Choosing the right mortgage program and finding the perfect lender isn’t an simple task. It can make things much clearer if you can determine what you qualify for with todays lending rules. Our mortgage calculators can help you get an idea if you qualify, how much you can afford and what your payments and fees would amount to. More importantly, they can help you find the best mortgage programs and lowest rates for your circumstances.
Popular Mortgage Calculators
Buying a new home is the biggest financial decision most Americans will ever make. There are always some complicated factors that should be considered. Our Rent vs. Buy calculator can help you sort things out.
Before buying or refinancing a home, you need to know what the new payment will be. You can calculate your new mortgage payment will be with principal, interest, taxes and insurance using our mortgage payment calculator.
Calculating mortgage amortization isn’t as simple as some think, particularly when it comes to how much principal and interest is in your payment each month. Our mortgage amortization calculator outlays your payments structure out for you over the entire life of the loan.
The Loan-to-Value ratio (LTV) is a critical piece of information to know when applying for a mortgage because it can make the difference between approval and denial. Check here to make sure your LTV is within the limits of the mortgage program you choose.
The Debt-to-Income (DTI) ratio is another vital factor in determining if an applicant is approved because it shows if the applicant has the ability to repay the loan. Calculating your DTI before applying for a mortgage can avoid unpleasant surprises later.
Mortgage insurance isn’t the same as homeowner’s insurance. Far from it, actually. Mortgage insurance protects the borrower and lender in case of default and is a requirements on many of today’s loan programs, especially if the mortgage has an LTV ratio greater than 80% percent.
Mortgage Payment Calculators
Its always smart to know what your mortgage payment will be before deciding on a mortgage and completing all the application paperwork.
The FHA loan fee structure is more complex and sometimes more expensive than other mortgage programs. Our FHA mortgage payment calculator takes all that into account so you can get a clear picture of your options.
VA loans contain the lowest fees for veteran’s looking for a mortgage with nothing down. You can determine exactly what your fees and payments will be using our VA loan payment calculator.
USDA home loans are available in rural areas nationwide for people to buy a house with no down payment. The USDA loan calculator takes a closer look at how you can by a home through this popular program.
Before deciding to pay a little extra towards your mortgage balance, make sure you calculate the effects of first.
Sometimes it can make sense to pay off your mortgage early and sometimes it doesn’t. You can look at various scenarios with this calculator to see how it works for you.
Calculating your mortgage amortization schedule (and how much principal and interest are in each payment) can be complex. This calculator allows you to see how your amortization schedule is affected by paying extra money.
Mortgage Insurance Calculators
Private Mortgage Insurance or “PMI” isn’t the same thing as homeowners insurance but it is a requirement for many mortgages today. PMI is paid monthly, along with your mortgage payment and calculating the correct rate and amount can be a complex equation. Our PMI calculator makes it easy.
FHA Mortgage Insurance is different than Private Mortgage Insurance in that there’s an upfront fee as well as the monthly fees. The FHA fee structure can actually be quite complex. Our FHA mortgage insurance calculator can show you all the details.
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a fee charged at closing on FHA loans. The fee is usually added into the loan amount and paid over the life of the loan. Our FHA UFMIP calculator can show you how much will be added to your loan.
USDA loans are often the only option available to buy a home with nothing down. The USDA mortgage insurance structure has recently changed to ensure the program maintains financial stability. Look into your USDA mortgage insurance fees using our calculator.
FHA Mortgage Calculators
The FHA loan fee structure is more complex and sometimes more expensive than other mortgage programs. Our FHA mortgage payment calculator takes all that into account so you can get a clear picture of your options.
FHA Mortgage Insurance is different than Private Mortgage Insurance in that there’s an upfront fee as well as the monthly fees. Our FHA mortgage insurance calculator can show you all the details.
The FHA Up Front Mortgage Insurance Premium (UFMIP) is usually added into the loan amount and paid over the life of the loan. Our FHA UFMIP calculator can show you what your fees will be.
VA Mortgage Calculators
VA loans contain the lowest fees around for veteran’s looking for low or zero down payment mortgage options. You can determine exactly what your fees and payments will be using our VA loan payment calculator. VA refinance loans are also factored in.
Residual income is the amount of money available to the borrower after all deductions, withholdings, housing and installment debt are subtracted from the gross monthly income. VA loans require that a borrower have a certain amount of money each month to cover other expenses such as groceries, entertainment and savings.
The VA Funding Fee is figured and charged up front when getting a VA loan, but it’s rolled into the total loan amount so Vets can pay it over the life of their mortgage.
USDA Mortgage Calculators
USDA loans are often the only option available to buy a home with zero down. Our USDA loan calculator is provided so you can see what your payment and fees will be for no down payment USDA mortgages.
The USDA mortgage insurance structure was changed recently to ensure the program maintains financial stability. Look into your USDA mortgage insurance fees using our calculator.
