Mortgage Calculators
The mortgage calculators are provided for illustrative purposes only. The calculators do not have the ability to pre-qualify you for any loan program. The mortgage qualification process requires additional information. All terms, information, conditions, rates, and programs are subject to change without prior notice. Homeowners Association (HOA) dues are not included in the calculations. All information such as interest rates, taxes, insurance, Private Mortgage Insurance (PMI) payments, etc. are estimates and should be used for comparison only. The calculators do not calculate the Annual Percentage Rate (APR). Homestar Financial Corporation does not guarantee the information obtained by the mortgage calculator. Be sure to consult a Mortgage Loan Originator prior to relying on the results.
Monthly Mortgage Payment
This calculator will compute your Total Monthly Mortgage Payment. Your monthly payment will include principal and interest and an escrow account for property taxes and homeowners insurance. This is also known as PITI . These figures will be based on the term of your loan (amortization) and the amount of money you use for a down payment which is known as the loan to value (LTV).
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Monthly Payment Amortization
This calculator will compute your Monthly Payment, the Total Interest you will pay over the term of the loan plus the total amount you will actually pay for borrowing the money. Simply input your information into the required field. You can check the "Show Amortization Schedule" box to see a breakdown of payments.
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What Size Loan Can I Qualify For?
This calculator will help you determine the maximum loan you may be able to qualify for. Please note that these figures are guidelines only and you should always check with your lender to determine the best program to fit your needs. Your mortgage loan qualifications will be based on your income, current debts and of course your credit ratings. This calculator will also show you how much will you save on taxes by being a homeowner.
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Should I Refinance?
This calculator will show if refinancing your current mortgage is appropriate by taking your current Monthly Payment and Total Interest and comparing it to your Refinancing Savings when you refinance your current mortgage at a lower interest rate. You can also request to finance Closing Costs to see how many months it will take to break even.
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Buying vs Renting Comparison
This calculator will assist you in deciding whether it is better to rent or purchase a home. This is done by computing the costs of renting versus the costs of buying a home. There are many things included in the calculation such as interest, property taxes, tax savings, appreciation, closing costs, etc.
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How To Pay Off My Mortgage Early
You can pay off your existing mortgage sooner than it due date by simply applying additional payments to your principal balance. This calculator will show how the additional monthly payment will help you to pay off your current mortgage within a specified number of years. It will also show your interest savings if you make an additional payment each month from now and until your mortgage is paid off.
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How Much Of My Payment Is Interest vs Principal?
For the first years of your mortgage most of your mortgage payment is going to pay interest and very little is going to actual principal. This calculator will help you to determine the principal and interest breakdown on any given payment number. Just enter the loan's original terms (principal, interest rate, number of payments and monthly payment amount) and the desired payment number to calculate principal and interest breakdown.
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