Mortgage Information

Various Calculators – Mortgage Information

Monthly Payment

Calculates your payment for different loan amounts, interest rates, and amortization terms.

Payment Schedule

Calculates the breakdown of principal and interest payments in a yearly or monthly format.

Extra Payment

Calculates how much you can save over the term of your loan by increasing your monthly payment.

How Much Can I Afford

Calculates your maximum mortgage amount based upon the monthly payment, interest rate, and term that you enter.

How Much Can I Borrow

Calculates how much you can borrow based on your income, debts and desired loan terms.

Rent vs Own

Estimates the benefits of owning a home as opposed to renting.

Fixed Rate vs. ARM Calculator

Compares the difference between a fixed-rate and an adjustable-rate mortgage.

15-Year vs. 30-Year Mortgage Calculator

Compares the difference between a 15-year and a 30-year mortgage.

Refinance Interest Savings Calculator

Estimates the benefits of refinancing.

Interest Only Calculator

Calculates the monthly payment for an Interest Only loan.


Frequently Asked Questions – Mortgage Information

  1. How do I know how much house I can afford? Answer
  2. What is the difference between a fixed-rate loan and an adjustable-rate loan? Answer
  3. How is an index and margin used in an ARM? Answer
  4. How do I know which type of mortgage is best for me? Answer
  5. What does my mortgage payment include? Answer
  6. How much cash will I need to purchase a home? Answer

  • Q: How do I know how much house I can afford?

  • A: Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.

  • Q: What is the difference between a fixed-rate loan and an adjustable-rate loan

  • A: With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.

  • Q: How is an index and margin used in an ARM

  • A: An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).

  • Q: How do I know which type of mortgage is best for me?

  • A: There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Multi Platinum Holdings can help you evaluate your choices and help you make the most appropriate decision.

  • Q: What does my mortgage payment include?

  • A: For most homeowners, the monthly mortgage payments include three separate parts:
    • Principal: Repayment on the amount borrowed
    • Interest: Payment to the lender for the amount borrowed
    • Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

  • Q: How much cash will I need to purchase a home?

  • A: The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
    • Earnest Money: The deposit that is supplied when you make an offer on the house
    • Down Payment: A percentage of the cost of the home that is due at settlement
    • Closing Costs: Costs associated with processing paperwork to purchase or refinance a house

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At Courtney Anthony Real Estate, we believe in great customer service. We are experts in our local markets and want to assist you with any questions you may have during the buying or selling process. If you have any questions, please feel free to contact us.

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