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Mortgage & Loan - Question & Answers


What Will My Payment Be? 

   It is important to find the right home and loan to match your budget. Use this calculator to figure out your estimated monthly payment in advance by estimating your loan amount, interest rate, and length of mortgage. 

 Should I Pay Points for a Lower Rate? 

   Paying points for a lower interest rate is a trade off between paying money now versus paying money later.  A point - equaling 1% of the total loan amount - is an upfront fee that reduces your monthly interest rate and total interest due over the life of a loan.  Use this calculator to figure out the cost and effective saving of loan points as well as the minimum amount of time it will take to recover your loan points.

 How Much Income Do I Need? 

   Mortgage companies use ratios to analyze your mortgage payment. The housing payment ratio (or front ratio) used in this calculation is 30%. The housing expense, or front ratio, compares your total mortgage payment to your monthly income. The total debt expense ratio (or back ratio) is 36%. This total debt expense, or back ratio, compares your total monthly obligations including your total mortgage payment to your monthly income. 

Should I Buy or Rent? 

   For many, home ownership is not only a great source of pride, but can mean significant tax savings and even reduction in monthly payments depending on your interest rate and home loan specifications. 

Is home ownership the right path for you? Use this calculator to analyze the total cost to rent versus the total cost to own for a specific period of time. 

 Should I Refinance?

   This calculator figures your monthly savings and also compares your principal balance in years with and without refinancing. Based on your total cost to refinance, a break even period is calculated in relation to your monthly savings. The time value of money and income tax deductions are not considered in this refinance calculation 


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