“Your Loan Educator”
What will my mortgage payment be?
How much home can I afford?
Does refinancing make sense?
Should I buy or rent?
How do extra payments change my payoff date?
The boxes to the left show your mortgage amount and payment based on the information you provided.
The boxes to the left estimate the maximum home price you can afford based on the information you provided. The maximum loan amount is calculated based on your proposed down payment. The mortgage payment does not include property taxes, insurance, or mortgage insurance (if required), but the calculator did account for these when determining the maximum home price. The total payment includes taxes, insurance, and mortgage insurance.
Please note that many factors affect the amount of home you can afford, including your credit history and financial situation. Please give us a call if you would like us to perform a more detailed analysis for you.
Your new payment is higher than your existing payment. This may be due to several factors, such as the term of the existing mortgage. Please give us a call if you would like us to perform a more detailed analysis for you.
Based on the information you provided, refinancing will save you money. The "Breakeven" analysis shows the number of months of lower payments it will take to pay for the estimated closing costs associated with the new mortgage.
The calculator assumes you will absorb the closing costs into the new mortgage, so your savings will start immediately. However, you're still paying the closing costs, even if through the mortgage. The lower the Breakeven months, the greater your advantage to refinance.
If you did not absorb the closing costs into the new mortgage, your new payment would be $.
Based on the information you provided, it is better for you to rent than buy. Despite the many benefits of buying, including income tax deductions and equity building, you may not be able to recoup the housing and mortgage costs. You may want to try different values for the parameters above, such as a lower purchase price or a higher down payment. Please give us a call if you would like us to perform a more detailed analysis for you.
You will save an estimated $ by renting instead of buying during the years you plan to rent.
Based on the information you provided, it makes sense for you to consider buying over renting. The "Breakeven" analysis shows the number of months after which buying will save you money.
You will save an estimated $ by buying instead of renting during the years you plan to live in your home.
This calculator makes assumptions about your upfront and selling costs and about how some calculations are performed. Please give us a call if you would like us to perform a more detailed analysis for you.
The "Payments saved" shows the number of fewer payments it will take to pay off your mortgage if you pay the extra amounts above. The "Interest saved" is the amount you will save over the life of the loan by making the extra payments.
If you placed the same extra payments in an investment account earning the "Savings rate," you would have accumulated "Savings amount" at the end of the loan term. Compare this to the "Interest saved."
If you qualify for the mortgage interest tax deduction, you may pay "Extra income tax" if you make the extra mortgage payments because you're paying less interest.
Click here for a more detailed discussion of extra mortgage payments.
The APR, or Annual Percentage Rate, is the interest rate that reflects the total cost of a loan. It is higher than the note rate because it accounts for the loan's closing costs and may be helpful when comparing different loan options.
Please note that because the ratio of your loan amount to the value of your home is greater than 80% you may be required to pay mortgage insurance as part of your loan payment.
This information is not intended nor should it be construed as an advertisement to promote consumer credit as defined by Title 12, Code of Federal Regulations Section 226.2. All applicants must qualify under loan program guidelines. Interest rates provided in this calculator are intended only for performing the calculations on this site and are not a guarantee that you will qualify for these rates. The rates for which you qualify are determined by various factors, including credit score, down payment, and loan amount.