intelligent choices.

Components of a Mortgage Payment

PITI stands for the four main parts of a home loan payment.

Types of Mortgage Calculators

You can get different things from each type of loan tool.

How to Use a Mortgage Calculator

Input Requirements

Here are some essential things that you should put into a mortgage calculator to get the most out of it:

Step-by-Step Guide

Understanding the Outputs

Online Mortgage Calculator principal purpose is to estimate monthly payments. All loan interest, taxes, and insurance will be paid with this payment. Many tools can estimate loan interest and principal payments. After that, you can determine how much the loan will cost once you own the house.

Benefits of Using Mortgage Calculators

Budget Planning

Banking tools can help you make plans for the money that matters. They tell you how much you can spend, which enables you to stick to it.

Comparing Different Mortgage Options

Using these tools, you can examine different ways to make money. They will also help you choose the best loans and interest rates for your income.

Scenario Analysis

If you change the inputs, you can try different loan choices and plan for when your funds change. One thing you could do is raise the down payment or change the interest rates.

Limitations of Mortgage Calculators

Not a Loan Approval

Remember that the credit score numbers you get are just guesses. They don't mean you'll get the loan or agree to the terms.

Exclusions

Many tools only consider some costs, like the closing fees and the fact that rates can change on an adjustable-rate mortgage.

Accuracy and Assumptions

What you put into a lending tool is very important. Plus, it makes guesses, such as whether the interest rate will stay the same for the whole loan term.

Conclusion

People who want to buy a house can use Mortgage Calculator to help them. They detail monthly payments and how a mortgage would affect your finances. The answer varies depending on the home fee, down price, mortgage duration, and interest rate. The best method to learn about your finances is to consult a financial guide or mortgage agent. These tools help estimate your mortgage expense. If people want to buy a house and get credit that fits their long-term financial goals, they can handle the complicated process better if they know how mortgage tools work and what they can't do.

Frequently Asked Questions

Mortgage Calculator can help you understand how a good deal of your month-to-month payment might be. Remember, though, that these tools are based on simple ideas. To get a better picture, talk to people who deal with money.

Use a mortgage Calculator when moving, buying a property, or when your money or mortgage rates vary significantly.

It is PMI, or "private mortgage insurance." Lenders require it as a safety measure for typical loans with down payments under 20%.

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