Find Out How Much You Can Afford for Your Next Home-- the WHOLE house payment, not JUST your "loan" payment like most calculators!
Use this mortgage calculator to figure out what kind of house payments or loan you are comfortable with. There are two ways to use this calculator: 1) Enter the loan amount in the "Mortgage Amount" field and click on the "Calculate" button beside the "Monthly Payments" field to determine monthly principal & interest payments (don't forget to add the "other" loan peices described below to arrive at a reasonable estimate of your TOTAL payment);
OR
2) Write down the amount of monthly payment you want to pay, subtract estimated "T, I & MI" *(see note below) then put the amount left over in the "Monthly Payments" field, enter current interest rates and click on the "Calculate" button beside the "Mortgage Amount" field to determine the amount of mortgage that your preferred payment will allow. Note!The Principal & Interest (the part of the loan that's being calculated below) are only two peices of your 'complete' monthly mortgage payment. Below I'll introduce you to the "other" peices of your mortgage payment, the ones that almost no other mortgage calculator page bother to help you with! The other peices of your total monthly mortgage payments are: 1) Monthly portion of annual property taxes: "T"; 2) Monthly portion of annual homeowners/Hazard Insurance: "I"; 3) Monthly portion of annual Mortgage Insurance: "MI" Different loans have different parts. For example:
*Almost every mortgage loan has T & I (Taxes & Insurance).
*VA loans, and almost all loans with at least 20% downpayment don't have any MI (Mortgage Insurance).
*For non-VA loans under 20% down, you're bound to have some sort of MI (see below) To help determine approximate T, I & MI amounts:
1) Property Taxes: Use $21 per $1000 of assessed house value as a basis for annual property taxes in Fairbanks ($18 per $1000 in North Pole). (Remember we have NO state or local income or sales tax)
2) For annual "general" homeowners insurance, try about $985/year for a non-log home in a standard fire coverage area. For homes over $200,000, add $100 for every $15,000 of value above $200K.
3) Finally, mortgage Insurance rates vary greatly with loan type, lender, downpayment and sometimes even your credit score...its hard to know for sure but a 'general' basis for estimating would be the following: 10-15% downpayment? $0.59 (59 cents) per $1000 of the loan amount. 5-9.9% downpayment, $0.77 (77 cents) per $1000 of the loan amount, and 0-4.9% downpayment, up to $1.08 ($1.08 one dollar & 8 cents) per $1000 of loan amount. |
