If you’re interested in buying a new home or refinancing a property, using mortgage calculators can help you do some of the hard math that comes along with the home financing process. Warp Speed Mortgage offers mortgage calculators that can help you determine your estimated monthly mortgage payment, how much home you can afford, the income required to afford your dream home, and how much money you can save by refinancing.
Mortgage Calculator
A basic mortgage calculator will help you estimate your monthly mortgage payment when you input:
- total home loan amount
- annual interest rate
- loan term
The monthly payment that is calculated will not include insurance and taxes so you can anticipate your actual payment will be slightly higher than what is shown on the calculator.
Once calculated, you’ll also be able to view your amortization schedule, or a breakdown of how each monthly payment will be broken down into paying down interest and paying down the principal amount. This schedule will break down each and every monthly payment expected throughout your loan term, so it can be quite long!
Affordability Calculator
An affordability calculator will help you determine how much you can borrow based on your annual income and monthly debt obligations. This calculator will ask you to input:
- annual interest rate
- annual real estate taxes (research homes in your country to get a good estimate)
- loan term
- annual homeowners insurance amount (if applicable)
- gross annual income
- monthly debt obligations
Once you’ve entered the information, the calculator will determine your maximum monthly mortgage payment and maximum total loan amount. Use this information to help you determine what kind of home you can afford and how much you may be able to borrow!
Income Required Calculator
An income required calculator helps you determine how much money you’ll need to earn annually to afford your dream home! For this calculator, you will need to input:
- total home loan amount
- annual interest rate
- loan term
- annual real estate taxes
- monthly debt obligations
The calculator will then display the required income needed to meet the qualifications for the loan you entered. You can use this to help you determine if you are already making enough to afford your dream home or if you might need to angle for a raise or take on a side hustle to meet the income requirements.
Refinance Savings Calculator
If you’re looking to refinance, using a refinance savings calculator should be your first step to determine how much money you could save if you choose this route. For this calculator, you will need to input:
- original interest rate
- original loan amount
- original loan term
- time left to pay on original loan
- new interest rate
- new loan amount
- new loan term
You’ll then see your old loan information displayed above your new loan information, so you can easily cross-compare your monthly payment and remaining total loan cost in both scenarios. It will also give you the total savings you can expect if you do choose to refinance. This calculator can help you determine whether refinancing is the right choice for you!
Mortgage calculators are great tools to help you better picture your financial situation and determine the best course of action to pursue. If you’ve already used our mortgage calculators and are ready to begin the home financing process, get started today!
