How To Use Our Mortgage Calculator

Finding the right mortgage information is easy with our mortgage calculator suite. Whether you’re buying your first home and need to know what you can afford, investing in rental property and want to check the DSCR numbers, selling a home and curious about your profits after expenses, considering a refinance to save money, or deciding between continuing to rent or becoming a homeowner – we have a specialized calculator just for you. Just choose the tool that fits your needs and follow the simple input prompts.

Want to save your results? Each of our mortgage calculators includes an “Email Me This” button that allows you to send your personalized calculations directly to your inbox. This feature makes it easy to save your results for future reference, share them with family members, real estate agents, or financial advisors, or compare different scenarios as you make important financial decisions.

Affordability Calculator

Who it’s for: First-time homebuyers, current renters considering a purchase, or existing homeowners looking to upgrade who need to determine their budget for a new home. You can find out if a conventional loan, FHA loan, VA loan, or USDA loan is right for you.

1. Enter your annual or monthly income in the designated field
2. Input your monthly debt payments (credit cards, car loans, student loans, etc.)
3. Specify your desired down payment amount or percentage
4. Adjust the interest rate slider to match current mortgage rates
5. Set your preferred loan term (typically 15 or 30 years)
6. Review the results showing your maximum affordable home price and estimated monthly payment
7. Try adjusting your inputs to see how changes affect your affordability range

DSCR Calculator

Who it’s for: Real estate investors evaluating potential rental properties, current landlords looking to refinance rental homes, or anyone considering converting a property to a rental investment. Use our DSCR calculator to make sure your next rental fits your investing criteria.

1. Enter the property purchase price in the provided field
2. Input the expected monthly rental income from the property
3. Specify your down payment amount or percentage
4. Enter the estimated property taxes, insurance, and HOA fees (if applicable)
5. Adjust the interest rate to match current investment property rates
6. Choose your loan term (typically 30 years for investment properties)
7. Review the calculated DSCR ratio (lenders typically require 1.25 or higher)
8. Check the monthly cash flow projection to see your potential profit or loss
9. Adjust variables to see how they impact your DSCR and cash flow

Net Proceeds Calculator

Who it’s for: Current homeowners planning to sell their property who want to understand how much money they’ll actually receive after all selling costs are paid.

1. Enter your home’s estimated selling price
2. Input your current mortgage balance (if any)
3. Specify any additional liens or mortgages on the property
4. Enter the real estate commission percentage (typically 5-6%)
5. Add estimated closing costs (title insurance, transfer taxes, etc.)
6. Include any repairs or concessions you expect to make
7. Review the calculated net proceeds amount – this is your estimated “take home” money
8. Adjust any variables to see how they affect your bottom line

Refinance Calculator

Who it’s for: Current homeowners considering refinancing their mortgage to lower monthly payments, reduce loan terms, take cash out, or remove mortgage insurance.

1. Enter your current loan balance, interest rate, and monthly payment
2. Input the term remaining on your current loan
3. Specify the new loan’s interest rate and term
4. Enter the estimated closing costs for the refinance
5. Input how long you plan to keep the home after refinancing
6. Review the results showing monthly payment savings
7. Check the break-even point (when savings exceed closing costs)
8. Examine lifetime interest savings to see long-term benefits
9. Try different scenarios by adjusting rates and terms

Rent vs Buy Calculator

Who it’s for: Current renters considering homeownership, people relocating to a new area, or anyone trying to determine whether renting or buying makes more financial sense for their situation.

1. Enter your current monthly rent payment
2. Input the price of homes you’re considering buying
3. Specify your planned down payment amount or percentage
4. Enter the expected mortgage interest rate
5. Select your preferred loan term (typically 15 or 30 years)
6. Input property tax rate and estimated insurance costs
7. Specify how long you plan to stay in the home
8. Adjust the expected home appreciation rate and rental increase rate
9. Review the comparison results showing total costs of renting vs. buying
10. Check the break-even point where buying becomes cheaper than renting
11. Try different scenarios by adjusting your inputs