Mortgage Calculators Use the fields in yellow to get an estimate of monthly PITI (Principle, Interest, Taxes, Insurance) 100% Financing, 5 year ARM 80/20 1st Mortgage = 5/1 ARM Interest Only 2nd Mortgage = HELOC, Interest Only Sales Price Downpayment Amount to be Borrowed 1st Mortgage Amount 2nd Mortgage Amount Closing Costs @ 3% Total Cash to Close Total of New Mortgage Payment 1st Trust, Interest Only 2nd Trust Interest Only Real Estate Tax @ 1.16 Insurance Condo/HOA Fee Total Payment $1,000 $300 $261 $50 $200 $1,811 $300,000 $0 $300,000 Rates $240,000 5.00% $60,000 $9,000 $9,000 6.00% 100% Financing, 30 yr fixed 1st Mortgage = 30 yr fixed, Principle + Interest 2nd Mortgage = HELOC, Interest Only Sales Price Downpayment Amount to be Borrowed 1st Mortgage Amount 2nd Mortgage Amount Closing Costs @ 3% Total Cash to Close Total of New Mortgage Payment 1st Trust, Principle & Interest 2nd Trust Interest Only Real Estate Tax @ 1.16 Insurance Condo/HOA Fee Total Payment $1,288 $300 $261 $50 $217 $2,116 $300,000 $0 $300,000 $240,000 $60,000 $9,000 $9,000
Assets to be Verified by Lender
Assets can be 401k, cash, savings
Assets to be Verified by Lender
Assets can be 401k, cash, savings
Reserves (2 mos) Cash for Closing Total Reserves to be verified
$3,622 $9,000 $12,622
Reserves (2 mos) Cash for Closing Total Reserves to be verified
$4,233 $9,000 $13,233
80/20 nciple + Interest
Monthly Payment Calculator Loan Amount $250,900 Interest Rate 5.25 % Term 30 years ----> $1,385
Monthly Principle + Interest Doesn't Include taxes, condo fees
Rates 5.00% 6.00%
Mortgage to Income Ratio Monthly Pre-Tax Income Total Mortgage Needs to be < or = 28%
6000 1700 28%
Debt + Mortgage to Income Ratio Monthly Pre-Tax Income Monthly Debt Mortgage Needs to be < or = 36%
$6,000 $400 $1,700 35%