Mortgage Calculators
& Rent versus Buy
The links below will lead you to some powerful tools. It's good information to have while
you are in the beginning of the information gathering process.
Many of the mortgage calculators will only figure your principal and interest or (P&I) payment. That figure may be deceiving. Don't forget to add roughly about $250-$300 to any P&I payment to allow for property taxes, home owners insurance, mortgage insurance and monthly HOA fee. These figures are only estimates on a home in the 200K to 250K price range. Although each home is unique and these figures will adjust, it will give you a more accurate number than just P&I.
In most instances your monthly house payment will consist of (PITI). Principal and interest, taxes and insurance. Insurance will consist of homeowners insurance and mortgage insurance if you do not put down 20%.
On Conventional loans, mortgage insurance can often be eliminated by structuring your mortgage with a 1st mortgage and a 2nd mortgage. For example an 80/15/5. That means an 80% first mortgage at the market rate. A 15% second mortgage at a rate of 8-10% interest and 5% down payment. Your interest rate may be different depending on credit score, income and time on the job.
Your rate on the 2nd mortgage is higher because that lender has more risk than the lender in 1st position. Even though the interest rate is higher, mortgage interest is a tax write-off, where-as mortgage insurance typically is not. Paying mortgage insurance is a lot like paying interest on a credit card that cannot be written off. Please make sure to speak with your accountant.
For more information on loan types, please see my page on mortgage types.
If you should run across something on one of the web sites below and you have a question, please call me at 602-570-5641 or email me here. I want to be your resource for all of your Real Estate needs and questions. Thanks.
you are in the beginning of the information gathering process.
Many of the mortgage calculators will only figure your principal and interest or (P&I) payment. That figure may be deceiving. Don't forget to add roughly about $250-$300 to any P&I payment to allow for property taxes, home owners insurance, mortgage insurance and monthly HOA fee. These figures are only estimates on a home in the 200K to 250K price range. Although each home is unique and these figures will adjust, it will give you a more accurate number than just P&I.
In most instances your monthly house payment will consist of (PITI). Principal and interest, taxes and insurance. Insurance will consist of homeowners insurance and mortgage insurance if you do not put down 20%.
On Conventional loans, mortgage insurance can often be eliminated by structuring your mortgage with a 1st mortgage and a 2nd mortgage. For example an 80/15/5. That means an 80% first mortgage at the market rate. A 15% second mortgage at a rate of 8-10% interest and 5% down payment. Your interest rate may be different depending on credit score, income and time on the job.
Your rate on the 2nd mortgage is higher because that lender has more risk than the lender in 1st position. Even though the interest rate is higher, mortgage interest is a tax write-off, where-as mortgage insurance typically is not. Paying mortgage insurance is a lot like paying interest on a credit card that cannot be written off. Please make sure to speak with your accountant.
For more information on loan types, please see my page on mortgage types.
If you should run across something on one of the web sites below and you have a question, please call me at 602-570-5641 or email me here. I want to be your resource for all of your Real Estate needs and questions. Thanks.
Here are some helpful links.
Mortgage Calculators - Rent vs. Buy, debt calculators, ammortization, refinance and many others.
Cost-of-Living - Compare your current earnings, from where you live, to other US cities.
What's my Credit Score? - Factors that determine your FICO score. Traditionally, better or higher score equals better rate.
Free Prequalification - We will be glad to get you pre-approved. Please click on the link and fill out the form.
Real Estate ABC - Another group of mortgage calculators.
Mortgage Calculators - Rent vs. Buy, debt calculators, ammortization, refinance and many others.
Cost-of-Living - Compare your current earnings, from where you live, to other US cities.
What's my Credit Score? - Factors that determine your FICO score. Traditionally, better or higher score equals better rate.
Free Prequalification - We will be glad to get you pre-approved. Please click on the link and fill out the form.
Real Estate ABC - Another group of mortgage calculators.
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