Homebuyers in Hawaii can now use the Hawaii Mortgage Calculator to compute their total estimated housing payment. The Hawaii Mortgage Calculator will compute the principal, interest, taxes, and homeowners insurance. It will also take into account the homeowners association dues (HOA) if applicable, private mortgage insurance, and/or mortgage insurance premium. The Hawaii Mortgage Calculator has calculation programs for FHA, VA, Conventional, Jumbo, and non-QM mortgages. Most online mortgage calculators are not accurate in the sense they will only get you the principal and interest payments of the mortgage payment. There are more components to the total mortgage payment.

Use The Hawaii Mortgage Calculator to Help You Determine How Much Home You Can Afford

Use the Hawaii Mortgage Calculator powered by Gustan Cho Associates to help you determine how much house you can afford in Hawaii. There is no other online mortgage approval calculator like Gustan Cho Associates Hawaii Mortgage Calculator that will get you the most accurate housing payment broken down into the major components. The major components of the housing payments will be broken down: PITI, PMI, MIP, and HOA if it is applicable. As an added feature, the calculator has the debt-to-income ratio mortgage calculator to help you compute your debt-to-income ratio in a matter of seconds. The DTI mortgage calculator will compute your front-end and back-end debt-to-income ratio in a matter of seconds. Every loan program has its own front-end and back-end DTI guidelines.

Factors in Your Hawaii Mortgage Payment

When shopping for a home in Hawaii, homebuyers should take some important factors into consideration. Hawaii has the highest median home prices in the United States. Data from the United States Census Bureau states the average median home value in Hawaii is $669,200. On the flip side, the state has the lowest property tax rate in the U.S. at 0.28%. Another cost that is lower than other states is the homeowner’s insurance premiums.

Hawaii’s High Home Prices Offset By Low Property Taxes and Homeowners Insurance

The average annual homeowners premium for a single-family home in Hawaii is just under $500 a year. When shopping for homeowners insurance in Hawaii, review the homeowner’s insurance policy carefully. In general, most general homeowners insurance policies do not cover flood and/or earthquake insurance. Homeowners will have to buy a separate policy to insure homes for earthquake and/or flood damage. Hawaii’s Insurance Division has a Consumer’s Guide to Homeowners Insurance. The Consumer’s Guide to Homeowners Insurance explains the various types of insurance policies homeowners should know, understand, and be accessible to them through their insurance carriers.

How To Use The Hawaii Mortgage Calculator 

It is pretty self-explanatory to use the Hawaii mortgage calculator powered by Gustan Cho Associates. First, check the loan program you are applying for: Conventional, FHA, VA, Jumbo, or Non-QM. Then enter the purchase price of the subject property. Next enter the down payment. You then enter the interest rate you got quoted from your loan officer. It will then get you the principal and interest portion of your mortgage payment. However, you are not done yet in getting your total estimated mortgage payment. The next step is to enter the property tax and homeowners insurance numbers. Then enter the homeowners association due if applicable (HOA). The private mortgage insurance (PMI) will auto-populate. You then will get your total estimated monthly housing payment. In the next paragraph, we will show you how to calculate your front-end and back-end debt-to-income ratio.

How To Calculate Your Front-End and Back-End Debt-to-Income Ratio

Once you have the total estimated monthly housing payment, the data will auto-populate to the debt-to-income ratio portion of the Hawaii mortgage calculator. In two steps, you will get the results of your front-end and back-end debt-to-income ratio. First, add the sum of all your monthly debt payments to creditors that report to the credit bureaus total on the box that states Monthly Minimum Debt Payments. Examples include mortgage, auto, student loans, credit cards, installment accounts, and other revolving accounts.  The next and final step is to enter your gross monthly pre-taxed income on the box that states Gross Income per Month or Year. You will then get the front-end and back-end debt-to-income ratio.