Home Loan Calculator

Fixed Rate Home Loan
This is your more thorough fixed rate home loan calculator, which references specific property information from the Homes table, shows more complete monthly cost information, and provides some guidance on affordability. Any text in italicized green can be updated to adjust the calculator information!
Property Overview

Select Home:
Woodland Cottage
Home Price:
$500,000.00
Location:
Madison, Wisconsin

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image.png
Loan Configuration
Select Loan Term (Years):
30
Select Down Payment ($):
0000000
100000
Select Loan Interest Rate (%):
00000
0.03
Advanced Configuration
PITI - Principal, Interest, Taxes, Insurance (+ Association Fees)
Monthly Mortgage Rate
$1,580.48
This is the monthly principal and interest payment on your loan.
Monthly Tax Rate
$666.67
This is the effective
@Property Tax
you’d own (adjusted to be monthly) based on a 1.6% annual property tax, though you can adjust that rate below.
Property Tax Rate (%):
0000
0.02
← Editable
Monthly Insurance Rate
123
This is the monthly insurance rate you’d owe on the property defaulted to $125, though you can adjust that rate below.
Monthly Insurance ($):
000
123
← Editable
Monthly Home Owner Fees:
$0.00
This field pulls directly from the Homes table.
Loan Overview
Loan Principal Total:
$400,000.00
Loan Interest Total:
$168,974.09
Total Monthly
@PITI
:
$2,370.15
Total Annual
@PITI
:
$28,441.80
Personal Finance Guidelines
The below guidelines are based on the annual
@Gross Income
you selected on and will adjust according to the loan configuration above and any gross income adjustments you make. These guidelines are meant to provide rules of thumb for ensuring financial stability and are not a good fit for everyone.
Mortgage Affordability Guideline
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Riskier
As a rule of thumb, having the total value of the mortgage you take out be less than 2x your annual
@Gross Income
is ideal. In this case, your total mortgage value is greater than 2.5x your annual gross income, which is can present risks.

Down Payment Ratio Guideline
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Good
Your down payment is at least 20% of the total purchase price for the property, which is good!
Front-End Ratio Guideline
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Riskier
“Your front-end ratio is the percentage of your annual
@Gross Income
that goes toward paying your mortgage, and in general, it should not exceed 28%.”
In this case, your front-end ratio is between 23% and 28% of your annual gross income, which can present risks.
Back-End Ratio Guideline
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Good
“Your back-end ratio is the percentage of your annual
@Gross Income
that goes toward paying your debts, and in general, it should not exceed 43%.”
In this case, your back-end ratio is less than 36% of your annual gross income, which is good.
Home Loan Annual Breakout
0

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