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How Much Can I Afford ?

Find out what type of home is in your budget by entering a few numbers into our calculator. Our calculator is based on standard affordability ratios used to determine qualification for mortgage approvals. The housing payment ratio (or front ratio) compares your total mortgage payment to your monthly income and your total debt ratio (or back ratio) compares your total monthly obligations including your mortgage payment to your monthly income.

How Much Income Do I Need ?

Mortgage companies use ratios to analyze your mortgage payment. The housing payment ratio (or front ratio) used in this calculation is 30%. The housing expense, or front ratio, compares your total mortgage payment to your monthly income. The total debt expense ratio (or back ratio) is 36%. This total debt expense, or back ratio, compares your total monthly obligations including your total mortgage payment to your monthly income.

How Much Will My Principal Be?

This calculator figures your principal balance after any number of payments. Input the beginning principal amount, interest rate, length of the loan, and the number of payments to analyze. This information can be helpful when analyzing an adjustable rate product. After 3 years, your balance will reamortize to the adjustable rate. You can take the principal balance and use our payment calculator to analyze your new payment at various interest rates.

Should I Consolidate My Debt?

Discover your potential monthly savings by combining your bills into a single source. Eliminate high interest rate credit card and installment loans with a tax deductible (consult you tax advisor) consolidation loan. Use our calculator to figure how long before your savings equal the cost of obtaining a new consolidation loan.

Should I Pay Extra Each Month?

This calculator figures how much interest savings you will have depending on how much extra you pay monthly. Input an extra payment and calculate your interest savings based on the higher payment.

Should I Pay Points for a Lower Rate?

Paying points for a lower interest rate is a trade off between paying money now versus paying money later. A point - equaling 1% of the total loan amount - is an upfront fee that reduces your monthly interest rate and total interest due over the life of a loan. Use our calculator to figure out the cost and effective saving of loan points as well as the minimum amount of time it will take to recover your loan points.

What are jumbo mortgages?

Jumbo mortgages are mortgages larger than the limits set by Fannie Mae and Freddie Mac. A jumbo mortgage carries a higher interest rate than a conventional mortgage.

What does Fannie Mae mean?

Fannie Mae is a name used by the Federal National Mortgage Association, which is a government-chartered, non- bank, financial services company and the nation’s largest source of financing for home mortgages.

What is a APR Loan?

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input parameters. There are various ways that companies compute APR. Mortgage Loan Fees may include Appraisal, Credit Report, Processing, Document Preparation, Administration, Underwriting, Flood Certificate, Tax Service, Wire Transfer, and other fees. (This APR Calculation assumes 15 days of Prepaid Interest)

What is a balloon mortgage?

A type of mortgage in which the loan amount is amortized over the full length of the loan (usually 30 yrs), but the loan actually comes due after a few years (usually five or seven). The first payments go mostly towards interest. The balance of the loan is due in one final installment, called the BALLOON PAYMENT.

What is a conventional mortgage?

A conventional mortgage is a mortgage made by banks and other lending institutions that is not insured by the “Federal Housing Administration”.

What is a convertible ARM?

A convertible ARM is an adjustable- rate mortgage (ARM) that can be converted into a fixed rate mortgage under certain conditions.

What is a FHA mortgage?

A FHA mortgage is when the government guarantees Federal Housing Authority loans. You can put down a smaller down payment on a FHA loan, but you will also be required to pay mortgage insurance.

What is a fixed-rate mortgage?

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the loan.

What is a Ginnie Mae?

A Ginnie Mae is a name for the Government National Mortgage Association (GNMA), which is a government-owned corporation within the U.S. Department of Housing and Urban Development (HUD)>

What is a lease purchase mortgage?

A lease purchase mortgage is a financing option that allows potential homebuyers to lease a property with the option to buy. Often constructed so the monthly rent payment covers the owners first mortgage payment, plus an additional amount as a savings deposit to accumulate cash for a down payment. Sellers may agree to a lease purchase option if the housing market is saturated and they are having difficulty selling the property.

What is a mortgage banker?

A mortgage banker is a company that originates mortgages and sells them to a secondary market.

What is a mortgage broker?

A mortgage broker is an intermediary who ensures a loan between a borrower and lender. The broker takes the loan and then packages for the lender.

What is a mortgage insurance premium (MIP)?

A mortgage insurance premium is a policy that insures the lender against loss if the homeowner defaults on a mortgage.

What is a mortgage?

A mortgage is a legal document that pledges your property as security (like collateral) for a loan.

What is a mortgagee?

A morgagee is the lender.

What is a mortgagor?

A mortgagor is the borrower.

What is a private Mortgage?

Private mortgage insurance is insurance that protects mortgage lenders against default on loans by providing a way for mortgage companies to recoup the costs of foreclosure. PMI is usually required if the down payment is less than 20 percent of the sale price. Homebuyers pay for the coverage in monthly installments. PMI is usually terminated when the homebuyer has built up 20 percent equity in the property.

What is a second mortgage?

A second mortgage is a type of mortgage on property that has alien already on the first mortgage. This mortgage is usually on the remaining equity in the home.

What is a subprime mortgage?

A subprime mortgage is a mortgage granted to a borrower who is considered subprime-that is, a person with a less-than-perfect credit report. Subprime borrowers have missed payments on a debt or have been late with payments. Lenders charge a higher interest rate to compensate for potential losses from customers who may run into trouble or default.

What is a wraparound mortgage?

A wraparound mortgage is a new mortgage that includes the remaining balance on an old mortgage, plus a new amount.

What is an adjustable-rate mortgage (ARM)?

A type of mortgage in which the interest rate is keyed to a certain economic index and is adjusted as the index rises and falls. If you have this type of mortgage your interest rate could go up or down, depending on the prevailing rates.

What is an assumable mortgage?

A type of purchase in which the buyer assumes the responsibility of making payments on a seller’s home.

What is Freddie Mac?

Freddie Mac is a name for the Federal Home Loan Mortgage Corp., which is a financial corporation chartered by the federal government to buy pools of mortgages from lenders and sell securities backed by these mortgages.

What is Loan Amortization?

This calculator will amortize your mortgage over the loan period based on your input. To see a breakdown by payment, select the Full Loan Amortization.

What is the APR for This ARM Loan?

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input parameters. There are various ways that companies compute APR. Mortgage Loan Fees may include Appraisal, Credit Report, Processing, Document Preparation, Administration, Underwriting, Flood Certificate, Tax Service, Wire Transfer, and other fees. (This APR Calculation assumes 15 days of Prepaid Interest)

What is the Tax Benefits of Buying a Home?

RealEstateAgent.com calculator estimates the tax benefit of buying a home. Input your loan parameters and the month you purchased the home. Since home interest and points are captured in itemized deductions. Your itemized deductions including your mortgage deductions will be compared to your standard deduction to calculate the tax benefit of purchasing your home.

What Will My ARM Loan Payment Be ?

RealEstateAgent.com calculator will compute your initial payments and estimate your future payments. The ARM parameters (Initial Rate, Index, Margin) are necessary for this calculator.