Mortgage Payment

Conventional Payment
By entering a mortgage amount, interest, and term, a mortgage payment is easily determined. If the taxes and insurance are known, the full payment, principal, interest, taxes and insurance is determined. Private mortgage insurance will be added if the loan-to-value is in excess of 80%.

FHA Payment
By entering a mortgage amount, interest, and term, a mortgage payment is easily determined will include the MIP. If the taxes and insurance are known, the full payment, principal, interest, taxes and insurance is determined.

VA Payment
By entering a mortgage amount, interest, and term, a mortgage payment is easily determined. If the taxes and insurance are known, the full payment, principal, interest, taxes and insurance is determined.

Initial Qualifier

This calculates the maximum mortgage amount based on qualifying ratios for a particular type of loan. Other factors not considered in this form also determine whether a person qualifies for a loan such as credit score, references, length of credit, ability to repay, and the property's ability to secure the loan.

Your Best Investment

This compares the future value of the amount of money necessary for the down payment on a home using three possible alternatives: a certificate of deposit, a stock investment, and purchasing the home. The comparison involves different amounts of risk that are not measured in the example.

Interest Affects the Price

This shows the correlation in interest to price. It demonstrates that a .5% change in the rate is approximately equal to a 5% change in price.

Cost of Waiting to Buy

This shows a buyer what can happen to the payment if while they are waiting for the price of the home to come down, the interest rate were to go up.

Due to the higher interest rate, the home may have a higher monthly payment even though the price of the home was less.

Housing affordability is based on price and interest rates.