- Jumbo/Non Qm
Mortgage borrowers can now get the most accurate user-friendly online Ohio Mortgage Calculator powered by Gustan Cho Associates with PITI, PMI, MIP, and HOA. The Ohio Mortgage Calculator is different than any other online mortgage approval calculator. Most online mortgage calculators only give the principal and interest payment components of the monthly mortgage payment. However, the Ohio mortgage calculator powered by Gustan Cho Associates gives you the PITI, PMI, and HOA.
Are Online Mortgage Calculators Accurate?
According to senior developer of the best mortgage calculator powered by Gustan Cho Associates, he lead the design team of Gustan Cho Associates Mortgage Calculator with the DTI feature due to the following reason:
The total complete estimated monthly mortgage payment is one of the most important factors for homebuyers shopping for a home. Relying on inaccurate online mortgage calculators can be and is misleading and not right. Many online mortgage calculators will not even factor in the type of mortgage loan program. For example, conventional loans with under 20% down payment and/or 80% loan-to-value require private mortgage insurance. PMI is not even factored in for most online mortgage calculators. FHA has a one-time 1.75% upfront and 0.85% annual mortgage insurance premium on all 30-year fixed-rate mortgages that most home loan calculators on the internet have total disregard for. VA loans has an upfront VA funding fee that needs to get added to the balance of the loan and be part of the monthly mortgage payment. With the best-mortgage calculator powered by Gustan Cho Associates, you do not have to worry about getting a partial housing monthly payment. You will get the full PITI, PMI, MIP, and HOA.
Features of Gustan Cho Associates Ohio Mortgage Calculator
Gustan Cho Associates home loan calculator hands down give you the most accurate monthly mortgage payment than any other online house loan calculator. Gustan Cho Associates calculator not only gives you all the components of the monthly mortgage payment but it will give you the front-end and back-end debt-to-income ratio. Most online mortgage calculators are not accurate due to the fact it only gives you the principal and interest and not the taxes, insurance, PMI, MIP, and HOA. The Ohio Mortgage Calculator is the only online calculator that gives you a choice of five different loan programs with an estimated monthly mortgage payment that consists of PITI, PMI, MIP, and HOA.
Components of the Monthly Mortgage Payment
There are four to eight components to a monthly mortgage payment. Here are the components that make up the estimated monthly mortgage payment:
- Principal – The portion of the mortgage payment that goes to pay down the mortgage loan balance
- Interest – The component of the monthly mortgage payment that is an expense and cost of borrowing the home loan
- Taxes – The estimated annual property taxes which are divided by 12 months and included as part of the mortgage payment
- Insurance – Hazard homeowners insurance is required by the lender to protect the mortgage lender’s interests in the event of fire or destruction to the home
- PMI – Private mortgage insurance on conventional loans is required by borrowers with less than 20% equity paid for by the homeowner for the benefit of the lender in the event the borrower defaults
- Mortgage Insurance Premium
Are Online Mortgage Calculators Accurate?
Why are online mortgage calculators not accurate? Very easy. Most online mortgage calculators only compute principal and interest. That is IT. What good are principal and interest if you are not getting all the components of your mortgage payments? Gustan Cho Associates Ohio Mortgage Calculator gives it all. All the components of your mortgage payment are computed with absolute accuracy. The Ohio Mortgage Calculator will also calculate your front-end and back-end debt-to-income ratio. No other online calculator will calculate your DTI. The debt-to-income ratio calculator powered by Gustan Cho Associates is a major hit not just among borrowers but loan officers and our preferred referred realtor partners at Gustan Cho Associates.
How To Compute Your Estimated Monthly Mortgage Payment With Gustan Cho Associates Ohio Mortgage Calculator
Select the mortgage loan program from the following choices: Conventional, FHA, VA, Jumbo, and/or Non-QM. Next, enter the home purchase price. Then enter the down payment and mortgage interest rate. Enter the loan term/amortization schedule. You will now get the principal and interest portion of your monthly mortgage payment. Continue by entering your property tax and homeowners insurance information. Finally, enter the homeowners association dues if it applies to you. You will not get your estimated monthly mortgage payment. Below the monthly payment, you will see the breakdown of your mortgage payment by seeing the PITI, PMI, MIP, and HOA.
Debt-To-Income Ratio With The Ohio Mortgage Calculator
Total the sum of all monthly minimum payments from all bills and enter it on the box that states Minimum Monthly Debt Payments. Examples of monthly bills included for debt-to-income calculations are auto payments, student loans, credit card minimum payments, and any other debts that report to the credit bureaus. Utility bills, cellular and landline, internet, cable, personal insurance, school/college, and other bills that could potentially report to the credit bureaus. Then enter your monthly gross income on the box that says monthly or yearly income. You now have your front-end and back-end debt-to-income ratio.