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!
Select Loan Term (Years):
Select Down Payment ($):
Select Loan Interest Rate (%):
PITI - Principal, Interest, Taxes, Insurance (+ Association Fees)
Monthly Mortgage Rate
This is the monthly principal and interest payment on your loan.
Monthly Tax Rate
This is the effective
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 (%):
Monthly Insurance Rate
This is the monthly insurance rate you’d owe on the property defaulted to $125, though you can adjust that rate below.
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
As a rule of thumb, having the total value of the mortgage you take out be less than 2x your annual
is ideal. In this case, your total mortgage value is greater than 2.5x your annual gross income, which is can present risks.