Use the all new user-friendly Michigan Mortgage Calculator powered by Gustan Cho Associates before committing to buying a home in Michigan. Gustan Cho Associates Michigan Mortgage Calculator is the most accurate online mortgage calculator in the market with every component of your mortgage payment. Most online mortgage calculators are not accurate. They do not give you the overall full monthly mortgage payment components such as the true PITI, PMI, MIP, and HOA components of the mortgage payment. Most online mortgage calculators will just give you the principal and interest portions of the mortgage payments. Michigan property taxes ranks above the median avergage of all states at an effect tax rate of an average of 1.54%. Gustan Cho Associates Michigan Mortgage Calculator will give you the PITI, PMI, MIP, and HOA components of the monthly mortgage payment, which is the true monthly housing payment. Borrowers can manually populate the above factors to uncover the mortgage that best works for your personal needs. The Michigan Mortgage Calculator is hands down the most accurate online mortgage calculator you will find in the market. Gustan Cho Associates Michigan Mortgage Calculator also has the front-end and back-end debt-to-income ratio feature for you to see if you meet the minimum debt-to-income ratio guidelines on Conventional, FHA, VA, Jumbo, or Non-QM Mortgages. We will show you the step-by-step instructions on how to use the Michigan Mortgage Calculator powered by Gustan Cho Associates. We will also go over on how to compute your front-end and back-end debt-to-income ratio.

How to Use The Michigan Mortgage Calculator To Compute PITI, PMI, MIP, and HOA

Gustan Cho Associates Michigan Mortgage Calculator is self-explanatory. However, we will walk you through the simple step-by-step procedures on how to navigate the mortgage calculator. You will see how easy and fast it is to get your estimated monthly mortgage payment with all the components of your mortgage payment. First check the box on the loan program you are applying. You have conventional, FHA, VA, Jumbo, and non-QM mortgages. Then enter the purchase price, down payment and interest rate on the respective boxes. The PMI and MIP is auto-populated unless you want to manually enter your own custom factor. You will get the principal and interest portion of your mortgage payment. Next, enter the property tax and homeowners insurance information. Then enter the homeowners association dues (HOA dues) if it is applicable to your subject property. You now will get the total monthly mortgage payment. Below the payment, the calculator will breakdown the components that make up the total monthly mortgage payment. Next, we will move to the deb-to-income ratio mortgage calculator.

Computing Front-End and Back-End Debt-To-Income Ratio 

In two easy steps, you will get your front-end and back-end debt-to-income ratio on the loan program you selected. The housing payment will automatically populate on the first box of the DTI mortgage calculator. Total all of the minimum monthly payments you make every months such as mortgage, auto, student loans, and the total of every credit card minimum payments. Enter the total in the box that says Minimum Monthly Debt Payments. Next, enter your monthly gross pre-taxed income or your annual gross pre-taxed income. The debt-to-income ratio mortgage calculator will compute your front-end and back-end debt-to-income ratio.