Tennessee Mortgage Calculator With PITI, PMI, HOA, and DTI

Homebuyers can use the all-new Tennessee Mortgage Calculator to compute their estimated mortgage payment with PITI, PMI, MIP, HOA, and best part of it all, their front-end and back-end debt-to-income ratios. Gustan Cho Associates has developed a unique user-friendly Tennessee Mortgage Calculator, unlike any other online mortgage loan house calculator. Homebuyers will no longer have to contact their loan officers every time they need to figure out if they go over their debt-to-income ratio when shopping for homes with higher property taxes.

Are Online Mortgage Calculators Accurate?

Most online mortgage approval calculators only compute the principal and interest portion of the monthly mortgage payment. They do not compute the rest of the components required to get an accurate monthly mortgage payment. Gustan Cho Associates Tennessee Mortgage Calculator calculates every component needed to get the most accurate monthly mortgage payment for any homebuyer to rest assured they will not get any surprise when it comes to how much they need to pay for their mortgage payment.

Tennessee Debt-To-Income Ratio Mortgage Calculator

Gustan Cho Associates Tennessee Mortgage Calculator also has the debt-to-income ratio mortgage calculator as part of the main calculator. After getting the housing mortgage payment, in two more easy steps, users can calculate their front-end and back-end debt-to-income ratio. All mortgage loan programs have their own debt-to-income ratio requirements. Below are the bullet points on debt-to-income ratio caps on Conventional loans, FHA loans, VA home loans, USDA loans, Jumbo mortgages, and non-QM loans:

• On conventional loans, the maximum debt-to-income ratio is 45 to 50% DTI.
• There is no maximum front-end debt-to-income ratio on conventional loans.
• FHA loans have a maximum of 46.9% front-end and 56.9% back-end debt-to-income ratio for borrowers with at least 580 credit scores.
• Debt-to-income ratio requirements on FHA loans for borrowers with under 580 credit scores are 31% front-end and 43% back-end DTI.
• FHA manual underwriting debt-to-income ratio caps is 31% front-end and 43% back-end with no compensating factor
• 37% front-end and 47% back-end DTI with one compensating factor
• 40% front-end and 50% back-end debt-to-income ratio with two compensating factors.
• USDA DTI requirements are 29% front-end and 41% back-end.
• The Veterans Administration has no maximum debt-to-income ratio with an approve/eligible per AUS.

VA Loan Debt-To-Income Ratio Manual Underwriting Guidelines

VA manual underwriting debt-to-income ratio caps is 31% front-end and 43% back-end with no compensating factor

• 37% front-end and 47% back-end DTI with one compensating factor
• 40% front-end and 50% back-end debt-to-income ratio with two compensating factors.
• The debt-to-income ratio caps on Jumbo mortgages and non-QM loans are up to the individual mortgage lender.
• Most lenders will cap the debt-to-income ratio at 40% to 50% DTI on jumbo loans.
• Most non-QM lenders will cap DTI at a 50% debt-to-income ratio on non-QM loans.

Users of the Tennessee Mortgage Calculator can now compute their own debt-to-income ratio when they shop for homes. Home shoppers no longer have to keep on contacting their loan officer every time they see a home they like and see if they meet the DTI guidelines of the loan program they are applying for.

What Is The Formula for Calculating Monthly Mortgage Payment?

One of the most frequently asked questions we often get at Gustan Cho Associates is what is the formula for calculating monthly mortgage payments? Using the Tennessee Mortgage Calculator, it is just a matter of entering the numbers into the required fields. First select the loan program: Conventional, FHA, VA, Jumbo, or Non-QM. Then enter the purchase price followed by the down payment. Enter the interest rate. Check off the term of the loan amortization schedule (most borrowers will choose the 30-year fixed-rate mortgage). You will then get the principal and interest portion of your monthly payment. Continue and enter the property tax and homeowners insurance information. If your property has homeowners association dues (HOA dues) enter that number on the HOA box. The PMI and MIP will automatically populate unless you want to manually enter it. You will not get the estimated monthly mortgage payment. This number will consist of PITI, PMI, MIP, and HOA. Next, we will show you how your front-end and back-end debt-to-income ratio is calculated.

Tennessee Debt-To-Income Ratio Mortgage Calculator

Homebuyers can calculate their front-end and back-end debt-to-income ratio in a matter of seconds using the Tennessee Mortgage Calculator. The housing payment will auto-populate to the DTI Calculator and will be the first box on top. Enter the sum of all your minimum monthly debt payments on the box that states Minimum Monthly Debt Payments. These include the sum of all minimum credit card payments, mortgage, autos, and any other debts you pay on a monthly basis. If you have child support and/or alimony, those need to be included. Payment plans to the IRS and/or judgments creditors, need to be included. Minimum student loan debts need to be included. Once you have the total of all minimum monthly debt payments, enter that number in the box. The final step is to enter your monthly gross pre-taxed income on the box that says Gross Income per Month or Year. Once that number is entered, you will get your front-end and back-end debt-to-income ratio.