Mortgage Calculator - Fixed or Adjustable Rate

 

 

Ready to play with the numbers? Adjust the purchase price and down payment amounts until it matches your income or matches the monthly payment you want.

1. Enter the purchase price of the home you wish to purchase.
2. Enter the amount you wish to put down on the house ( an amount of 10% of the purchase price is standard)
3. Mortgage amount will automatically be calculated when you tab to the next field.
4. Enter your closing costs (typically equal to 3% of the purchase price)
5. The Cash Needed will display. This includes your down payment and closing costs.
6. The Household Income will display. This is the estimated income to qualify for this mortgage using standard qualifying ratios.
7. Enter the Interest Rate provided by your mortgage professional. If you have not spoken with a mortgage professional, please contact a mortgage professional or your MAINGATE associate.
8. Your monthly mortgage amount will display. This is principal and interest.
9. Enter your monthly homeowner's insurance premium amount.
10. Enter your tax amount. This is your annual property taxes divided by 12.
11. Enter your monthly Home Owner's Association Dues. If paid annually, divide by 12.
12. If you have selected Adjustable Rate for calculations, enter the Adjustable numbers.
13. Then click CALCULATE.

14. The Monthly Payment includes your principal and interest, and your taxes and insurance. ( PI+TI ). This is approximately what you will pay every month to the mortgage company.

Questions? Contact MAINGATE @ 407-354-1159 or click here!

For specific questions about the home buying process, ask your MAINGATE sales associate.



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