The Colorado Mortgage Calculator powered by Gustan Cho Associates is the most accurate online mortgage calculator ever created. Most mortgage calculators are fine if you just need a partial monthly housing payment and not all of the payment. Online mortgage calculators normally just compute principal and interest components of the monthly mortgage payments. So what happened to the rest? The real estate taxes the homeowners insurance, and the homeowners association dues. What good is it when you are just given the principal and interest component of the monthly housing payment and not the true numbers. Gustan Cho Associates Colorado Mortgage Calculator will not just compute the principal and interest but will get you all of the true cost of your housing payments including principal, interest, taxes, private mortgage insurance and/or mortgage insurance premium, homeowners insurance, HOA dues, and other costs. The Colorado Mortgage Calculator will compute the PITI, PMI, MIP, and HOA.  An added bonus for Colorado homebuyers is the Colorado Mortgage Calculator comes with a debt-to-income ratio mortgage calculator for Colorado.

Home Mortgage Eligibility For Colorado Homebuyers

Homebuyers can use the Colorado Mortgage Calculator to compute their total monthly mortgage payments. The true estimated monthly mortgage payments can vary widely depending on the property tax and homeowners insurance numbers. Luckily, Colorado has low property taxes compared to the rest of the nation. Gustan Cho Associates has created the FHA, VA, Conventional, Non-QM, and Jumbo Mortgage Loan Calculators. It is user-friendly and self-explanatory. However, we will guide our viewers with step-by-step instructions on how to calculate your housing payment with PITI, PMI, MIP, HOA, and DTI. Once you have your total monthly mortgage payment, you have just two easy steps to get your front-end and back-end debt-to-income ratio.

How To Use Gustan Cho Associates Colorado Mortgage Calculator

First, you need to select the loan program. Choice is Conventional, FHA, VA, Jumbo, and Non-QM. Enter the purchase price. Then enter the down payment. Use the mortgage interest rate you were quoted and enter the rate in the box where it says interest rate. Check off the term of the loan. You will get the principal and interest components of your monthly mortgage payment. Proceed and enter your property tax and homeowners insurance premium. Then enter the homeowners association if applicable. Do not worry about the PMI and/or MIP since it is automatically populated unless you want to enter a different factor/number manually. You now will get the total full most accurate monthly mortgage payment consisting of PITI, PMI, MIP, and HOA. We will now proceed to calculate your front-end and back-end debt-to-income ratio.

How To Compute Your Front-End and Back-End Debt-To-Income Ratio

Every mortgage loan program has its own front-end and back-end debt-to-income ratio. However each lender can have a higher debt-to-income ratio requirements than agency guidelines which are called lender overlays. We have two more steps to get your front-end and back-end debt-to-income ratio. Add all of your minimum monthly debt payments such as mortgages, auto payments, student loan bills, and all the minimum credit card monthly payments due. Enter the total in the box that says Minimum Monthly Debts. Don’t include utility bills, or other non-traditional credit tradelines where creditors do not report on the three credit bureaus. The final step is to enter you monthly gross pre-tax salary and/or pay in the box that says Monthly Income. Once complete, you will see your front-end and back-end debt-to-income ratio.