- Jumbo/Non Qm
Gustan Cho Associates has finally launched the Missouri Mortgage Calculator with PITI, PMI, HOA, and DTI. If you currently live in or plan on moving to Missouri you will need to understand your total monthly mortgage payment before viewing a property. We help clients understand their total monthly obligations all the time. Qualifying for a mortgage is incredibly confusing, that is why we want you to reach out to our team of experts. When applying for a mortgage loan in Missouri, there are a few things you must keep in mind. Included in your total monthly housing payment will be principal and interest, property taxes, homeowners insurance, and any homeowners association dues. In the mortgage industry, this is referred to as PITIA which is an acronym (principal, interest, taxes, insurance, association dues). If you are not a mortgage professional, calculating your total monthly mortgage payment can be a pain. That is why our team created a user-friendly mortgage calculator.
Calculating Your Mortgage Payment Using the Missouri Mortgage Calculator
Missouri is often referred to as the “Show Me State” and home values have been increasing throughout the state. If you are new to the state of Missouri, you will be happy to hear that their property tax rate is considerably low compared to the rest of the country. You can expect to pay anywhere from .3% to .94% of the assessed value of your property as your annual tax bill. Homeowners’ insurance costs are relatively low throughout the state. Missouri is a very dry state but there are some areas that experience intense weather. Depending on the neighborhood you choose, you may have homeowners association dues. Homeowners association dues are paid directly to your local neighborhood and offer services such as landscaping and other amenities. Because the state is so warm, having access to a pool can be quite appealing to potential homebuyers. Many homeowners associations have a clubhouse, workout facility, swimming pool, and hot tub, as well as other amenities.
How Much House Can I Afford in Missouri?
If you plan to move to Missouri, we want to make sure you stay within a comfortable monthly housing budget. As stated earlier, you must factor in all areas of your total mortgage payment. One more item we want to address is the cost of mortgage insurance. Depending on the
loan program that best fits you, and the down payment available, you may have private mortgage insurance added to your total mortgage payment. Gustan Cho Associates have created a mortgage calculator design to help you quickly calculate a total mortgage payment for a
prospective property. Our calculator will allow you to easily enter the value of the property, down payment, annual property taxes, and homeowners insurance costs. There is also a separate area to enter any homeowners association dues. This will give you a general understanding of your total monthly mortgage payment.
What Is My Debt-To-Income Ratio?
Just because you know a total monthly mortgage payment does not mean you will qualify for the property. One of the main areas an underwriter must analyze is your debt to income ratio. Your debt to income ratio is calculated by adding your future housing payment plus all your other consumer debts reported on your credit report. All debts such as vehicle loans, personal loans, student loans, and revolving credit card debt will be factored into your debt to income ratio. This is why our team added an easy-to-use debt-to-income calculator. After you have completed your total monthly mortgage payment calculations, you will add in your total consumer debt to receive a debt to income calculation. Based on agency guidelines, the debt-to-income threshold will vary. When working with our team, we will educate you on your debt to income-ratio.
Compute Your Front-End and Back-End DTI Using Gustan Cho Associates Missouri Mortgage Calculator
If you need any assistance calculating a mortgage payment or your debt-to-income ratio in the state of Missouri, please reach out to the team at Gustan Cho Associates today. Our team of mortgage professionals is here to help seven days a week. Our team is trying to help you find a home that is within your comfortable housing budget. We are also available to answer all mortgage-related questions. We hope you find our mortgage calculator helpful and easy to use.