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How Much Can You Afford? ...
The Best Mortgage Calculators On the Web!
Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it!
Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules.
The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more.
Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you...
How Much Can You Afford?
The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments.
Definitions
Annual income
Your annual income before taxes. For married couples this is your total combined annual income before taxes.
Purchase price
The price of the home you wish to purchase. This is the actual price you'll pay, not including any closing costs.
Total monthly payment
Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month. Often called PITI.
Cash on hand
Cash you have for the down payment and all closing costs.
Interest rate
The current annual interest rate you can receive on your mortgage.
Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Property tax rate
Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.
Home insurance rate
Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance.
Monthly car payment(s)
Total monthly payment for your car loan(s).
Credit card payments
Total monthly minimum payments for your credit cards.
Other loan payments
Any other installment loan payments, such as student loans or unsecured loans.
Total closing costs
Total upfront costs to close your loan. This is the total of your loan origination fee, points paid and other closing costs.
Loan origination rate
The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.
Number of points paid
The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.
Other closing costs
Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.
Monthly PMI payment
Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. Monthly PMI is calculated by multiplying your starting loan balance by this percent and dividing by 12. When the equity in your home exceeds the percentage required for PMI, your PMI payment drops to zero. Please note that this is only an estimate of your actual PMI. The amount you may be required to pay may be higher or lower than our estimate.
Monthly PI payment
Monthly principal and interest payment.
Total for down payment
Total funds remaining, after closing costs, for down payment.
Limit down payment
Limit your down payment to percentage required to eliminate the need for PMI payments. Even if you have more cash on hand than required for closing costs checking this box will limit your down payment to the minimum amount required to forego PMI.
Show schedule by month
Display the payment schedule by month when you press the "View Report" button.
Show schedule by year
Display the payment schedule by year when you press the "View Report" button.
Total annual income debt percentage
Not shown. This is the percentage of your annual income your financial institution allows you to use for debt installment payments. This includes car payments, credit card payments, other loan payments and your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 36%.
PITI annual income percentage
Not shown. This is the percentage of your annual income your financial institution allows you to use for your "Principal, Interest, Tax and Insurance" payment for your home. The default rate is 28%.
Qualify amount
Shown as "Total monthly payment." This is the total amount you qualify for per month. This amount is the total of "Principal, Interest, Tax and Insurance" for your home.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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Most purchase agreements allow buyers to get out of the contract if they can't qualify for a mortgage. If you are selling your home, be sure to get some reassurances before you make a commitment to buyers. Most contracts now require timely loan applications and pre-qualifying letters from the lender.
There is no way to be absolutely certain that buyers will be able to obtain financing. Real estate professionals will help buyers determine what they can afford and whether there are financing alternatives. They will also eliminate buyers who are not financially qualified. Training and experience enable them to resolve difficulties quickly to avoid wasting time.
Patie Millen and Eric Bonetti Royce Real Estate Services 145 East Main Street Ashland, OR 97520 541-301-3435: 800-585-0010 EFax: 503-210-7899 patie@ashlandoregon.com
Call us. We are always happy to answer your questions. Or email us and let us know the type of property you would like to find. We are experts in Southern Oregon and it is our privlege to assist you.
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