- Jumbo/Non Qm
Gustan Cho Associates has created, developed, and launched both the PITI, PMI, MIP and HOA Indiana Mortgage Calculator as well as the Debt-to-Income Ratio Indiana Mortgage Calculator. If you are buying a home in Indiana, you need a good reliable online mortgage calculator to help you determine how much home you can afford. How can you get a good mortgage calculator without PMI, MIP, HOA, taxes, and insurance? The Indiana mortgage calculator should be spot on with no room for error in calculating the PITI, PMI, MIP, and HOA. Unlike other online mortgage calculators where it only calculates the principal and interest portion of the monthly mortgage payments, the Indiana mortgage calculator powered by Gustan Cho Associates will calculate the total most accurate estimated monthly mortgage payments with all the components. Using the Indiana Mortgage Calculator powered by Gustan Cho Associates will also calculate the front-end and back-end debt to income ratio. The calculator is user-friendly and easy to use.
How To Use The Indiana Mortgage Calculator Powered By Gustan Cho Associates
First, choose the loan program: FHA, VA, Conventional, Jumbo/Non-QM mortgages. Enter the purchase price, down payment, interest rate, property tax, and homeowners insurance. Enter homeowners insurance if applicable. You can manually set the factors/numbers for private mortgage insurance/mortgage insurance premium on the PMI/MIP box. You can also manually input any other factors and numbers on the Indiana mortgage calculator by inputting different types of numbers such as a larger down payment and lower interest rates to see what impact it has on your monthly payment. Every mortgage loan program has its own front-end and back-end DTI guidelines. The debt-to-income ratio on each loan program is different. Mortgage companies have their own lender overlays. Overlays are mortgage guidelines imposed by individual lenders.
How To Use The Indiana Debt-To-Income Ratio Mortgage Calculator
Below are the steps to calculate debt to income ratios:
- After you have the total monthly housing payment, move over to the debt to income ratio calculator
- Enter the sum of all the minimum debts you have especially the monthly credit card payments
- Examples of monthly bills are auto payments, student loans, credit card minimum payments, and any other debts that report to the credit bureaus
- Utility bills, cellular bills, house landlines, internet, cable, personal insurance, school/college, and other non-traditional creditor bills do not count in debt-to-income ratio calculations
- Enter the sum of all of your monthly bills in the box where it says Monthly Minimum Monthly Debt Payments
- Then enter your monthly gross pre-tax income on the box where it says Gross Income Per Month or Year
- You will now get your front-end and back-end debt-to-income ratio