Mortgage Loan Calculator
Monthly Interest & Principal Per $1,000
Example-$100,000 Mortgage, 10% interest rate, 30 year loan, 8.78 multiplier # (see chart) $100,000 x $878
monthly interest and principle
|
Interest Rate
|
15 Years
|
20 Years
|
25 Years
|
30 Years
|
Interest Rate
|
15 Years
|
20 Years
|
25 Years
|
30 Years
|
|
7%
|
9.13
|
7.91
|
7.23
|
6.89
|
13 1/2%
|
12.99
|
12.08
|
11.66
|
11.46
|
|
7 1/2%
|
9.28
|
8.06
|
7.39
|
7.00
|
14%
|
13.32
|
12.44
|
12.04
|
11.85
|
|
8%
|
9.56
|
8.36
|
7.72
|
7.34
|
14 1/4%
|
13.49
|
12.62
|
12.23
|
12.05
|
|
9%
|
10.14
|
9.00
|
8.39
|
8.05
|
14 1/2%
|
13.66
|
12.80
|
12.43
|
12.25
|
|
9 1/2%
|
10.44
|
9.32
|
8.74
|
8.41
|
14 3/4%
|
13.88
|
12.99
|
12.62
|
12.45
|
|
10%
|
10.75
|
9.65
|
9.09
|
8.78
|
15%
|
14.00
|
13.17
|
12.81
|
12.65
|
|
10 1/2%
|
11.06
|
9.99
|
9.45
|
9.15
|
15 1/4%
|
14.17
|
13.36
|
13.01
|
12.85
|
|
11%
|
11.37
|
10.33
|
9.81
|
9.53
|
15 1/2%
|
14.34
|
13.54
|
13.20
|
13.05
|
|
11 1/2%
|
11.69
|
10.67
|
10.17
|
9.91
|
15 3/4%
|
14.52
|
13.73
|
13.40
|
13.25
|
|
12%
|
12.01
|
11.02
|
10.54
|
10.29
|
16%
|
14.69
|
13.92
|
13.59
|
13.45
|
|
12 1/2%
|
12.33
|
11.37
|
10.91
|
10.68
|
16 1/2%
|
15.04
|
14.29
|
13.99
|
13.86
|
|
13%
|
12.66
|
11.72
|
11.28
|
11.07
|
17%
|
15.40
|
14.67
|
14.38
|
14.26
|
|
MONTHLY MORTGAGE QUALIFYING GUIDE
Most banks and mortgage companies base the total monthly housing cost at 28% of the gross monthly
income. This guide is designed to help you calculate how much of a monthly mortgage payment the borrower
qualifies for. Example: if your gross yearly income is $25,000, your monthly mortgage should not exceed
$583.
Use the guide below as a reference only:
|
Gross yearly income
|
20,000
|
25,000
|
30,000
|
35,000
|
40,000
|
45,000
|
50,000
|
55,000
|
60,000
|
|
28% of gross monthly income
|
467
|
583
|
700
|
816
|
933
|
1050
|
1167
|
1283
|
1400
|
Note: For exact monthly mortgage payment (which might include Real Estate taxes and insurance premiums)
please consult your Real Estate Agent and bank or mortgage company.
|
Home Buyer's Mortgage Checklist
(What to bring to the application)
- Name and telephone number of the Real Estate Brokers involved in the transaction (selling and listing brokers)
- Fully executed Purchase and Sales Agreement
13 Loan account numbers for each mortgage loan or installment loan outstanding, plus the name, address and zip code for
each
lender
- A copy of your earnest money check, bank statement, or passbook illustrating the transaction
13 Schedule of real estate owned including type of property, rental agreements, taxes, insurance, and Principal and Interest
amount
- If you were a full-time student at any time in the past two years, please be prepared to verify by a diploma or transcripts
- If refinancing, please write a letter explaining the reason for refinance
13 Refinance customers should also bring a copy of the Quitclaim Deed
- If you rent, supply landlord name and address (cover a two year period)
13 W-2's and a year-to-date pay stub will expedite income verification
- Condominium buyers should obtain condominium documents as well as other pertinent information
- Self-employed borrowers, please supply two years tax returns (all schedules) as well as a year-to-date profit and loss
statement
13 Account numbers for each bank account where deposits are held, plus the name, address and zip code for each
depository
- If employed less than two years, supply the name(s) and addresses of previous employers to verify a full two years
- Insurance Binder
|
|
