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Mortgage Qualifier

An annual income of ANNUAL_INCOME may qualify you for LOAN_AMOUNT loan.

Using your input values, an annual income of ANNUAL_INCOME should enable you to carry a LENGTH_OF_LOAN-year mortgage at INTEREST_RATE in the amount of LOAN_AMOUNT. With a TOTAL_FOR_DOWNPAYMENT down payment, the total purchase price would be PURCHASE_PRICE. Total closing costs for this loan are estimated at TOTAL_CLOSING_COSTS.

Monthly payment TOTAL_MONTHLY_PAYMENT

Closing costs TOTAL_CLOSING_COSTS

Principal and interest MONTHLY_PI Fee for points POINTS_PAID_AMT
PMI MONTHLY_PMI Origination fee LOAN_ORIGINATION_AMT
Taxes MONTHLY_TAXES Other closing costs OTHER_CLOSING_COSTS
Insurance MONTHLY_INSURANCE

To avoid PMI payments a PERCENT_20_DOWN_AMT down payment is required. This equals PMI_PERCENT of your home's purchase price. The total amount of cash required for a PMI_PERCENT down payment plus closing costs would be CLOSING_COSTS_PLUS_20.

Qualify Calculation

The QLFY_AMOUNT monthly payment you could qualify for is calculated by taking the lower of these two calculations:

1.Monthly Income X LOW_DEBT_PITI_RATE = monthly PITI MONTHLY_INCOME X LOW_DEBT_PITI_RATE = QLFY_PITI_ONLY
2.Monthly Income X HIGH_DEBT_PITI_RATE - Other loan payments = monthly PITI MONTHLY_INCOME X HIGH_DEBT_PITI_RATE - TOTAL_LOAN_PAYMENTS = QLFY_PITI_DEBT

Payment Schedule

**REPEATING GROUP**



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Definitions

Mortgage amount
Original or expected balance for your mortgage.
Interest rate
Annual interest rate for this mortgage.
Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Monthly payment
Monthly principal and interest payment (PI).
Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
Savings
Total amount of interest you will save by prepaying your mortgage.


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Mortgage Loan Calculator

Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the "Report" button for a full yearly or monthly amortization schedule.


Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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