Calculator

Affordability Calculator

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Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

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Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

information
Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

information
Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

information
Monthly Debts

Monthly Debt includes the payments you make each month on auto loans, and credit cards (minimum payment) and student loans. Exclude Rent and Utilities.

What is most important to you?

Current Loan

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Mortgage Amount

Enter the amount of the actual mortgage after down payment.

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Interest Rate

Enter the interest rate of the original Mortgage.

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Loan Term

Enter the number of years of your original Mortgage.

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Mortgage Start Date

Choose the month and year your original mortgage started.

New Loan

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Mortgage Amount

Enter your current mortgage balance.

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Cash Out Amount

Enter the amount of Cash Out you are taking on your new mortgage.

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Refinancce Costs

Enter the amount of fixed refinance costs (Points/Fees).

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New Loan Amount

The new loan amount after cash out and refinance costs.

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Interest Rate

Enter the current Market Rate.

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Loan Term

Enter the number of years of the Mortgage.

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Mortgage Start Date

Choose the month and year the new mortgage will start.

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Include Refinance Costs

Will Refinance costs be included in the new loan?

informationMortgage Information

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Home Price

Enter the amount of the home's value.

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Down Payment

Enter the amount or percentage of the down payment.

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Mortgage Amount

Enter the amount of the actual mortgage after down payment.

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Interest Rate

Enter the current Market Rate.

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Loan Term

Choose the number of years of the Mortgage.

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Mortgage Start Date

Choose the month and year the mortgage will start.

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PMI Rate

Private Mortgage Insurance (PMI) protects the lender from losing money if you default on the loan. Most mortgages with a down payment of less than 20% require PMI. his is an estimate based on the details above. PMI can vary significantly based on several factors.

Optional Information

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Home Insurance

Enter the annual amount of insurance.

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Annual Tax Amount

Enter the annual tax amount.

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HOA Dues

Enter the annual HOA dues.

informationBuying Assumptions

informationRenting Assumptions

What is most important to you?

Current Loan

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Mortgage Amount

Enter the amount of the actual mortgage after down payment.

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Interest Rate

Enter the interest rate of the original Mortgage.

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Loan Term

Enter the number of years of your original Mortgage.

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Mortgage Start Date

Choose the month and year your original mortgage started.

New Loan

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Mortgage Amount

Enter your current mortgage balance.

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Cash Out Amount

Enter the amount of Cash Out you are taking on your new mortgage.

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Refinancce Costs

Enter the amount of fixed refinance costs (Points/Fees).

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New Loan Amount

The new loan amount after cash out and refinance costs.

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Interest Rate

Enter the current Market Rate.

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Loan Term

Enter the number of years of the Mortgage.

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Mortgage Start Date

Choose the month and year the new mortgage will start.

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Include Refinance Costs

Will Refinance costs be included in the new loan?

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Property Value or Purchase Price

Enter the property Value or purchase Price.

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Unit 1 Monthly Rent

Enter the Unit 1 Monthly Rent.

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Annual Property Taxes

Enter the Annual Property Taxes.

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Annual Insurance

Enter the Annual Insurance.

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Monthly HOA Fee

Enter the Monthly HOA Fee.

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Annual Utilities

Enter the Annual Utilities.

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Closing Costs

Enter the Closing Costs.

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Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • PMI

Loan Details

  • Home Value:
  • Mortgage Amount:
  • Monthly Conventional Payment:
  • Down Payment:
  • Monthly Estimated PMI:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

50%/50%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a Conventional Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 50%/50%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.

Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • MIP

Loan Details

  • Home Value:
  • Base Loan Amount:
  • Monthly FHA Payment:
  • Down Payment:
  • FHA Loan Amount:
  • Upfront MIP:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

50%/50%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a FHA Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 50%/50%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.

Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues

Loan Details

  • Home Value:
  • Base Loan Amount:
  • Monthly VA Payment:
  • Down Payment:
  • VA Loan Amount:
  • VA Funding Fee:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

65%/65%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a VA Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 65%/65%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.

Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • USDA MIP

Loan Details

  • Home Value:
  • Base Loan Amount:
  • Monthly USDA Payment:
  • Down Payment:
  • USDA Loan Amount:
  • USDA Guarantee Fee:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

29%/41%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a USDA Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 29%/41%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.

Payment Breakdown

$0

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • PMI

Loan Details

  • Home Value:
  • Mortgage Amount:
  • Monthly Conventional Payment:
  • Down Payment:
  • Monthly Estimated PMI:
Monthly Mortgage Payment

Loan Amount

Your Debt to Income Ratio

/

 Allowable Debt to Income Ratio

50%/50%
Purchase Price $200000
Down Payment $0
Summary: Based on what you input into today your Total Payment would be $2850 on a Jumbo Loan with a Down Payment of 15%. Your Debt-to-Income Ratio is 32%/45% and the maximum allowable on this program type is 50%/50%. Please confirm all these numbers for accuracy with your loan officer. The Monthly Debts Calculation is often where we see errors.
All Payment Total Loan Amount Total Interest Paid

Payment Breakdown

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Payment Breakdown

A breakdown of your total payment so you can see where money is allocated.

$1,915

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • PMI
  • Extra Payment
  • Monthly Payment
  • Total Payment
  • Home Value:
  • Mortgage Amount:
  • Monthly Principal & Interest:
  • Monthly Extra Payment:
  • Monthly Property Tax:
  • Monthly Home Insurance:
  • Monthly PMI:
  • Monthly HOA Fees:
  • Total # Of Payments:
  • Down Payment:
  • Principal:
  • Total Extra Payment:
  • Total Interest Paid:
  • Total Tax, Insurance, PMI and Fees:
  • Total of all Payments:
Savings Payment Amount Shorten Loan Term By

Early Payoff Strategy

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Early Payoff Strategy

Add an extra payment and see how many months you can eliminate on the back end of the loan.

Lump Sum Payment

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Lump Sum Payment

Shorten your loan term by paying a lump sum all to principal.

Monthly Payment Decrease

$

 Total Interest Difference

$

Monthly Payment Comparison

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Payment Breakdown

A breakdown of your total payment so you can see where money is allocated.

Current Loan

$

New Loan

$

Monthly Payment Difference

$
Refinance Costs

$

 Time to Recoup Fees

Total Interest Comparison

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Payment Breakdown

A breakdown of your total payment so you can see where money is allocated.

Current Loan Remaining Interest

$

New Loan Interest

$

Total Interest Difference

$
Years 1 years

Results Summary

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Buying Renting
Cash Spent $ $
Home value -$ --
Balance on Loan $ --
Closing costs on sale $ --
Adjusted Net Cash Savings $ $

Rent

$

Buy

$556
YEAR

2

 BUY GAIN

$43,244
BUY

$43,244

 RENT

$43,244
Out of Pocket Cost:If you opt for homeownership of a property valued at $, your total expenses out of your pocket for 2 years would add up to $. However, if you choose to rent instead, your overall expenditure would come to $, thus saving you $ (which also covers the down payment you would have otherwise made).
Financial Gain:After 2 years, if you choose to purchase the property, the value of equity in your home would be $, which you can access upon selling it.
Summary:Based on the overall expenses incurred and the equity gained, it would be more advantageous for you to buy the property instead of renting, provided you intend to reside in the house for more than 2 years.
All Payment Total Loan Amount Total Interest Paid

Payment Breakdown

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Payment Breakdown

A breakdown of your total payment so you can see where money is allocated.

$1,915

per month

  • Principal & Interest
  • Taxes
  • Insurance
  • HOA Dues
  • Extra Payment
  • Monthly Payment
  • Total Payment
  • Home Value:
  • Mortgage Amount:
  • Monthly Principal & Interest:
  • Monthly Extra Payment:
  • Monthly Property Tax:
  • Monthly Home Insurance:
  • Monthly HOA Fees:
  • Total # Of Payments:
  • Down Payment:
  • Principal:
  • Total Extra Payment:
  • Total Interest Paid:
  • Total Tax, Insurance and Fees:
  • Total of all Payments:
Savings Payment Amount Shorten Loan Term By

Early Payoff Strategy

information
Early Payoff Strategy

Add an extra payment and see how many months you can eliminate on the back end of the loan.

Lump Sum Payment

information
Lump Sum Payment

Shorten your loan term by paying a lump sum all to principal.

Monthly Payment Decrease

$

 Total Interest Difference

$

Monthly Payment Comparison

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Monthly Payment Comparison

A breakdown of your total payment so you can see where money is allocated.

Current Loan

$

New Loan

$

Monthly Payment Difference

$
Refinance Costs

$

 Time to Recoup Fees

Total Interest Comparison

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Total Interest Comparison

A breakdown of your total payment so you can see where money is allocated.

Current Loan Remaining Interest

$

New Loan Interest

$

Total Interest Difference

$
Cash Flow

$

 Cap Rate

%

Deal Breakdown

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Deal Breakdown

A breakdown of your rental loan deal.

  • Loan Amount:
  • Down Payment:
  • Mortgage Payment:
  • Monthly Payment:
  • Origination Fee Amount:

Deal Metrics

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Deal Metrics

A metrics of your rental loan deal.

  • Total Closing Costs:
  • Cash Needed to Close:
  • Price Per Unit:
  • Gross Rental Income:
  • Operating Expenses:
  • Net Operating Income:
Cash on Cash Return

%

 DSCR

Return Metrics

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Deal Metrics

A metrics of your rental loan return.

  • Cash Flow:
    Annual cash flow after all expenses and mortgage are paid.
  • Cap Rate:
    Cap rate, or capitalization rate, is a metric that divides your net operating income (not including your mortgage) by the purchase price or property value. It is most useful in comparing multifamily properties.
  • Cash on Cash Return:
    Cash on cash return is a metric that divides your pre-tax cash flow by the total cash invested in the deal. This is a key metric for most investors.
  • DSCR:
    DSCR calculates the ratio of rental income to your mortgage payment. Ideally, you'll have a DSCR of 1.0 or higher.
Borrower Equity Needed

$

 Net Profit

$

Deal Breakdown

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Deal Breakdown

A breakdown of your rental loan deal.

  • Loan Amount:
  • Down Payment:
  • Monthly Interest Payment:
  • Total Interest Over Term:
  • Origination Fee Amount:
  • Other Closing Costs Amount:
  • Cost To Sell Amount:

Deal Metrics

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Deal Metrics

A metrics of your rental loan deal.

  • Closing Costs:
  • Carrying Costs:
  • Borrower Equity Needed:
  • Total Cash In Deal:
Return on Investment

%

 Loan to After Repaired Value

%

Return Metrics

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Deal Metrics

A metrics of your rental loan return.

  • Net Profit:
  • Loan to After Repaired Value:
  • ROI:

The Power of our Texas Mortgage Payment Calculator

Texas Mortgage payment calculators might not sound exciting, but they’re like your secret weapon when it comes to buying a home. Here’s why:

Benefits of Using the Texas Mortgage Calculator

Mortgage payment calculators help you understand how much you can afford, compare different loan options, and plan for your financial future. They’re like your financial crystal ball!

The Texas Mortgage Landscape

Before we dive into the calculator, let’s get a lay of the land. Texas has a diverse housing market, and mortgage rates can vary. Here’s what you need to know:

Texas Housing Market: Texas is big, and that means the housing market is diverse. Prices and availability can vary greatly from one area to another. So, keep your location in mind.

Factors Influencing Mortgage Rates: Texas mortgage rates are influenced by national and regional factors. Understanding these can help you make smarter mortgage decisions.

Using Our Texas Mortgage Calculator

Okay, now let’s get practical. Using our Texas mortgage calculator is a cinch. Just follow these steps:

Step 1: Loan Amount: Enter the amount you want to borrow for your home loan.

Step 2: Loan Term: Choose the loan term that suits you best. This can be 15, 20, or 30 years.

Step 3: Interest Rates: Put in your estimated interest rate. Don’t worry; you can find current rates online or talk to a lender.

Step 4: Taxes and Insurance: Factor in property taxes and insurance costs. These are essential for your monthly payment.

Step 5: Calculating Monthly Payments: Hit that button and voilà! You’ll see your estimated monthly payment. That’s your first step in budgeting like a pro.

Customizing Your Texas Mortgage Payment

Now, let’s talk about making your mortgage truly yours. Here’s how:

Down Payment Options: Consider how much you can put down upfront. A bigger down payment often means lower monthly payments.

Fixed vs. Adjustable-Rate Mortgages: Decide between a fixed-rate mortgage (predictable payments) and an adjustable-rate mortgage (payments that can change).

Mortgage Insurance: Depending on your down payment, you might need mortgage insurance. We’ll break down the details for you.

Additional Payments: Think about making extra payments. Paying a bit more each month can save you tons in the long run.

Achieving Financial Confidence

Using our mortgage calculator isn’t just about crunching numbers; it’s about gaining financial confidence.

Planning and Budgeting: With your monthly payment estimate, you can create a budget that works for you. No more financial surprises!

Expert Tips from a Mortgage Specialist

You’ve come this far, and now it’s time for some insider tips:

Good Credit: Your credit score matters. The better it is, the lower your interest rate can be.

Negotiation: Don’t be afraid to negotiate with lenders. You might get a better deal than you think.

Pre-Approval vs. Pre-Qualification: Know the difference. Pre-approval carries more weight when you’re house hunting.

Disclaimer:

Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. We do not guarantee the accuracy of any information or inputs by users of the software.

This calculator does not have the ability to pre-qualify you for any loan program which should be verified independently with one of our Loan Consultants. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. We do not guarantee any of the information obtained by this calculator.

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