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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

information
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

information
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

information
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

information
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

information
Deal Metrics

A metrics of your rental loan return.

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



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Mortgage Calculator: Calculate Your Affordability with Our Tool icon-rays icon-rays
It is important to realize the financial commitment involved in purchasing a property. Making educated judgments requires precise monthly payment estimation, as a mortgage is frequently the largest debt a person will ever take out. This is the situation in which a mortgage calculator is useful. We’ll cover all you need to know about mortgage calculators in this article, including how they operate and why they’re such a valuable tool for homebuyers.
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Get Started
Calculate: How Are Mortgage Calculator Operational
Your monthly mortgage payments are computed using a standard formula by a mortgage calculator. The formula accounts for the period of the loan, the interest rate, and the principle amount. Below is a summary of the essential elements:

The total amount you are borrowing from the lender.
The percentage that the lender charges on the loan amount.
The amount of time, usually expressed in years, that you will pay back the loan.
The first sum of money you pay up advance when buying a property; this amount is typically stated as a percentage of the total cost.

You may see how different situations (such as varying the interest rate or loan length) would influence your monthly payments by entering these numbers into the mortgage calculator.
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Frequently Asked Questions

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What is a Mortgage Calculator?

An online tool called a mortgage calculator may assist you in estimating your possible monthly mortgage payments depending on a number of different factors. The loan amount, interest rate, duration, and down payment are examples of these factors. You may better manage your budget and obtain an estimate of your monthly mortgage payments by modifying these parameters.

Why Use a Mortgage Calculator?


Budgeting:
Determining how much housing you can afford is one of the main purposes of a mortgage calculator. You may see how your monthly payments vary by inputting different loan amounts and interest rates, which will assist you in creating a realistic budget.
Interest Rate Comparison:
When comparing various interest rates, mortgage calculators come in very handy. Your monthly payments and the total amount of interest paid over the course of the loan may be significantly impacted by even a slight change in the interest rate.
Loan Term Comparison:
You may compare the effects of selecting a 15-year vs a 30-year mortgage on your payments and the total amount of interest paid by changing the loan term.
Impact of Down Payment:
Lower monthly mortgage payments are possible with a bigger down payment. You may use a mortgage calculator to discover how paying more for your down payment will reduce the cost of becoming a homeowner.
Pre-Approval Insights:
Using a mortgage calculator before applying for a pre-approval will help you better understand what to expect in terms of monthly payments and better prepare for talks with lenders.

Types of Mortgage Calculators


Online mortgage calculators come in a variety of forms, each intended to fulfill certain requirements:

Basic Mortgage Calculator:
This calculator uses the principle, interest rate, and loan length to calculate your monthly mortgage payments in an easy-to-use manner.
Affordability Calculator:
The affordability calculator helps you figure out how much housing you can buy by taking into account your income, debts, and other commitments.
Refinance Calculator:
If you’re thinking about refinancing your mortgage, you can use this calculator to calculate the new monthly payments and assess if it will benefit your finances.
Amortization Calculator:
This kind of calculator shows you how much of each mortgage payment goes toward principle reduction and how much goes toward interest throughout the course of the loan.
Calculator for Extra Payments:
This tool will help you determine how much interest you’ll save and how soon you can pay off your loan if you intend to make extra payments on your mortgage.

Tips for Using a Mortgage Calculator Successfully:


Use a mortgage calculator to its full potential by doing the following actions:

Obtain Your Financial Information:
Before use the calculator, make sure you have your preferred loan amount, interest rate, length of loan, and down payment available.
Try Different Scenarios:
Enter more than one set of integers. Experiment with different situations, such as altering the loan length, interest rate, or amount. This will help you see your alternatives more clearly.
Take Into Account Additional Costs:
Although the majority of mortgage calculators just show the principle and interest, it’s crucial to keep in mind that becoming a homeowner also entails paying property taxes, homeowner’s insurance, and even private mortgage insurance (PMI). These expenses are entered into fields in some sophisticated calculators.
Utilize Several Calculators:
Distinct calculators may possess somewhat distinct attributes or presumptions. Using many calculators can assist assure accuracy and allow for result comparison.

Examples Of Mortgage Calculator


Let’s examine a few instances of practical uses for a mortgage calculator:

Example 1: Buying Your First Home
Let’s say you want to know how much your monthly mortgage payment will be when you purchase your first house. Over a 30-year period, you want to borrow $250,000 at a 4% interest rate. Using the mortgage calculator with these figures, you see that your monthly payment would be around $1,193.54. Let’s say you want to check the impact on your payments of raising your down payment from 10% to 20%. This lowers the amount of your loan and lowers your monthly payment to $955.34, saving you more than $200 each month.
Example 2: Comparing Loan Terms
A 30-year mortgage or a 15-year mortgage is what you’re debating. The 30-year mortgage has a monthly payment of around $1,347.13 for a $300,000 loan at a 3.5% interest rate, whereas the 15-year mortgage has a larger monthly payment of $2,145.28. But over the course of the loan, the 15-year loan will save you tens of thousands of dollars in interest.

Interest Rate Effects on Your Mortgage


Your mortgage payments are mostly determined by interest rates. The amount you pay each month and during the loan’s term might be significantly impacted by even a slight adjustment in the interest rate. For illustration, suppose you are thinking about getting a $200,000 mortgage. For a 30-year loan with a 4% interest rate, your monthly payment will be around $954.83. The payment rises to $1,073.64 (an increase of roughly $120 per month) if the rate is increased to 5%. That difference adds up to more than $43,000 over a thirty-year period.

How Refinancing Can Be Assisted by Mortgage Calculator


A mortgage calculator can assist you in determining whether refinancing your current mortgage is a wise financial decision if you are thinking about doing so. You may see how refinancing impacts your monthly payments and the overall cost of the loan by entering the terms of your current loan and the new loan. The monthly total of each person’s earned amount of money, or the amount of money each person has to spend, is determined by the number of stocks that each person has.

The Down Payment’s Significance in Mortgage Calculations


Your down payment amount has a big impact on how much your mortgage will cost. By lowering the loan amount, a higher down payment decreases your monthly payments. To further save costs, you can also avoid paying private mortgage insurance (PMI) if you make a down payment of 20% or more. For instance, a 10% down payment on a $300,000 house purchase would require borrowing $270,000, with around $1,288.37 in monthly payments at a 4% interest rate. Your monthly payments will decrease to around $1,145.80 when you increase your down payment to 20%, bringing the loan down to $240,000.

Amortization Schedules and Mortgage Calculator


An amortization schedule is a comprehensive chart that breaks down each monthly mortgage payment into principle and interest components. The principle component of each payment rises as you reduce the debt over time, while the interest component falls. You may examine how your loan balance reduces over time and how much interest you’ll pay overall by using a mortgage calculator with an amortization schedule function.

Features of an Advanced Mortgage Calculators


Advanced features in certain mortgage calculator can yield more thorough information.
Prepayment Options:
Determine how you might shorten the term of your loan and save money on interest by making additional principle payments.
Balloon Payments:
At the conclusion of the loan period, a sizable payment is usually required for some loans. Utilizing a mortgage calculator might you in your preparation.
Interest-Only Loans:
If you are thinking about taking out an interest-only loan, you can see how your payments will be both during and after the interest-only term by using a mortgage calculator.

Selecting an Appropriate Mortgage Calculator:


There are differences throughout all mortgage calculators. When selecting a calculator, take into account the following:
User-Friendly Interface:
It should be simple to operate and comprehend the calculator.
Customizable Inputs:
Seek out calculators that let you change the interest rates, loan terms, and down payment, among other pertinent elements.
Accuracy:
Verify the accuracy of the calculator by cross-referencing the output from many sources.
Extra Features:
Calculators that include amortization schedules, prepayment choices, or affordability evaluations may be useful to you, depending on your needs.

Conclusion

Anybody thinking about buying a house, refinancing, or seeking to gain a better understanding of their financial status should have a mortgage calculator on hand. You may save money, make well-informed decisions, and steer clear of any pitfalls in the mortgage process by making efficient use of this tool. Whether you’re an experienced real estate investor or a first-time house buyer, a mortgage calculator can provide you the information you need to understand the nuances of home finance.

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