Calculators

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Calculators > Home and Mortgage

When you're buying a home, mortgage lenders don't look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating.
If you choose to finance your closing costs, the monthly loan payments will be higher than if you had paid the closing costs out-of-pocket. In order to help borrowers compare loans, lenders use a standard calculation called annual percentage rates (APR) which takes into account the closing costs.
Depending upon the market value of your home, outstanding mortgage balance, credit history and other factors, you may qualify for a home equity line of credit. Monthly payments on a HELOC are variable as they fluctuate with interest rate changes.
Over the last couple of years with interest rates at a 40-year low, many people refinanced their mortgages. Even though rates have crept up over the last couple of months, refinancing may make sense for you.
The loan amount, the interest rate, and the term of the mortgage can have a dramatic effect on the total amount you will eventually pay for the property. Further, mortgage payments typically will include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI).
Different mortgage terms and rates can make the loan selection process confusing, especially if you don't plan on keeping the loan for the full term.
In some cases, it may benefit you to 'buy down the interest rate' by paying extra money up front in the form of discount points.
With interest rates near 40-year lows, the decision to rent versus buy becomes difficult.

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14 Wall Street, 20th Floor,
New York, NY 10005
T: 917.755.0516
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E: jlee@4D-nyc.com

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