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Monthly budget calculator
More mortgage calculators
Quick mortgage calculator
Mobile edition
MORE CALCULATORS
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tutorial video part 1 (shown below) tutorial video part 2
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- Total Monthly amount available for house
payment
- The maximum home loan payment can be up to 28% of your income, OR 36%
of your income, minus monthly obligations except phone bill, auto insurance, or childcare,
whichever is LESS. You can also enter a desired budgeted amount here.
Note: The report will have a slight variation from your budget, but
don't worry, the calculator is working correctly. |
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- Monthly Property Taxes (take annual bill and
divide by 12)
- To get an estimate, please contact the county assessor in the county
where you wish to live.
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- Monthly Property Insurance (take annual bill
and divide by 12)
- To get an estimate, please contact your insurance agent in the county
where you wish to live.
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- Monthly Homeowners Association Payment
- (take annual bill and divide by 12)
- To get an estimate, please contact a real estate broker in your area.
Very common if you buy a condominium or townhome. Less common if you buy a single family
residence, however there are many neighborhoods that have an HOA.
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- Private Mortgage Insurance Premium (PMI-P)
- If you have any single loan that is over 80% of the homes value, you
will need to pay private mortage insurance premiums. Here is one guess at what the
premiums will be: Simply type the appropriate bold number in the box to the right.
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- - 5% down payment = 9.76% of monthly payment as PMI-P
- - 10% down payment = 6.35% of monthly payment as PMI-P
- - 15% down payment = 3.90% of monthly payment as PMI-P
However, your lender may structure your loans so that you actually
have two loans, the first loan would be at 80% or less, and the second loan for the
remainder. In this case, there is no mortgage premium payable... However, the second loan
carries a higher interest rate than the first loan..... So it may end up being a wash
anyways. |
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- Annual Interest Rate
- Use the average rate displayed above, or any other desired rate.
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- Down Payment
- How much money do you have available to pay as a down payment?
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- Loan Term
- A standard term is 30 years. Some buyers prefer a shorter, 15 year
loan in order to save interest charges. This may result in a higher payment, or a lower
purchase price.
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- Closing Costs
- An allowance for closing costs. 3% - 6% is a good allowance. Too low
of an allowance may increase your total payment above your budget, and to much of an
allowance may reduce the price of the house you can afford.
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