Mortgage borrowers can now use the Oklahoma Mortgage Calculator by powered Gustan Cho Associates and get the most accurate online mortgage calculator in the nation. Gustan Cho Associates Oklahoma Mortgage Calculator is different than any other online mortgage calculator in the market because it gives you all the components of the mortgage payment. Most online mortgage calculators will only just give you principal and interest and do not have any regard for the other components of the mortgage payment. Using other online mortgage calculators will not give you the full accurate mortgage payment for you to compute whether you can afford the house or calculate your front-end and back-end debt-to-income ratio. Gustan Cho Associates has developed and launched the Oklahoma Mortgage Calculator with PITI, PMI, MIP, HOA, and DTI. Gustan Cho Associates Oklahoma Mortgage Calculator is the most powerful and accurate online Oklahoma Mortgage Calculator in the nation with thousands of users who are using it as their mortgage calculator of choice due to the accuracy and how easy it is to use. To make calculation easy and convenient for users, Gustan Cho Associates added a feature bonus by adding the DTI Oklahoma Mortgage Calculator so users can compute their front-end back-end DTI in seconds.

Surging Rent Prices Motivates Home Purchases in Oklahoma

Oklahoma like the rest of the nation which is experiencing a housing boom like never before has home values surging double digits for the past several years with no signs of even the slightest housing market correction. Home prices in Oklahoma are still skyrocketing double digits despite the uncertain volatile stock market, out-of-control inflation, surging mortgage rates, pandemic fears by the Biden Administration, and soaring gas prices. The FEDs are increasing interest rates and the uncertainty in the economy is not making the slightest dent in the housing market. Actually, there are more homebuyers now than ever in Oklahoma history because landlords are spiking rents like never before. It is definitely a seller’s market. There is more demand for homes in Oklahoma than inventory.

Oklahoma Mortgage Calculator With PITI, PMI, MIP, and HOA

Debt-to-income ratios is one of the most important factors determining your qualification for a mortgage loan program. Every loan program has its own front-end and back-end debt-to-income requirements. When shopping for homes, homebuyers will run into homes with different types of property taxes. It is not the amount of loan balance that makes you qualify for a mortgage. It is the combination of the loan balance, property tax, insurance premium, private mortgage insurance, mortgage insurance premium, and homeowners insurance that determines the ability to repay the housing payment. Therefore, a homebuyer with lower property taxes can qualify for a large-priced home versus a lower-priced home with high property taxes. When shopping for a home, homebuyers can figure out whether or not they will be able to meet the loan program DTI guidelines on their own instead of calling their loan officer every time they see a home they like.

Calculate Your DTI Using The Oklahoma DTI Mortgage Calculator

You can compute your total monthly mortgage payments will all the components in seconds by entering some key data into the Oklahoma Mortgage Calculator. Within seconds you will get your monthly mortgage payment on the property information you entered on the particular mortgage loan program.

Here are the steps to calculate debt-to-income ratios:

1. The monthly payment will transfer to the debt-to-income ratio mortgage calculator on the first box on top
2. Total the sum of all monthly minimum payments from all bills of creditors that report on the credit bureaus
3. 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
4. You do not have to include non-traditional credit tradelines such as utility bills, cellular and landline, internet, cable, personal insurance, school/college, and other bills that could potentially report to the credit bureaus
5. Enter the total monthly bills into the box that says Minimum Monthly Bill Payments
6. The last and final step is to enter your monthly gross salary/wages before taxes are taken out into the box that says Monthly or Yearly Income
7. Your front-end and back-end debt-to-income ratio will populate

Below the front-end and back-end debt-to-income ratio, you will see the front-end and back-end debt-to-income ratio agency guidelines of the mortgage loan program you entered. The front-end debt-to-income ratio is calculated by adding your monthly mortgage payment to your monthly gross income. The back-end debt-to-income ratio is calculated by adding the monthly mortgage payments PLUS the sum of all minimum monthly payments and dividing it by your gross monthly income. This gives your back-end debt-to-income ratio. The lower DTI of the borrower, the less risk the lender has to take. Therefore, lower risk means lower rewards for the lender.