How Much House Can You Afford?
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Branch Manager - Loan Officer
Every one of our Loan Officers can walk you through our products in detail – probably more detail than you want, in fact. So they definitely know their stuff.
More importantly, they want to know about you: What's your goal? What's the bigger financial picture? Is this the right time for you to get a mortgage? What's the right mortgage for you right now?
Our people are used to going above and beyond. When it comes to getting a mortgage, they’re good people to know. So contact one of them today, because they’re ready to get to know you.
Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax deductible.
A licensed appraiser will view the selected property and review surrounding like properties to gather comps and give the selected property a current market value. This 'appraised vale' is then used for your loan guidelines.
Term in Years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Annual interest rate for this mortgage.
Monthly principal and interest payment (PI). When the down payment is under 20% of the appraised value loans will require private mortgage insurance (PMI). Some loans also allow you to include taxes and insurance in your mortgage payment.
Loan Origination Percent
The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200.
Total number of 'points' purchased to reduce your mortgage's interest rate. Each 'point' costs 1% of your loan amount. As long as the points paid are not a broker's commission, they are considered tax deductible in the year that they were paid.
Annual Percentage Rate (APR)
A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.