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Thread: Mortgage calculator?

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    Mortgage calculator?

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    Anyone have a website that's pretty accurate?

    With DH possibly taking this job up north we will have to buy a home. I found like 2 rentals in the area we could afford, and none were in a good school area.

    Also anyone know a good realtor in northern va?
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    #2
    I like the one on realtor.com because it factors in the cost of insurance and taxes etc
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    Mortgage Calculator from Bankrate.com - Calculate Payments with Ease

    This one has always been super accurate for me. When I use it even now it calculates my mortgage payments (minus escrow amounts) within $2.50.


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    #4
    Quote Originally Posted by April Lynne View Post
    Mortgage Calculator from Bankrate.com - Calculate Payments with Ease

    This one has always been super accurate for me. When I use it even now it calculates my mortgage payments (minus escrow amounts) within $2.50.
    Creeping this thread because my boyfriend and I will be buying a house soon. I've been onto every single site there is trying to figure out what a potential mortgage will be... and this one seems the most off for me... figuring a 350K house, at 3.5% .. $1500 mortgage.. that just doesn't seem right.
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    Honestly, I liked the one on zillow, but use the advanced calculator. You need to know some values to input (such as find out about what interest rate your loan types will go for, whether you will need to pay PMI, hat your home owners insurance will cost etc..), but it was accurate for literally all the houses I looked at within $50, which is pretty good for our range.
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    Quote Originally Posted by Dr.VinoVet View Post
    Honestly, I liked the one on zillow, but use the advanced calculator. You need to know some values to input (such as find out about what interest rate your loan types will go for, whether you will need to pay PMI, hat your home owners insurance will cost etc..), but it was accurate for literally all the houses I looked at within $50, which is pretty good for our range.
    I don't think we have to pmi cause he's recieves disability now, but everything else I need to look up. Looks like we can afford just enough to get the town homes we are looking at. They are literally the only "close" (30 minute drive) with schools I find acceptable. (Personally won't look at schools rated below 7)
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    Quote Originally Posted by BritBrat View Post
    Creeping this thread because my boyfriend and I will be buying a house soon. I've been onto every single site there is trying to figure out what a potential mortgage will be... and this one seems the most off for me... figuring a 350K house, at 3.5% .. $1500 mortgage.. that just doesn't seem right.
    What's it's giving you doesn't include your taxes and homeowners insurance costs per month it's just your principle and interest payment.


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    Quote Originally Posted by Mac N Cheese View Post
    I don't think we have to pmi cause he's recieves disability now, but everything else I need to look up. Looks like we can afford just enough to get the town homes we are looking at. They are literally the only "close" (30 minute drive) with schools I find acceptable. (Personally won't look at schools rated below 7)
    PMI only doesnt exist if you are putting down 20+% more down or you are able to secure a VA loan
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    #9
    Quote Originally Posted by April Lynne View Post
    What's it's giving you doesn't include your taxes and homeowners insurance costs per month it's just your principle and interest payment.


    Yes, this. Also keep in mind if looking at town homes that HOA fees vary a lot. When we were searching we saw them as low as $50 / month to $500/ month. It depends on what it includes. That can certainly affect your monthly payment.
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    If you guys are eligible for a VA loan, you won't have to pay PMI if you're putting less than 20% down (including 0% down). If you're talking about using a VA loan anyway, what you might be thinking of as an exemption is the VA funding fee--service-connected disabilities for which one is receiving compensation I THINK exempts a borrower from paying that. And there is no PMI on VA loans. If you're using a conventional loan, you would have to pay PMI if you're financing anything over 80% of the home's value I believe.

    Make sure that you are calculating not just principal and interest but also taxes, homeowner's insurance, and HOA dues. If PMI isn't going to be an issue (you're either using a VA loan or putting 20% down with a conventional loan), I really like the calculator on Redfin. If you find a home you like on Redfin (and I notice that they update active homes pretty quickly), the calculator should automatically populate property taxes and homeowner's association dues provided they are accurate in the listing.
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