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3 main mortgage calculators below.

(these calculators compute the majority of numbers needed during mortgage rate shopping)

Simple Mortgage Calculator

This Mortgage Calculator is for those in the market for a home loan and prefer to learn how to "do the numbers" on their own. It is basic java script mortgage calculator but we have included a complete mortgage rate ratio chart. You will understand how to compute the information with the example we have included.

Mortgage Payment Calculator

This mortgage payment calculator will do much of the work for any home loan borrower. Included is the ability to determine a general loan amount a borrower can qualify to meet. The payment is broken down between principle and interest and property tax. Remember those numbers vary on the location of the home. So, use this payment calculator as just a tool and remember to take into consideration any additional monthly expenses like HOA and Homeowners Ins..

Mortgage APR Calculator

*This APR mortgage calculator will open in a new window. The annual percentage rate (APR) is an interest rate that is suppose to show the amount borrowed plus the fee's involved in getting the loan. If you know the rate and the loan amount plus the cost/fees this mortgage calculator will tell you the Apr.

Learn More about a Mortgage APR here.

 These calculators are great, but what to do when you are on run looking for rates and all you have is an old fashion basic calculator?

Use this mortgage calculation chart, It is great and just follow the instructions and you will be doing mortgage calculations on your own,

   Mortgage Rate / Calculator Ratio chart

Mortgage rate	Calculator Ratio	Mortgage rate	Calculator Ratio	Mortgage rate	Calculator Ratio	Mortgage rate	Calculator Ratio
5.625 -	5.76	6.25  -	6.16	6.875  -	6.57	7.5  -	7.0
5.75  -	5.84	6.375  -	6.24	7.0  -	6.66	7.625  -	7.08
5.875  -	5.92	6.5  -	6.33	7.125  -	6.74	7.75  -	7.17
6.0  -	6.0	6.625  -	6.41	7.25  -	6.83	7.875  -	7.26
6.125  -	6.06	6.75  -	6.49	7.375  -	6.91	8.0  -	7.34

Instructions:

Step 1

• The first calculation will determine how much you can buy. Take the buyer's salary, we will use $35,000 a year.
• Then gather the monthly debts on credit report : example : credit card monthly payments = $ 110 and a car payment of $190.
• So take the 35,000 and divide that by 12 = 2916 then times that by 42% (42% is a safe mortgage approval guideline percentage) = $1225
• Subtract the buyers monthly minimum debt 2915- 110 - 190 = 925.
• Now you have to subtract from this number potential property tax and insurance 925 -120 -50-50 = 705. ( $50 was an estimate for both homeowners insurance and MI)

Step 2

• So, the income of the buyer(s) allows for a 705 monthly principle and interest mortgage loan payment.

Step 3

• Using 705 look at the Mortgage Rate / Calculator Ratio chart above so that you can determine the loan amount/new home sales price. If rates on the 30 year fixed rate mortgages are 6.125% and 705 is the allowable PI payment then divide 705 by 6.06 = 116,000 ( On the Mortgage Calculator Ratio Chart the Ratio Calculations for an interest rate of 6.125% is 6.06 ) This means the buyer(s) can qualify and should look for a sales price of $116,000.

This can be done in reverse to! Suppose you know the principle balance and you want to compute the mortgage payment using a new interest rate. If the loan amount is $116,000 just x that by the ratio for the rate 6.06 this equals 703.00 (rounded up).

There it is just a little basic knowledge and our chart and you can be you own mortgage calculator no matter were you are at.

MORTGAGE CALCULATOR LINKS

Free Mortgage Calculator A free mortgage calculator, credit card debt calculator, and a directory of related links.

Utilizing this web site is agreement  to our privacy policy. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. There is no Mortgage rate guarantee for all applicants . information is not intended to be used as investment advice. Please contact a competent and well qualified loan officer by submitting an Bad Credit mortgage quote request online in order to get up to date and pertinent bad credit mortgage information.