How to use the Mortgage Calculator
Posted by Jeff and Meg Kimbrough on Thursday, September 12, 2019 at 1:22 PM By Jeff and Meg Kimbrough / September 12, 2019 Comment
- Purchase Price: How much you would like to purchase the home for
- Down Payment: You may enter a percentage, or an amount
- Loan Amount: This will be about how much your loan will be
- Annual Interest Rate: Enter the rate your mortgage advisor gave you here. If you don't have one, let us know and we can refer one to you to get current rates.
- Length of Mortgage: Usually mortgages are written for 15 or 30 years.
- Monthly Principal and Interest: This is auto calculated for you
- Property Taxes: This amount can be found on the property detail page on any property on our site. It can be either an amount, or a percentage.
- Annual or Monthly Insurance: Your insurance agent can give you a quote to enter here.
- Annual PMI: Again, your mortgage advisor can guide you on this amount, but the autopopulated number can get us close
- Monthly Association Fees: This amount can be found on the property detail page on any property on our site.
- Monthly Payment (PITI) : This is autogenerated based on the numbers you've entered so far. This is your Monthly Principal, Interest, Taxes and Insurance estimate.
From here, you will be able to enter your annual income and monthly debts to see the probability of qualifying for a loan of the purchase price you entered earlier.
We hope this helps and please let us know if you have any questions at all :)