To make or sell your home in Gwinnett County, Georgia,
Use this handy mortgage calculator while shopping around to arrive at an estimate of how the home loan terms offered by each lender may affect the amortization schedule on your new mortgage loan, so that you can have an idea of the best loan for your needs at this time. Some lenders say the mortgage payment should be no more than 28% of the borrower's total gross income. However, borrowers with lower debt-to-income ratios, higher credit scores, or both are often approved for loans with payments above 28%.
Download and use this printable, easy-to-use Amortization Calculator Worksheet in PDF.
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Home Price: You'll find the list price of a given property just above the property image at the top of the page.
Down Payment: This will vary for the buyer in several ways. Regardless, when determining the down payment, also consider all additional funds likely needed to close, such as closing costs, which are often up to 3% of the purchase price. In addition, plan for a home inspection, an appraisal, and incidentals (each up to $1,000). Please enter only the loan down payment in this field. Including additional expenses beyond the required down payment will help the borrower estimate the total funds needed to close. Yes, some of these expenses may be negotiable, but it is best to plan and be buttoned up for different scenarios.
Interest Rate: Get this figure from your pre-approval letter from the lender.
Private Mortgage Insurance (PMI): This figure may also be provided in the pre-approval letter for FHA Mortgages, but the loan officer or lender representative is also a good source.
Annual Insurance: This figure will vary by carrier and property. Shop around for the best rate from a reputable insurance carrier and enter that number here.
Annual Property Taxes: This can be found in the listing under the Financial Information Header, labeled "Annual Taxes."
Monthly HOA: This can be found in the listing under the Financial Information Header, labeled "Annual Association Fee."
Please send me the property details, GA MLS Number, and other information, so that a fee sheet can be sent that describes what you may expect in an estimated mortgage payment in far greater detail
