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Home & Mortgage

[expand title=”How much home can I afford?” trigclass=”noarrow” tag=”h3″]

  • When you’re buying a home, mortgage lenders don’t look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use our home affordability calculator to determine how much of a mortgage you may be able to obtain.

    Income and Debt Obligations
    Current combined annual income ($)
    Monthly child support payments ($)
    Monthly auto payments ($)
    Monthly credit card payments ($)
    Monthly association fees ($)
    Other monthly obligations
    (not including current mortgage payment) ($)
    New Loan Assumptions
    Annual interest rate on new mortgage (%)
    Term of new mortgage (years)
    Funds available for a down payment ($)
    Estimated annual property taxes ($)
    Estimated annual homeowner’s insurance ($)
    Front-end ratio
    Back-end ratio

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[expand title=”Should I refinance my home mortgage? (breakeven)” trigclass=”noarrow” tag=”h3″]

  • Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Even though rates have crept up over the last couple of months, refinancing may make sense for you. Use our refinance calculator to analyze your situation today!

    Current Loan Information
    Current loan balance ($)
    Annual interest rate (%)
    Number of months remaining
    Proposed Loan Information
    Annual interest rate on new mortgage (%)
    Number of months (30yrs=360)
    Loan origination fee (%)
    Other fees/discount points (%)
    Other fees: ($)

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[expand title=”Comprehensive mortgage calculator” trigclass=”noarrow” tag=”h3″]

  • Mortgage calculator

    The loan amount, the interest rate, and the term of the mortgage can have a dramatic effect on the total amount you will eventually pay for the property. Further, mortgage payments typically will include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI). Use our mortgage calculator to see the impact of these variables along with an amortization schedule.

    Mortgage Loan Information
    Mortgage loan amount ($)
    Annual interest rate (%)
    Number of months (30yrs=360)
    Desired amortization schedule
    Property Information
    Sale price of property ($)
    Let system estimate property taxes, insurance, and private mortgage insurance?
    Annual property taxes ($)
    Annual hazard insurance ($)
    Monthly private mortgage insurance ($)

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[expand title=”Comparing mortgage terms” trigclass=”noarrow” tag=”h3″]

  • Comparing mortgage terms (i.e. 15, 20, 30 year)

    Different mortgage terms and rates can make the loan selection process confusing, especially if you don’t plan on keeping the loan for the full term. Use this calculator to determine the total cost in today’s dollars of various mortgage alternatives taking into account your opportunity cost of money.

    Loan Amount
    Amount of loan ($)
    Mortgage Alternatives and Assumptions
    Loan1 Loan2 Loan3
    Term (in years)
    Annual interest rate
    Comparison Assumptions
    Comparison options/cost of money
    (%)
    Marginal tax bracket (%)
    Years to compare total costs:

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[expand title=”Should I pay extra points for a lower interest rate?” trigclass=”noarrow” tag=”h3″]

  • In some cases, it may benefit you to ‘buy down the interest rate’ by paying extra money up front in the form of discount points. Use this calculator to help determine if this makes sense for you.

    Assumptions
    Loan amount ($)
    Number of years
    Mortgage Alternatives
    Loan 1 Loan 2
    Annual interest rate
    Discount points (if any)

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[expand title=”Should I rent or buy a home?” trigclass=”noarrow” tag=”h3″]

  • With interest rates near forty year lows, the decision to rent versus buy becomes difficult. Use this calculator to help determine which makes sense for you at this time.

    Rent Assumptions
    Monthly rent payment ($)
    Additional monthly fees ($)
    Monthly renter’s insurance premium ($)
    Annual rate increases (%)
    Purchase Assumptions
    Purchase price of home ($)
    Annual appreciation rate (%)
    Realtor fees on future sale (%)
    Amount of loan ($)
    Annual interest rate (%)
    Number of years
    Closing costs (not included in loan amount) ($)
    Annual homeowner’s insurance premium ($)
    Annual property taxes ($)
    Annual maintenance cost ($)
    Other Assumptions
    Number of years for the comparison
    Marginal tax bracket (%)
    Before tax return on savings (%)
    Assumed annual inflation rate (%)

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[expand title=”Should I convert to a bi-weekly payment schedule?” trigclass=”noarrow” tag=”h3″]

  • It may surprise you that most banks and mortgage companies collect two to three dollars for every dollar that you borrow! However, there is a way to accelerate mortgage payoff using a method called Bi-Weekly Mortgage Payments. This program is implemented by dividing your monthly mortgage payment in half and paying it every other week – resulting in a net effect of paying an extra payment toward principal each year.

    Loan Information
    Amount of loan ($)
    Annual interest rate (%)
    Number of months (30yrs=360)

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[expand title=”Compare a ‘no-cost’ versus traditional mortgage” trigclass=”noarrow” tag=”h3″]

  • Many lenders will offer a ‘no-cost’ loan in lieu of a traditional mortgage. ‘No-cost’ loans are generally priced at a higher interest rate than a traditional mortgage. The higher rate allows the lender to make enough money on the interest rate spread from the underwriter to pay for all your closing costs and provide them with their profit. Use this calculator to help determine if a no-cost loan with your lender is better than a traditional mortage.

    Assumptions
    Amount of loan ($)
    Number of years
    Mortgage Rates
    No-Cost Loan Traditional Mortgage
    Annual interest rate
    Traditional Loan Closing Costs
    Discount points (% of loan) (%)
    Origination fees (% of loan) (%)
    Lender fees (processing and underwriting) ($)
    Credit report ($)
    Appraisal ($)
    Title insurance ($)
    Reconveyance fee ($)
    Recording fee ($)
    Wire and courier fee ($)
    Endorsement fee ($)
    Title closing fee ($)
    Document preparation ($)
    Other fees ($)
    How do you plan to pay closing costs?
    Comparison Assumptions
    Comparison options/cost of money
    (%)
    Marginal tax bracket (%)
    Years to compare total costs:

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[expand title=”What are the tax savings generated by my mortgage?” trigclass=”noarrow” tag=”h3″]

  • With the interest on a mortgage being deductible when you itemize deductions, it may surprise you how much you can save in taxes. Use this calculator to determine your potential tax savings with a mortgage. (Consult your tax advisor regarding the deductibility of interest.)

    Loan Information
    Loan amount ($)
    Annual interest rate (%)
    Number of months (30yrs=360)
    Marginal tax bracket (%)
    Desired table display monthly or yearly?

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[expand title=”Should I take out a fixed or adjustable rate mortgage?” trigclass=”noarrow” tag=”h3″]

  • Which is better: Fixed or adjustable-rate mortgage?

    It is a difficult decision to decide between a fixed and an adjustable-rate mortgage. Factors such as loan duration, the index used by the lender, the number and timing of rate adjustments, and your assumption about the increase/decrease of future interest rates all have an impact. Use this calculator to help compare the total cost of each alternative.

    Mortgage Alternatives and Assumptions
    Loan amount ($)
    Fixed-Rate Loan Adjustable-Rate Loan
    (Initial) annual interest rate
    Number of years
    Index Rate Detail
    Current index rate (%)
    Lenders margin added to index rate (%)
    Index rate adjustment (%)
    Number of months between index rate adjustments
    What will rates be doing over the life of the loan: stay same, increase or decrease?
    Assumed maximum annual rate adjustment (%)
    Adjustable Rate Detail
    Absolute minimum rate over term of loan (%)
    Absolute maximum rate over term of loan (%)
    Number of months before first rate adjustments
    Number of months between rate adjustments
    Comparison Assumptions
    Comparison options/cost of money
    (%)
    Marginal tax bracket (%)
    Years to compare total costs:

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[expand title=”Adjustable rate mortgage calculator” trigclass=”noarrow” tag=”h3″]

  • Unlike fixed rate mortgages, the payments on an adjustable rate mortgage will vary as interest rates change. Use our adjustable rate mortgage (ARM) calculator to see how interest rate assumptions will impact your monthly payments and the total interest paid over the life of the loan.

    Mortgage Assumptions
    Loan amount ($)
    Initial interest rate (%)
    Number of months (30yrs=360)
    Adjustable Rate Detail
    Absolute minimum rate over term of loan (%)
    Absolute maximum rate over term of loan (%)
    Number of months before first rate adjustments
    Number of months between rate adjustments
    What will rates be doing over the life of the loan: stay same, increase or decrease?
    Assumed rate adjustment (%)

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[expand title=”How do closing costs impact the interest rate?” trigclass=”noarrow” tag=”h3″]

  • If you choose to finance your closing costs, the monthly loan payments will be higher than if you had paid the closing costs out-of-pocket. In order to help borrowers compare loans, lenders use a standard calculation called annual percentage rates (APR) which takes into account the closing costs. Use this calculator to itemize the closing costs and to compare loans with different rates, fees or terms.

    Loan Information
    Original Loan Amount ($)
    Term (years)
    Mortgage Rate (%)
    Traditional Closing Cost Information
    Discount Points (%)
    Origination Fee (%)
    Lender Fees (processing/underwriting) ($)
    Credit Report ($)
    Appraisal ($)
    Title Insurance ($)
    Reconveyance Fee ($)
    Recording Fee ($)
    Wire and Courier Fees ($)
    Endorsement Fee ($)
    Title Closing Fee ($)
    Title Document Prep Fee ($)
    Other Fees ($)

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