Mortgage borrowers in Iowa can now compute their own monthly mortgage payments using Gustan Cho Associates Iowa Mortgage Calculator. The Iowa Mortgage Calculator is very simple and easy to use. What is different about the Iowa Mortgage Calculator powered by Gustan Cho Associates than the hundreds of other online mortgage calculators? Most online calculators will just compute principal and interest. Principal and interest are just partial housing payments. The overall housing payments consist of principal, interest, property taxes, and homeowners insurance. These four components are called PITI. Wait!!! There is more to the housing payment.

Total Components in The Monthly Mortgage Payment

There are more components other than principal, interest, tax, and insurance. The Iowa Mortgage Calculator was designed to include the most accurate estimated monthly housing payment. Homeowners must include private mortgage insurance and/or mortgage insurance premium. Homeowners can have homeowners association dues (HOA). The Iowa Mortgage Calculator computes the PITI, PMI, HOA, and DTI in a matter of minutes. Even though it is self-explanatory, we will walk you through the step-by-step instructions on how to use the Iowa Mortgage Calculator and show you how easy it is to use. We were not kidding when we say you will get your data in a matter of seconds. After we show you how to use the Iowa Mortgage Calculator, we will show you the added bonus to the Best Iowa Mortgage Calculator by introducing you to the debt-to-income ratio calculator. The DTI mortgage calculator will calculate your front-end and back-end debt-to-income ratio in a matter of seconds. Not minutes but seconds.

Step-By-Step Instructions on How To Use The Iowa Mortgage Calculator

The first step is to click the box on the top of the mortgage calculator on the type of loan you are applying for. Choices are Conventional Loans, FHA Loans, VA Loans, and Jumbo and/or Non-QM Mortgages. Once you choose the type of loan you want, the Iowa Mortgage Calculator automatically populates the general data such as upfront MIP and/or monthly MIP and/or PMI. Remember that the default number can always change by you manually changing the numbers. On VA loans, the upfront VA funding fee is populated but you can manually enter your own data as well. Once you enter the loan type, enter the purchase price of the home. Then enter your down payment. The next step is to enter the interest rate. The term of the loan is already populated for 30 years but you have the option to manually enter it. Choices are between 5 years to 30 years. Once the term is entered, you will get a subtotal on what the principal and interest will be. Let’s continue. The next step is to enter property tax, homeowners insurance, and homeowners association dues if applicable. Once the data is entered, you will have your total monthly housing payment consisting of the following components: PITI, PMI, MIP, and HOA. We will show you the next phase of the Iowa Mortgage Calculator which is the debt-to-income ratio mortgage calculator.

How To Calculate Debt-To-Income Ratio Using Iowa Mortgage Calculator

After you get your estimated total monthly housing payment, move over to the debt-to-income ratio mortgage calculator. In just a few more steps you will get your front-end and back-end debt-to-income ratio. Your total estimated housing payment will populate the DTI mortgage calculator. Add all of the minimum monthly payments. Minimum monthly debts you need to add include mortgage, auto loans, student loans, installment loans, and the sum of all minimum amount due on all credit cards. Enter the total of your monthly debt in the box that says Minimum Monthly Debt Payments. The next and final step is to enter your monthly gross pre-taxed income in the box that states Monthly Income. In less than a second, you will get your front-end and back-end debt to income ratio.