What Are My Possibilities?

Whether you are buying a new home or refinancing, the first step is to know your financing options. Use our mortgage calculator below to find what will take to get you there! You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.

15-Year Vs. 30-Year Loan

If you can afford a little bigger monthly payment you’ll pay less interest with a 15-year mortgage than you would on a 30-year mortgage. The main factor that works in your favor – the interest rate – 15-year loans typically have lower interest rates than 30-year loans, so you’ll pay less interest right from the beginning.

Additional Payments Towards Your Principal

It can really help you save money on interest and pay off your loan faster. If you want to make extra payments on your mortgage, budget extra money each month to put toward your principal balance. This means that you make extra payments on your principal loan balance. Paying additional principal on your mortgage can save you thousands of dollars in interest and help you build equity faster.

Mortgage Calculator

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Affordability Calculator

Monthly Gross Income $
Monthly Debt Expenses [?] $
Down Payment: $
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Questions or Concerns?

Do you have questions or concerns before sending over your Loan Estimate? Are you shopping for your first quote? Send us a message or give us a call!  We look forward to hearing from you!

Income Vs. Mortgage Payments

Although it may sound like it has a little to do with reality today, most lenders still thing you should spend less than 28% of your pretax income on housing and 36% on total debt payments. If you spend 25% of your income on housing and 40% on total debt payments, they’ll consider the higher number and the amount you can qualify for will be lower as a result.

Early Mortgage Pay-off

The financial experts say that paying off your mortgage early comes with a cost to your bottom line, as for investments to make more sense than paying off a mortgage early, the annualized rate of return over a certain number of years would only need to make more than the mortgage interest.

Bi-Weekly Vs. Monthly Payment

Paying your mortgage every two weeks adds one full payment each year – 13 payments—based on 26 bi-weekly payments each year, versus 12 monthly payments, so it will help you pay off your mortgage faster.