Whats My Payment: Mortgage Calculator

Mortgage Calculator

Hey friends and family this is hans your local realtor with keller williams village square in ridgewood i’ve been telling a few of you guys that if you wanted to make some quick calculations on your mortgage you can use a website call www-what’s my payment com and when you get to that site it’ll give you a couple of options on the mortgage calculators for most

People typically they’re kind of doing an fha mortgage or conventional and you can sort of pick that based on the conversation that you’ve had with your loan officer there is a va calculator for those of you who are veterans and that’ll kind of give you an idea but just for a brief example if you hit an fha mortgage calculator it’ll automatically kind of come to this

Section where you could literally put a purchase price so on the purchase price let’s say for example you are buying a house for let’s choose 150,000 right as an example but you could put any number that you’re actually trying to qualify or have been qualified for let’s say kind of no rates are a little bit higher today so let’s say you’re using an average interest

Rate of four per set you can just go straight into that box and kind of click the current rate that you might be working with right to the side is a down payment calculator so minimum down payment with fha is usually three and a half percent but you can do obviously higher but let’s just use or click that once you click it it’ll tell you right here in this box what

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Your down payment is if you go a little bit further down into the calculator it’ll give you space to actually put the actual taxes on the property so let’s say the text is that you’re looking at our eight grand a year and then let’s say the property insurance you’re going to have is actually going to be at least 1200 that’s 1200 and then sure homeowners insurance

So once you kind of click in there and you go back up to the top it’ll give you the estimated mortgage payment so for a property if you’re buying at 150,000 with a down payment of three and a half percent be fifty to fifty with the rate of four percent taxes are eight grand and 1200 that would be a payment of 1572 and then you can kind of play with it so like if

Taxes were lower you literally have to just go in there and hit seven grand in taxes and it’ll adjust the payment accordingly so now it’s 15 7235 so depending on what type of loan program you can always go up at the top and you can hit let’s say a conventional calculator and basically go through the same exercise on the side it’ll give you options of three to five

Percent depending on what your loan officers told you and you can go to the same category so if you’re buying a house for 175 and you were doing a three percent down payment or you’re doing a five percent down payment the numbers would change and then you kind of go ahead and put the estimated taxes let’s say this is seven grand and then your homeowners insurance

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Is 1200 right you kind of take this back up to the top to just to kind of see with the payment it’s an estimate of the 429 some of you guys are going to have private mortgage insurance which is the insurance that the bank’s place on these loans just in case they default and you can kind of get an estimate so if you added the estimate of the pmi on a convention

On would be a hundred and thirty dollars and twenty-six it’s 1560 10 is your total payment so this would be a way for you to kind of play around with the interest rates to see what makes sense and again same thing with the fha calculator if we went back and kind of using the same category it will give you an estimate of what the actual mortgage insurance premium

Could be on any type of a loan hopefully this is helpful let’s make things happen for you and help you get into the home of your dreams

Transcribed from video
What's My Payment : Mortgage Calculator By Hans Augustin