Mortgage Advisor-Mortgage Payment Calculator

Example

For an individual with an annual income of $60,000, Mortgage Advisor can suggest a home price that is financially sensible, typically ranging from 3 to 5 times the annual income, considering other debts and financial obligations.

Scenario

John, a user, enters his income details and learns that a home priced between $180,000 and $300,000 would likely be affordable for him, allowing him to plan his house hunting accordingly.

Example

Using input data like home price, down payment, loan term, and interest rate, Mortgage Advisor provides a detailed breakdown of monthly payments, including principal and interest.

Scenario

Sara inputs a home price of $250,000 with a 20% down payment and a 30-year loan at a 4.5% interest rate. Mortgage Advisor calculates her monthly payment to be approximately $1,013, helping her budget for her new home.

Example

Mortgage Advisor can compare different mortgage plans, such as 15-year vs. 30-year loans, showing how monthly payments and total interest paid would differ.

Scenario

Mike compares a 15-year and a 30-year mortgage plan for a $200,000 loan. Mortgage Advisor illustrates that while the 15-year plan has higher monthly payments, it significantly reduces the total interest paid over the life of the loan.