The American dream remains to own your own home. However, with real estate values growing ever higher you must exercise financial care when house- and mortgage-hunting. This calculator will help you to determine how much money you must make in order to qualify for and purchase your dream home.
To use the calculator, enter the following information:
Property Information: Home Value
Mortgage Information: Amount (of mortgage), Interest Rate, Length (in years), Down Payment (choose dollars or percentage), Estimated Front Ratio and Estimated Back Ratio
Taxes and Insurance Information (choose dollars or percentage): Annual Taxes, Annual Insurance and Annual PMI
The calculator will compute the following information:
Monthly Principal and Interest
Monthly Real Estate Taxes
Months with PMI
Total Monthly Payments
Allowable Debt Payments
The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.