Buying a home is a big commitment. It's the largest purchase most people will ever make. At 701 Realty, we focus on your wants and needs to find the perfect home for you. Once pre-approved for a mortgage loan and a list of wants and needs is made, we work with you to narrow down the available homes on the market that fit your needs and are within budget.
Who We Work With
Local Mortgage Lenders 701 Realty Inc. has a great-deal of experience working with:
Looking to Get Pre-Approved?
Financing a home can be complicated. We can walk you through the entire pre-approval process.
How much mortgage can I afford?
Taking out a mortgage will be, for almost everyone, the largest investment a person or family will make. Further, a home loan is frequently thought of as a good investment when it is used to finance the purchase of a house or building that has a reasonable chance to appreciate in value. "But how do I know if I can afford a mortgage," is a common refrain. Helping you answer this question is precisely the goal of our mortgage calculator.
More ways to use our free mortgage calculator
Our mortgage calculator is capable of a great deal more than just calculating a monthly mortgage payment.
Calculate Different Scenarios
Considering what to offer on a new home? Use our mortgage calculator to estimate and compare the monthly payments for different offer scenarios. Change the home price in the loan calculator to see if going under or above the asking price still fits within your budget. You can also use our mortgage payment calculator to see the impact of making a higher down payment.
See Where Your Money Is Going
Our mortgage calculator’s payment breakdown can show you exactly where your estimated payment will go: Principal and interest (P&I), homeowners insurance, property taxes, and private mortgage insurance (PMI).
Estimate the Cost of Different Loan Types
The type of loan you use to finance a new home can make an impact on your monthly mortgage payment. Use our mortgage payment calculator to estimate and compare the cost of different loan types.
Mortgage Calculator Help
You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.
If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.
Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.
Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.
If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)
Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.
The term (duration) of the loan is expressed as a number of months.
- 60 months = 5 years
- 120 months = 10 years
- 180 months = 15 years
- 240 months = 20 years
- 360 months = 30 years
Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://financial-calculators.com/mortgage-calculator
Find homes for sale in Minot, ND and surrounding areas now
We had an excellent time and an awesome experience through the whole home buying process. Andrew Gudmunson was understanding of our needs and he responded quickly to every question and concern that we had. I wouldn’t hesitate a single second to recommend him to anyone that needed a home. In our opinion, Andrew is one of… Read more “Great Experience!”
When starting the process of searching for our new home, we found ourselves in a unique situation. We lived 6 hours away from the Minot area. With two busy jobs and a child on the way, we had few opportunities to go look at houses. Andrew Gudmunson was extremely accommodating to our needs. He alerted us… Read more “Outstanding Service”
Understanding and Caring.
Andrew ‘Goodie’ Gudmunson’s relentless pursuit of a place for us to call home was second to none. Andrew put us first from the first time we called him about being interested in looking until we closed. Because of his very approachable demeanor, we were comforted as we embarked on a journey we were new to. Andrew… Read more “Understanding and Caring.”
Thank you Goodie! – Best Minot ND Realtor
Being a first time home buyer, I didn’t know a whole lot about the buying process. Andrew Gudmunson did a great job in explaining everything to me in words I could understand. I had a job out of town where I would leave town early in the morning and not be back in town until after regular… Read more “Thank you Goodie! – Best Minot ND Realtor”
Professional and Personalized Service
Andrew gave me professional, personalized knowledge and advice throughout the entire process of buying my first home. He was patient with my never-ending questions and he always addressed my concerns quickly and happily. Above all, Andrew made the process fun and exciting, yet simple and easy to understand. He is one of the nicest people and… Read more “Professional and Personalized Service”
Andrew did a great job finding a house within our budget and making it feel like it was worth so much more. Because he was always available to answer any questions we had, he made the whole process very easy. He is a very capable realtor. My wife pays a lot of attention to detail and… Read more “Good Job.”
Hardworking and Caring
Andrew Gudmuson has worked with multiple members of my family. His integrity, loyalty and hard work have always impressed us. We have always thought of him as one of the best, if not the best realtor in the Minot ND area. This was our first home purchase and Andrew did a wonderful job calming my nerves… Read more “Hardworking and Caring”
Satisfied Home Owner
Andrew Gudmunson went above and beyond in helping us find and decide on a cabin at Rice Lake. He made sure to connect us to the right people at the right time. This made the buying process go smoothly. We gave him a firm price and he got it for us! I was very impressed with Andrew… Read more “Satisfied Home Owner”
Experienced, Knowledgeable and Result-Oriented.
From start to finish, Andrew demonstrated applicable knowledge and experience with the sale of my home. His local connections and professionalism were abundantly clear throughout the entire process. Because Andrew has a history of success as a Century 21 Agent/Owner, it made the decision to choose him as our real estate agent that much easier. Being… Read more “Experienced, Knowledgeable and Result-Oriented.”