Homebuyers shopping for new homes can be excited about getting their proposed monthly mortgage payment in seconds with complete accuracy using the South Carolina Mortgage Calculator with PITI, PMI, MIP, and HOA powered by Gustan Cho Associates.  The housing market in South Carolina is booming despite the skyrocketing inflation numbers and surging mortgage rates. Mortgage rates in South Carolina have skyrocketed from a low of 2.375% before Joe Biden got elected to a record high in recent years of 7.25%. Even with the incompetency of the Biden Administration in crashing the economy, the South Carolina housing market seems stronger than ever. Demand for homes still remains strong with still low housing inventory throughout all counties of the state.

South Carolina Housing Market Booming Despite Uncertainty in the Economy

Inflation has been the highest in 40 years. Unemployment numbers are beginning to drop at a fast pace. Despite all of the doom and gloom economic news, it is not making a dent in the South Carolina housing market. People need to live. Rent prices in South Carolina are surging to ten-year highs. Renters are deciding that buying a home makes more sense than renting and are hitting the pavement to get pre-approved. Gustan Cho Associates South Carolina Mortgage Calculator will give you the most accurate mortgage payment than any other online mortgage approval calculator. We will explain why. We will also show you why you will get the most accurate mortgage payment using the South Carolina Mortgage Calculator powered by Gustan Cho Associates more than any other mortgage calculator in the nation.

Are Online Mortgage Calculators Accurate?

The team at Gustan Cho Associates launched the South Carolina Mortgage Calculator because there was not a single online mortgage calculator that was accurate. Not a single online mortgage approval calculator ever came close to being accurate on a housing payment based on a certain loan amount. Most online mortgage calculators only gave you principal and interest. These online mortgage calculators had no regard for the type of loan program but did not include the PMI, MIP, VA funding fee, the property taxes and homeowners insurance component of the mortgage payment, and total disregard for the homeowners association dues (HOA dues). What good is a mortgage calculator when it only gives you the principal and interest and you need to do the other calculations manually? Why not just do everything manually. Mortgage calculators are not toys. They are tools to simplify the calculations of your monthly mortgage payment and debt-to-income ratio during the home shopping process.

How To Use The South Carolina Mortgage Calculator Powered by Gustan Cho Associates

Gustan Cho Associates South Carolina Mortgage Calculator is so simple to use. First, mark the particular loan program you want to apply for. Then enter the purchase price, down payment, and interest rate. You will then get your principal and interest. Enter the term of the loan. The most common are 30-year fixed-rate mortgages and 15-year fixed-rate mortgages. You can manually enter any term of your mortgage. Continue by entering the property tax and homeowners insurance information and the homeowners association dues if it applies to your property. The private mortgage insurance, mortgage insurance premium, and/or VA funding fee will automatically populate when you enter the loan program when you first started using the calculator. You will not get the full most accurate monthly mortgage payments with all the components listed below. Component breakdowns include PITI, PMI/MIP, and HOA.

Why Is Gustan Cho Associates South Carolina The Best Online Mortgage Calculator?

Unlike any other online mortgage calculators, Gustan Cho Associates South Carolina Mortgage Calculator will not just give the principal and interest portions of your mortgage payments. It will give you a complete overview of your mortgage payment including the breakdown of each component. It will give you the specific mortgage payment with all its components on the particular mortgage loan program you specify. The South Carolina Mortgage Calculator takes it a little step further. It has a debt-to-income ratio mortgage calculator component to the South Carolina Mortgage Calculator where once you have the housing payment, in two steps you can compute your front-end and back-end debt-to-income ratio. By knowing your front-end and back-end debt-to-income ratio, you will be able to determine whether or not you meet the agency DTI mortgage guidelines.

How To Compute My Front-End and Back-End Debt-To-Income Ratio

Once you get your monthly mortgage payment, that number will transfer to the debt-to-income ratio mortgage calculator. Enter the sum of all of your minimum monthly debt payments such as a mortgage, auto, and student loans, and the sum of all of the minimum payments of all of your credit cards. Enter the total on the box that says Minimum Monthly Debt Payments. Then enter your monthly or annual gross income. You now have your front-end and back-end debt-to-income ratio. Check to see what mortgage loan program you qualify for.