Vermont Mortgage Calculator | Powered by GCA Mortgage Group

Borrowers shopping for homes in Vermont can use the Vermont Mortgage Calculator powered by GCA Mortgage Group for the most accurate mortgage payment when shopping for homes. Other online mortgage calculators are not accurate. Online mortgage calculators only give principal and interest payments and not the overall full accurate monthly payment based on the individual mortgage loan program. What good is an online mortgage loan calculator if it does not give all the components of the mortgage payment? There are four to eight components to a mortgage payment.

The number of components required depends on the loan program, PMI, MIP, VA funding fee, down payment, HOA, property taxes, and homeowners insurance.

Features of the Vermont Mortgage Calculator

The Vermont Mortgage Calculator has the following feature:

• PITI
• PMI
• MIP and/or VA Funding Fee is already populated
• Property Tax
• Homeowners Insurance
• Homeowners Association Dues
• Front-End and Back-End Debt-To-Income Ratio Mortgage Calculator

The Vermont Mortgage Calculator has been perfected to be different from any other online mortgage calculator on the market. No other online mortgage loan approval calculator comes close to the Vermont Mortgage Calculator. Besides the PITI, PMI, MIP, and HOA, the Vermont Mortgage Calculator comes with the Debt-To-Income Ratio Mortgage Calculator to compute the borrower’s front-end and back-end debt-to-income ratio.

How Much Home Can I Afford Versus Qualify in Vermont?

Home prices in Vermont are surging more so than in other states in the country. Vermont home prices skyrocketed and were up 9.3% year-over-year in April. Despite the uncertain stock market, skyrocketing inflation numbers, and mortgage interest rates nearing 7.0%, the housing market in Vermont is not making a dent and has no second thoughts about making a housing correction. During this time period, data shows the number of sold homes dropped by 10.6%, and the number of homes for sale in Vermont dropped by 18.9%.

Homebuyers in Vermont can now compute the most accurate mortgage payment based on the purchase price, down payment, interest rate, property tax, homeowners insurance, HOA dues, and PMI and MIP with no worries whether your calculations were accurate or not.

The reason GCA Mortgage Group designed and launched the Vermont Mortgage Calculator with PMI and DTI is that there was not a calculator that had the most accurate numbers for borrowers.

The Most Accurate Mortgage Calculator in Vermont vs the Competition

Most mortgage calculators just have two out of the four to eight components that make the monthly mortgage payment. What good is it if the mortgage calculator only performs two tasks and you need to perform the two to four other tasks to get the accurate monthly mortgage payment? Why not just compute your housing payment manually instead of wasting your time just getting two components of your mortgage payment?

What Makes the Vermont Mortgage Calculator The Best of the Best

After searching for the most accurate online mortgage calculators and finding no luck, the team at GCA Mortgage Group went to work. Most online mortgage calculators only compute principal and interest and not tax and insurance. Most online mortgage calculators did not have mortgage insurance. Therefore, it was worthless.

Best Vermont Mortgage Calculator With PITI, PMI, MIP, and HOA

The Vermont Mortgage Calculator has everything you need to calculate your monthly mortgage payment. Most online mortgage calculators only give you principal and interest. The Vermont Mortgage Calculator has PITI, PMI,  MIP, TAX, INSURANCE, and HOA. To please users of our calculators, GCA Mortgage Group has created a debt-to-income ratio mortgage calculator that will compute your front-end and back-end debt-to-income ratio in a matter of seconds.

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

The first step is to check the box on the mortgage loan program you are applying for. Selections include Conventional, FHA, VA, Jumbo, and Non-QM loans. The reason for this is that the mortgage calculator will populate the PMI, MIP, or VA funding fee on VA loans. Then enter data into all the boxes labeled with information requests. Start with entering the purchase price, down payment, interest rate, and mortgage loan term amortization. The calculator will compute the principal and interest portion of your mortgage payment first. Then enter the rest of the information, such as the property tax, homeowners insurance, and homeowners association insurance, if applicable to the subject property. You will now see your monthly mortgage payment. Below the payment, you will see the breakdown of your monthly mortgage payment. Now we are ready to move to the debt-to-income ratio component of the mortgage calculators.

Calculate Your DTI Using The Vermont DTI Mortgage Calculator

Let’s now compute your front-end and back-end debt-to-income ratio. The mortgage payment will populate to the debt-to-income ratio mortgage calculator, which you will see showing on the first box. You can find your front-end and back-end debt-to-income ratios in just two more steps. Here are the steps to calculate debt-to-income ratios:

1. Total the sum of all monthly minimum payments from all bills which report to the credit bureaus
2. Examples of monthly bills included for debt-to-income calculations are mortgage payments, auto payments, student loans, credit card minimum payments, and any other debts that report to the credit bureaus
3. Do not include non-traditional creditors such as utility bills, cellular and landline, internet, cable, personal insurance, school/college, and other bills that could potentially report to the credit bureaus
4. Enter the total in the box that says Monthly or Yearly Income
5. The income needs to be the gross pre-tax income and NOT the net income

You will not see your front-end and back-end debt-to-income ratio, and below you will see the parameters on DTI requirements on the mortgage loan program you will be applying for. If you want to check how much of a house you can buy in Vermont, use the Vermont Mortgage Calculator, powered by GCA Mortgage Group.

• The Vermont mortgage calculator goes beyond estimating the principal, interest, taxes, and insurance (PITI) a payment includes.
• It also estimates the total housing payment you will have to pay for.

Let’s look at how to assess the affordability with the calculator:

How to Use the Vermont Mortgage Calculator

Select Loan Program:

• Select between conventional, FHA, VA, jumbo, or non-QM loans.
• Each type varies in its criteria and insurance cost.

Enter Home Purchase Price:

• Type in the potential price of the home you would like to purchase.

Down Payment:

• Indicate the planned dollar amount or percentage you will put towards the down payment.

Interest Rate:

• Type in the mortgage interest rate you are currently being offered.
• Or have set expectations of being offered.

Loan Term:

• Consider whether you want a 15-year, 30-year, or another term loan mortgage.

Property Taxes and Homeowner’s Insurance

• Estimate the yearly property tax and homeowner’s insurance costs associated with the property.
• These will differ depending on Vermont’s locations.
• So local information or a real estate agent could assist with these.

PMI or MIP:

• For most conventional loans, if you have a down payment of less than 20%, you must pay Private Mortgage Insurance (PMI).
• You must calculate the Mortgage Insurance Premium (MIP) for FHA loans.

HOA Fees (applicable):

• The corresponding monthly HOA fees should be calculated for homeowners who belong to an association.

Debt-to-Income (DTI) Ratios:

• The fore-calculated ratios for housing expenses as a percentage of income and total expenditures of the said person will be computed in the services.
• Those ratios are of primary importance and crucial concerning loan approval.

Affordability in Vermont

Strong Economy and Low Cost of Living:

• Vermont’s economic well-being and lower living expenses mean that your dollar can stretch further, enabling you to afford much more house than in the more expensive states.

Lower Prices for Houses:

• Even though there has been an increase in house prices over the years, compared to most urban areas, Vermont still offers more affordable housing options.

Job Market:

• A bullish job market has the potential to increase your income.
• Therefore, increase your mortgage affordability.

Any Other Notes

Utilities, Repairs, and Other Expenses:

• Remember that the mortgage calculator may not account for all the expenses related to homeownership.
• Such as utilities, upkeep, and even repair job costs.

Local Taxations:

• The taxes on houses within Vermont differ greatly.
• Hence, this is one factor that will need consideration when calculating your total housing cost.

Debt-to-Income Proportion:

• This usually varies by the type of loan a debtor acquires.
• However, lenders typically expect a front-end ratio (housing costs) not exceeding 28%.
• Hence, an income and a back-end ratio (all debts) are no greater than 36%.
• These will normally fluctuate depending on the type of loan.

Hypothetical Case:

• Let’s consider a sample case where the home you are eyeing is valued at $300,000.
• With the expected ten percent down payment of ($30,000).
• 30-year fixed at 7%.
• Annual property taxation of 1.5 % of its home value.
• Homeowners insurance of $1,000 per annum and no HOA fee.
• In such a case, the PITI obtained would be calculated alongside the PM if your down payment is under 20%.
• You will then be provided with

Monthly mortgage payment (P&I):

• This is based on the loan terms.

PITI:

• This includes taxes and insurance.

PMI/MIP (if applicable):

• These are added if the down payment is under 20%.

Total Monthly Payment:

• These are all the previously mentioned items added together.
• The DTI ratios will be used to check whether you are eligible for the loan based on your income and other debts.
• With this tool, you can analyze your primary housing costs in Vermont, such as a mortgage payment and all associated costs, to ensure that the house you buy is within your financial limits.