Homebuyers in California can now calculate their monthly mortgage payment in seconds using the California Mortgage Calculator powered by Gustan Cho Associates. Our California Mortgage Calculator stands out differently than other online mortgage calculators because it calculated the total components of the monthly mortgage payments, unlike other online mortgage calculators. Most online mortgage approval calculators will compute only the principal and interest portion of the monthly housing payment. It will not calculate the overall total housing payments with all the components such as private mortgage insurance, mortgage insurance premium, property taxes, homeowners insurance, and homeowners insurance premium. Gustan Cho Associates California Mortgage Calculator gives you all the components of your monthly mortgage payment including PITI, PMI, MIP, and HOA. As an added feature to the California Mortgage Calculator, you can now compute your front-end and back-end debt-to-income ratios.

How To Use Gustan Cho Associates CALIFORNIA Mortgage Calculator

You can now calculate all the components of your monthly mortgage payments like a pro. The best part of using the California Mortgage Calculator is it only takes seconds. First, select the mortgage loan program. We have programmed Conventional, FHA, VA, Jumbo, and Non-QM mortgages for your convenience. Then enter the purchase price of the subject home. You then enter the down payment and the interest rate. Select the loan amortization term. The 30-year fixed-rate mortgage loan term is populated as the default but you can manually change it to the term that suits your needs. You then enter the property tax information and homeowners insurance numbers. Enter the homeowners association dues if it applies to you. The private mortgage insurance and mortgage insurance premium is already populated but again, you can change it by manually entering the factor and/or number that you feel it is more accurate. You then get your estimated monthly mortgage payment with all of the components.

How To Compute Your Front-End and Back-End DTI Using The CALIFORNIA Mortgage Calculator

Gustan Cho Associates California Mortgage Calculator comes with the debt-to-income ratio feature for Conventional, FHA, VA, Jumbo, and Non-QM loans. The FHA and Conventional debt-to-income ratio mortgage calculator also computes high-balance FHA, VA, and Conventional loan debt-to-income ratios. Homebuyers can easily calculate the front-end and back-end DTI when shopping for homes in seconds. Below are the steps to calculate debt to income ratios:

1. The total the sum of all monthly minimum payments from all bills that report on credit bureaus
2. Examples of monthly bills included for debt-to-income calculations are  mortgage payments, auto payments, student loans, credit card minimum payments, and any other debts that report to the credit bureaus
3. Utility bills, cellular and landline, internet, cable, personal insurance, school/college, and other bills that could potentially report to the credit bureaus
4. Enter this total on the  box that states Monthly Minimum Debt Payments
5. The DTI Calculator will take the sum of all minimum monthly payments and divide it by your gross monthly income
6. You will see the front-end and back-end debt-to-income-ratio used by mortgage lenders

The lower your debt-to-income ratio, the lower the risk for both you and the lender. Now you can see if you qualify for government and/or conventional loans based on your debt-to-income ratios.

USEFUL LINK:  Mortgage Approval With High DTI in CALIFORNIA