- Jumbo/Non Qm
Gustan Cho Associates created, developed, and launched the New Hampshire Mortgage Calculator which renders PITI, PMI, MIP, HOA, and DTI. In the crazy housing market of 2022, the federal government has raised interest rates, making shopping for a home harder than ever. There is a storm of low inventory, rising rates, and cash buyers. These are reasons why the professionals at Gustan Cho Associates have created an easy-to-use mortgage calculator. And we have created a specific calculator for our clients located in New Hampshire. This tool was developed to help the residents of New Hampshire quickly calculate a total monthly mortgage payment when shopping for a new home. A total payment refers to principal and interest, property taxes, homeowners insurance, mortgage insurance (if required), and any homeowners association dues. Users can also compute their front-end and back-end debt-to-income ratios on FHA loans, VA loans, USDA home loans, Jumbo mortgages, and Non-QM mortgage loans.
Use The New Hampshire Mortgage Calculator To Compute PITI, PMI, MIP, HOA, and DTI
We have developed this calculator to assist borrowers to quickly calculating their total mortgage payment when shopping for a home. The majority of homeowners will start their search for a new home online. Since every home will have a different tax rate and property insurance rate, calculating a total monthly payment can be confusing. Our mortgage calculator is designed to show you that in some cases, a more expensive home can actually have a cheaper overall payment, it will simply depend on the property taxes and cost of homeowners insurance. A mortgage lender must also add any homeowners association due to your overall debt to income. So, keep an eye out for homeowners association dues when searching for a new home.
Compute How Much House I Can Afford With Gustan Cho Associates New Hampshire Mortgage Calculator
If you are a resident of the “Granite State”, you know this is one of the most expensive states for homeownership in the country. Since 2019, the housing market has been on fire and the state of New Hampshire. Depending on where you live in the state, your property tax rate will vary from 1.125% all the way up to 2.47%. Homeowners’ insurance costs are reasonable throughout the state. Depending on the down payment you have available and which loan program you choose, you may be paying monthly mortgage insurance. All of these factors combined to make the housing costs in New Hampshire some of the highest in our great nation. You can now calculate how much your housing payment will be just by entering the loan program, purchase price, mortgage rate, down payment, taxes, insurance, and HOA dues if applicable. The mortgage approval calculator is so easy to use and it is the most accurate online mortgage calculator available online today.
Calculate Your DTI Using The New Hampshire Mortgage Calculator Powered by Gustan Cho Associates
What Is The Breakdown of My Mortgage Payment?
Most online mortgage calculators only compute principal and interest. However, that is not the total mortgage payment. There are seven components that make up the total monthly mortgage payment a borrower needs to pay each month. Most online mortgage calculators will just compute principal and interest. With Gustan Cho Associates New Hampshire Mortgage Calculator, you will be able to calculate your true total mortgage payment which consists of the following:
- Homeowners Insurance
- Homeowners Association Dues (HOA)
- Private Mortgage Insurance and/or Mortgage Insurance Premium
- Escrow if Applicable
The seven-component consist of principal, interest, taxes, and insurance which is also referred to as PITI. The principal is the portion that goes towards the balance of your mortgage loan balance. As time passes, your loan balance gets reduced due to the paydown of the principal. The interest paid is the cost of borrowing money. Interest is an expense and it is like paying rent. The combination of your mortgage rate and the home loan balance determines the amount of interest you will pay.
How To Compute Your Estimated Mortgage Payment Using New Hampshire Mortgage Calculator
Above and beyond your total mortgage payment, we also provide a tool to quickly calculate your overall debt to income ratio. Your debt to income ratio is a major factor when qualifying for a mortgage Gustan Cho Associates offers a no overlay lending platform throughout the entire state of New Hampshire (and most states in the northeast region). Since we do not have additional overlays on debt-to-income requirements, we are able to qualify most home buyers for the highest payment possible. We always want our borrowers to stay within a reasonable monthly budget. Just because your debt to income ratio may qualify you for a certain payment, we want to make sure you stay in a comfortable monthly housing payment.
Compute Your DTI in Seconds Using The Debt-To-Income Ratio Mortgage Calculator
Our debt to income calculator fits with an editable expense total field. As a consumer, you will need to enter your total monthly obligations that report to the credit bureaus. These monthly obligations can and will include all student loans, auto loans, minimum revolving credit card payments, collections, and any other obligations that report to the credit bureaus. Our team is here to assist with your debt-to-income questions. Knowing the monthly obligation required on a student loan will depend on which program you plan to use. We know the mortgage industry is very confusing, so we encourage you to reach out to our team for specific questions.
Do You Meet FHA, VA, or Fannie Mae DTI Guidelines? FIND OUT in Seconds
Helping our clients stay within a reasonable monthly budget is the main reason we created our state-of-the-art mortgage calculator. The residents of New Hampshire will easily be able to calculate their housing payments when searching for homes with a realtor. In fact, many real estate professionals utilize our mortgage calculator because it is so easy to use. No matter where you are in the home buying process, we encourage you to reach out to our team today. We are available seven days a week to help you find the home of your dreams.