Mortgage Center
Preferred Lender: * Southeast Mortgage *
The following are FAQ's about mortgages:
"How much home can I afford?" is a question most home buyers ask.
While there are varying thoughts on this, a common rule of thumb is that your monthly housing expenses should not total to more than 33% of your gross (i.e. before taxes) income. That includes your mortgage payment, property taxes, and home owners insurance. So take a third of your current income and use that as the maximum amount that you'll be able to afford.
"How much will my monthy payment be if I buy that house?" is the next frequently asked question by a prospective home buyer.
For the answer to that, we'll need to use a mortgage calculator.
Other Resources:
Mortgage Definitions
Mortgage amount
Original or expected balance for your mortgage.
Interest rate
Annual interest rate for this mortgage.
Term in years
The number of years over which you will make payments on this interest only mortgage. This calculator assumes that a balloon payment will be due at the end of your loan term for the outstanding principal balance.
Monthly payment
Monthly interest payment.
Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assume to happen before the first payment of the loan.
Savings
Total amount of interest you will save by prepaying your mortgage.
The following are FAQ's about mortgages:
- How much house can you afford?
- How much will my monthy payment be if I buy that house?
- Other Mortgage Resources
- Mortgage Definitions
"How much home can I afford?" is a question most home buyers ask.
While there are varying thoughts on this, a common rule of thumb is that your monthly housing expenses should not total to more than 33% of your gross (i.e. before taxes) income. That includes your mortgage payment, property taxes, and home owners insurance. So take a third of your current income and use that as the maximum amount that you'll be able to afford.
"How much will my monthy payment be if I buy that house?" is the next frequently asked question by a prospective home buyer.
For the answer to that, we'll need to use a mortgage calculator.
Other Resources:
Mortgage Definitions
Mortgage amount
Original or expected balance for your mortgage.
Interest rate
Annual interest rate for this mortgage.
Term in years
The number of years over which you will make payments on this interest only mortgage. This calculator assumes that a balloon payment will be due at the end of your loan term for the outstanding principal balance.
Monthly payment
Monthly interest payment.
Total payments
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assume to happen before the first payment of the loan.
Savings
Total amount of interest you will save by prepaying your mortgage.
