Mortgage Calculator Lite and Pro for Realtors and Loan Officers

How to use the Mortgage Calculator – Lite or Pro

As you can see we have designed the layout in such a way that you can see everything on ONE Screen and check more loan types just by clicking on the tabs, (without entering the data again). Isn’t that wonderful?

Purchase Price: First enter the expected purchase price, say $300000.
Down Payment: Then either enter the down payment amount or a percentage. Either way, it will work out the amount if you put a percentage or work out a percentage if you put an amount.
Loan Amount: This is the amount resulting from Purchase Price minus Down Payment.
Interest Rate: Enter the prevailing interest rate that you are aware of. It can take up to 3 decimal places. Such as 6.725 etc.
Term: This is the number of years such as 30, or 25 etc.
Monthly Payment (Principal + Interest): This is the mortgage Loan Payment amount based on loan amount, term and interest rate. Note that this amount also includes some principal and more of interest initially, until you have crossed payment over 10 years (120 months).
Monthly PMI: Based on your credit score, purchase price, down payment and if your down payment is less than 20% a PMI factor amount will be calculated. So, select your Credit Score from the drop down, that you are aware of.
Annual Tax: This is the annual property tax rate used by your county. Just about everyone will be paying this. So, find out from your county what the millage rate is. Or put a dollar amount (if you do not know the rate). This will give you monthly amount that will be part of your monthly loan payment.
Annual Insurance: Just like above, estimate a home insurance amount that you might be paying based on the purchase price. Or call your local insurance agent and find out how much it could be. Enter the dollar amount which will calculate the monthly amount.
Annual HOA: If there is no HOA, where you are planning to buy, ignore it, but if applicable, find out roughly how much it would be from your agent and enter the monthly amount or annual amount.
Annual Other: This could be anything that you think might be included in the loan payment calculation.

Auto Calculates: Our app automatically calculates the monthly payment as you type it in so there is no “calculate” or “done” button. How cool is that?

Lite version: This being a free version there are certain fields that are editable in Pro version are not available.

Pro Version: The Pro Version is ideal for a Realtor or Loan Officer who is constantly using it and wants to make changes to some editable criteria. This version also allows you to save with the Buyer’s info and “Save” them for future use and retrieve from “History” section. This version is also free for 28 days in iOS versions and 30 days in Android versions.

How this Mortgage Calculator helps you in calculating mortgage payment:

We have considered almost all factors in devising our calculator. We start off with Purchase Price, then Down Payment, which gives you the loan amount that you would be borrowing from the lender. As you can see our calculator is intuitively designed to enter the data easily, simply and quickly and ALL on ONE Screen.

Home Purchase Price: Use the Mortgage Calculator – Lite or Pro to determine your monthly payment affordability. Once you determine the budget of monthly Mortgage Loan Payment for the home and the pricing in those neighborhoods, you are now ready to start looking. We recommend to work with a licensed Realtor payment for home and also select a lender-mortgage broker or a loan officer who will help you in your home buying process.

Down Payment: Depending on the lender and considering above factors, the lender will determine what loan type would be ideal for you. As mentioned above the higher the down payment the lower loan payment and lower PMI factor, if applicable.

Term: Select the duration of the loan you feel comfortable: Generally it is 30 years, 20 years, or 15 years. The longer the term, the lower the payment amount because the you are stretching out the time to keep the payment low. But if your reduce the term say to 15 years, the same amount is now need to be paid back which will increase the payment dramatically. Try it out with different loan terms.

Interest Rate: When borrowing, the bank will charge an amount for lending the money to you. And it is called the Interest Rate. If the rate is lower, the monthly payment amount will lower, but if the rate is high the monthly payment will be higher.

Monthly Payment (Principal and Interest only): This amount, based on above factors will give you the monthly payment. But this amount includes only the monthly interest and some principle (loan amount). However, it does not include other factors that the lender considers such as PMI, Annual Property Tax, Annual HOA fees and other monthly payments considered necessary based on the buyer’s situation such as child support, alimony etc.

Score = PMI (if applicable): Generally, when the down payment is less than 20%, the lender charges the borrower an amount called Private Mortgage Insurance. This amount varies by each lender and varies by your credit score. If lower credit score and lower down payment, the PMI factor will be higher and vice versa. This is an important factor which the lender adds to the borrower’s monthly payment. However, PMI in case of Conventional Loan, it may be removed by the lender if the equity reaches to 20% in the home. You have call them to remove it (banks do not automatically remove it)

Annual Property Tax: No matter what, if you own a home, there will be property tax on the home you live in. This is the amount of tax called property tax that you have to pay to the county on an annual basis.

Annual Insurance: All lenders will require that you carry a Home Insurance until you pay off the loan. Since the bank is lending you the money, they want to make sure that their investment in lending you the money is safe and if anything happened, to the house, the bank can paid off via this insurance.

Annual HOA: Most people who live in communities will have a “Home Owner’s Association” there is most likely an annual HOA dues one has to pay. If there is no HOA, then this factor is not applicable. It would be the same of Condos and Townhomes.

Other Payments: If there are other factors that are considered as necessary and required, the lender will add that here to include as a monthly payment.

Total Monthly Payment: This amount represents what you would be paying on a monthly basis, and also will be viewed by the Loan Officer as the amount you can afford, assuming that all other criteria are also satisfied.

4 Loan Types: Since there are 4 different types of loans which are Conventional, FHA, VA & USDA, depending on your situation and qualification and the need, you need to discuss them with your Realtor and or your Loan Officer. It is very important that you understand these 4 loan types and choose the appropriate one to buy your house. Please reach out to us if we can be of any help. We are always here to help you. Thank you.