Maine Mortgage Calculator With PITI, PMI, HOA and DTI

Gustan Cho Associates has launched the Maine Mortgage Calculator with PITI, PMI, and HOA. The reason Gustan Cho Associates Maine Mortgage Calculator was designed and launched was that there were no online mortgage calculators that were accurate for homebuyers. Most online mortgage calculators are pretty much worthless. What good is just getting principal and interest when there are at least four to eight components to a monthly mortgage payment. Depending on the mortgage loan program, there are very important components that can greatly affect the monthly mortgage payment.

Here are the components of a mortgage payment:

1. Principal
2. Interest
3. Tax
4. Insurance
5. Private Mortgage Insurance (PMI)
6. Mortgage Insurance Premium on FHA loans
7. VA Funding Fee on VA loans
8. Homeowners Insurance

Besides the Maine Mortgage Calculator, we have created the debt-to-income ratio mortgage calculator powered by Gustan Cho Associates. After computing the mortgage payment using the Maine Mortgage Calculator, you can jump over to Gustan Cho Associates DTI mortgage calculator and in two steps, you will get the front-end and back-end debt-to-income ratio.

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

The Maine Mortgage Calculator is pretty self-explanatory. However, let’s walk through step-by-step instructions on how to use it. The first step is to choose the loan program you want. You can choose Conventional, FHA, VA, Jumbo, and non-QM loans at the top. The reason for choosing the individual loan program is that some fields like the PMI or MIP will auto-populate. Then enter the purchase price and the down payment in their respective box. Enter the interest rate your loan officer quotes you or contact us and we can price out the rate. Mortgage rates are determined by the borrower’s credit scores, loan to value, debt-to-income ratio, loan amount, and other layered risk factors. The next step is to enter the property tax of the subject property and the homeowners’ insurance. Enter the homeowners association dues if applicable. Once you complete all the fields, you will get the estimated monthly mortgage payment. Once you get the monthly mortgage payment, you are ready to compute your debt-to-income ratio using the DTI mortgage calculator.

How To Calculate Your Debt-To-Income Ratio 

The front-end and back-end debt-to-income ratio can be calculated in two simple steps using the Maine Debt-to-Income Ratio Mortgage Calculator. The monthly mortgage payment will automatically populate on the first box. The next step is for you to total all of your monthly minimum monthly debts such as mortgage payments, auto payments, student loan payments, installment loans, and all other monthly debt payments reporting to the credit bureaus. Non-traditional credit debts such as water bills, phone bills, internet, and cable, or other debts that do not report to the credit reporting agencies do not have to be included. Enter the total on the box that states Minimum Monthly Debt Payments. 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 can either enter the monthly and/or annual gross income. You now have the front-end and back-end debt-to-income ratio.