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 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