Homebuyers in Oregon can now accurately calculate how much their total housing payment using Gustan Cho Associates Oregon Mortgage Calculator with PITI, PMI, and HOA. Oregon has one of the highest home prices in the nation. The state is drawing in a lot of new families from other states due to the beautiful landscape, great weather, strong economy, and ample land. Many Californians are migrating to Oregon due to lower home prices, less congestion, low crime rate, and less regulations than California. The main reason the team at Gustan Cho Associates designed and developed the Oregon Mortgage Calculator was that there was a need for an online home loan mortgage calculator that was accurate with the monthly mortgage payment with all components. There was not a single online mortgage approval calculator that was accurate. Most online calculators only gave you the principal and interest portion of the monthly mortgage payment. There are four to eight components that make up the total mortgage payment. The missing components from online mortgage calculators have a big impact on getting the accurate monthly mortgage payment on a new home purchase.

Components of The Monthly Mortgage Payment

Most online calculators did not factor in the upfront FHA mortgage insurance premium or the VA funding fee to the balance of the loan so the figure was right off the bat wrong. Again, other online home loan calculators normally do not even compute the private mortgage insurance or annual mortgage insurance premium. How about the property taxes insurance? We hardly found an online mortgage calculator with property insurance and homeowners insurance calculations. How about the loan program? FHA has an upfront mortgage insurance premium that needs to be added to the balance of the loan. VA has a VA funding fee that needs to be added on top of the VA mortgage loan balance. With Gustan Cho Associates Oregon Mortgage Calculator, all of these components are part of computing your total monthly mortgage payment.

How Property Tax Affects Buying Power and DTI

Property taxes can make a big portion of your monthly mortgage payment. Homeowners insurance can add a substantial portion of your house payment as well. We are not done yet. How about homeowners association dues (HOAs)? Don’t HOA dues part of your monthly mortgage payment? The reason Gustan Cho Associates decided to create the Oregon Mortgage Calculator with PITI, PMI, MIP, and HOA is that there was not a calculator that had the most accurate numbers for borrowers. Most mortgage calculators just had Principal and Interest and not tax and insurance. Most mortgage calculators did not have mortgage insurance. Therefore, it was worthless. The Oregon Mortgage Calculator has everything you need to calculate your monthly mortgage payment.

What Is The Breakdown of The Monthly Payment on a Home Mortgage

Unlike other online mortgage calculators which only have the principal and interest portion of the mortgage payment, Gustan Cho Associates Oregon Mortgage Calculator has all the components of the monthly mortgage payments on a home mortgage. The Oregon Mortgage Calculator powered by Gustan Cho Associates has the PITI, PMI, MIP, and the HOA components to give you the most accurate monthly mortgage payment for your proposed home purchase. No other mortgage calculator comes close. It is so easy to use. All the box that needs entry are marked and easy to see. You will not just get the principal and interest like the competition. You will get the full monthly mortgage payment and a breakdown of every component of the monthly mortgage payment. Gustan Cho Associates Oregon Mortgage Calculator was designed, developed, and tested by actual experience loan officer at Gustan Cho Associates. Our developers consist of actual licensed loan officers and the technical and engineering team who worked side by side.  It takes minutes to get your monthly payment.

How To Compute Your PITI, PMI, MIP, and HOA Using Gustan Cho Associates Oregon Mortgage Calculator

Just enter the loan program you are applying for on top of the mortgage calculator. Then enter the purchase price, the down payment, the interest rate, and the term of the mortgage loan. It is self-explanatory and user-friendly. The principal and interest will populate first. Then enter your property tax and homeowners insurance information on the respective boxes. The final entry will be homeowners association dues for homebuyers who have HOA dues. You will get the full monthly mortgage payments which consist of PITI, PMI, MIP, and HOA. Below the payment, you will see the breakdown of the mortgage payment: PITI, PMI, MIP, and HOA. Next, we will show you how to calculate the front-end and back-end debt-to-income ratio and the parameters needed for the mortgage loan program you are applying.

How To Calculate DTI Using The Oregon Mortgage Calculator

Every mortgage loan program has its own front-end and back-end debt-to-income ratio requirements. The debt-to-income ratio on each loan program is different. Most mortgage lenders have their own lender overlays called lender overlays. Lender overlays are higher lending requirements than the agency mortgage guidelines. Here are the steps to calculate debt-to-income ratios using the Debt-to-Income Ratio Oregon Mortgage Calculator:

1. The monthly mortgage payment will populate in the first box
2. Enter the sum of all monthly minimum payments from all bills
3. Examples of monthly bills included for debt-to-income calculations are home mortgage payments, auto payments, student loans, credit card minimum payments, and any other debts that report to the credit bureaus
4. Do not include non-traditional credit tradelines
5. Non-traditional credit tradelines are creditors that do not report to the credit bureaus such as utility bills, cellular and landline, internet, cable, personal insurance, school/college, and other bills that does not report to the credit bureaus
6. Enter the total in the box that says Monthly Minimum Debt Payments
7. Finally, enter the monthly or yearly income on the box that says Monthly or Annual Income
8. You now have the front-end and back-end debt-to-income ratio

Below the front-end and back-end DTI, you will get the maximum DTI allowed on the loan program you checked off.