Frontier Mortgage Calculator Help

1) How much can I afford?
There are three calculators in this group to help you determine your current financial situation with respect to getting loan approval. The calculators consist of :

2) Should I Refinance?
There is one calculator in this category. You can manipulate the data to determine if refinancing is right for you.

 

 

 

Calculate by Purchase Price:
     This calculator is designed to allow you to enter the price of a home that you are interested in and determine if you will qualify. Follow these steps:

Section I. Mortgage Information

  1. Find an interest rate that suits your needs. ( Click here to see the current lowest rates)
  2. Enter the value or price on the home
  3. Enter the term or length of loan in years
  4. Enter the interest rate that you have chosen
  5. Enter the percentage for Property tax and Home Insurance

Section II Closing Costs

  1. Enter the loan origination fee (This is what a Lender will charge for processing an application. Enter "1" if you don't know)
  2. Enter Points (These are charges levied by the Lender - 1 point is usually 1 percent of the loan value)
  3. Other Closing Costs (Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey.)
    Important: Your closing costs cannot exceed your Cash on Hand or Down Payment - you will need to adjust your Down Payment Amount

Section IV Personal Financial Information

This section is calculated by the program to determine the required Annual Income for your desired home price.

Section V Current Debt Information

  1. Enter the amount of your monthly Car Payment ("0" if none)
  2. Enter the amount of your monthly Credit Card Payments
  3. Enter the amount of any other monthly loan payments you may have

Now you are ready to press "CALCULATE" at the bottom left of the calculator.

The program will determine what your Monthly Payment will be and the required Annual Income associated with that payment.

 

Calculate by Annual Income:
     This calculator is designed to allow you to enter your Annual Income and to determine the purchase price of a home that you can qualify for. Follow these steps:

Section I. Mortgage Information

  1. Find an interest rate that suits your needs. ( Click here to see the current lowest rates)
  2. Enter the term or length of loan in years
  3. Enter the interest rate that you have chosen
  4. Enter the percentage for Property tax and Home Insurance

Section II Closing Costs

  1. Enter the loan origination fee (This is what a Lender will charge for processing an application. Enter "1" if you don't know)
  2. Enter Points (These are charges levied by the Lender - 1 point is usually 1 percent of the loan value)
  3. Other Closing Costs (Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey.)
    Important: Your closing costs cannot exceed your Cash on Hand or Down Payment - you will need to adjust your Down Payment Amount

Section IV Personal Financial Information

  1. Enter your Annual Income
  2. Enter your down payment or cash on hand

Section V Current Debt Information

  1. Enter the amount of your monthly Car Payment ("0" if none)
  2. Enter the amount of your monthly Credit Card Payments
  3. Enter the amount of any other monthly loan payments you may have

Now you are ready to press "CALCULATE" at the bottom left of the calculator.

The program will determine the Price of the home that you can afford, the Monthly payments, and the total loan amount you can get.


      

Calculate by Monthly Payments:
     This calculator is designed to allow you to enter a desired Monthly Payment and it will determine the maximum purchase price of a home that you can qualify for and the required Annual Income you will need. Follow these steps:

Section I. Mortgage Information

  1. Find an interest rate that suits your needs. ( Click here to see the current lowest rates)
  2. Enter a Desired Monthly Payment
  3. Enter the term or length of loan in years
  4. Enter the interest rate that you have chosen
  5. Enter the percentage for Property tax and Home Insurance

Section II Closing Costs

  1. Enter the loan origination fee (This is what a Lender will charge for processing an application. Enter "1" if you don't know)
  2. Enter Points (These are charges levied by the Lender - 1 point is usually 1 percent of the loan value)
  3. Other Closing Costs (Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey.)
    Important: Your closing costs cannot exceed your Cash on Hand or Down Payment - you will need to adjust your Down Payment Amount

Section IV Personal Financial Information

  1. Enter your Down Payment or cash on hand

Section V Current Debt Information

  1. Enter the amount of your monthly Car Payment ("0" if none)
  2. Enter the amount of your monthly Credit Card Payments
  3. Enter the amount of any other monthly loan payments you may have

Now you are ready to press "CALCULATE" at the bottom left of the calculator.

The program will determine the Price of the home that you can afford, the required Annual Income, and the total loan amount you can get.

 

Refinance Calculator
This calculator allows you to enter data from your current loan inclucing your current tax, insurance and Private Mortgage Insurance. You can enter data of a proposed loan to determine whether or not refinancing is right for you. Follow the steps below:

Original/Current Mortgage Information

  1. Enter the full amount of your current loan.
  2. Enter the original appraised value of your current property.
  3. Enter the original interest rate when you received the loan.
  4. Enter the number of years remaining to pay off the loan.
  5. Enter a percentage that best represents your current property tax situation.
  6. Enter a percentage that best represents your current home insurance situation.

Now, you have completed the preliminary data.

New Loan Information

By default, the "Click here to calculate Loan Balance" is selected. This will automatically calculate the balance of your current loan. You can change the amount of your new loan amount by simply deselecting the "Click here to calculate Loan Balance" checkbox and entering an amount below.

  1. Enter the current appraised value of your property.
  2. Enter the new term of the Loan. This will usally be the remaining years of your current loan.
  3. Enter the new interest rate. Click here to see the lowest rates.
  4. Enter a percentage that best represents the Loan Origination Fee the Lender will charge for processing your loan. ("1" if you don't know).
  5. Enter the number of points that you will be paying.
  6. Enter any other closing costs.

When fiinished, you should see a small table below that is displaying any savings that you may receive by refinancing.

Change the numbers around as much as you like to determine your options.


 

If you need more help, please contact us here

 

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