Mortgage Calculator

This calculator gives the monthly payment, total interest paid and an annual amortization schedule and much more...

 Home Value: \$ Loan amount: \$ Interest rate: % Loan term: years Start date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Property tax: % PMI: %
Output parameters »

Other Calculators:

Mortgage-info.com has many good mortgage calculators.

Here is a list of some buy versus rent calculators showing how buying can easily save you thousands of dollars over a five to ten year period:

AOL has a good mortgage affordability calculator. The essential fields you may not be familiar with are the Front-end Ratio and the Back-end Ratio. The lowest ratio of the two determines the maximum payment allowed by the lender. In California, the higher front-end and back-end ratios are usually allowed. Your credit score also contributes to the allowable ratios.

The Front-End Ratio is defined as a ratio that indicates what portion of a borrower's income that is used to make mortgage payments. It is calculated as a borrower's monthly housing expenses divided by his or her monthly gross income and is expressed as a percentage. Monthly gross income is simply annual income divided by 12 (months). Lenders use the front-end ratio in conjunction with the back-end ratio to approve mortgages. The appropriate equation is shown below:

For example, if your annual income is \$60,000, your monthly income is \$5,000 (60,000/12). By using front-end ratio (28-36%), you can figure how much of that \$5,000 you can allocate to your mortgage payments. If the required front-end ratio is 33%, you can allocate \$1,650 (5,000 x 0.33). Thus, if your PITI is \$1,550 or less, you would be approved. Typical monthly housing expenses include the mortgage principal, interest, taxes and insurance payments known as PITI.

The Back-End Ratio or debt to income ratio is defined as a ratio that indicates what portion of a borrower's income that is used to pay all of his or her debts. Total monthly debt includes expenses such as mortgage payments (made up of PITI), credit-card payments, child support and other loan payments. Lenders use this ratio in conjunction with the front-end ratio to approve mortgages. The appropriate equation is shown below:

For example, if your monthly income is \$5,000 (\$60,000/12) and your total monthly debt payments are \$2,000, your back-end ratio is 0.40 or 40%. Generally, lenders like to see a back-end ratio that does not exceed 40%; however, there are lenders who make exceptions for ratios of up to 50% if you have good credit. Some lenders consider only this ratio when approving mortgages, as opposed to using it in conjunction with the front-end ratio.