Mortgage Calculator – Estimate Your Payment in Seconds

Buying a home or refinancing your mortgage in 2024 is exciting—but understanding your monthly payment can feel overwhelming. That’s why Non-QM Mortgage Lenders, powered by NEXA Mortgage, LLC, has created a user-friendly mortgage calculator to help you figure out your costs quickly and accurately.

Whether you’re a first-time buyer or looking to refinance, our mortgage calculator is designed to give you the most accurate monthly payment details—and it’s packed with features like PITI, HOA fees, and PMI/MIP.

Why You Need a Mortgage Calculator in 2024

When buying or refinancing a home, it’s important to know your monthly payments so you can budget effectively. Our mortgage calculator helps you estimate your principal and interest payments. It goes beyond that by including property taxes, homeowners insurance, HOA fees (if applicable), and private mortgage insurance (PMI) or mortgage insurance premiums (MIP) for FHA and VA loans.

Instead of guessing, you can clearly know how much house you can afford and what you’ll need to pay each month—all within seconds! Speak With Our Loan Officer for Mortgage Loans

The Mortgage Calculator that Does More

Other mortgage calculators may give you an idea of your principal and interest payments. Still, they often leave out key costs that can make a big difference in your monthly payment. Our 2024 mortgage calculator factors in everything, so you aren’t hit with surprises later on. Here’s what it includes:

• Principal and Interest (P&I): The amount of your loan and the interest charged.
• Property Taxes: Taxes assessed by local governments.
• Homeowners Insurance: Protects your home and belongings.
• HOA Fees: If you’re buying in a community with a homeowners association.
• PMI/MIP: These are mandatory if your down payment is less than 20% or you use an FHA loan.

With our calculator, you can instantly see how these factors impact your monthly mortgage payment and get an accurate snapshot of your housing expenses.

How to Use the 2024 Mortgage Calculator

It’s easy! Here’s how you can calculate your payment in three simple steps:

1. Enter the Loan Amount: Input the price of the home minus your down payment or, for refinancing, the balance of your loan.
2. Select Your Loan Type: Choose from options such as Conventional, FHA, VA, or non-QM loans, including non-QM jumbo Mortgages.
3. Input Your Interest Rate and Loan Term: You can customize your interest rate (based on current market rates) and pick the loan term—usually 15 or 30 years.

Hit calculate, and you’ll know your monthly mortgage payment within seconds.

Real-Life Example:

Let’s say you’re purchasing a home for $350,000 with a 5% down payment and a 3.5% interest rate on a 30-year loan. Once you input your property taxes and insurance, our calculator will promptly show you a detailed monthly payment breakdown. This way, you’ll clearly understand what to expect each month.

Debt-to-Income (DTI) Ratio: Your Key to Mortgage Approval

The 2024 mortgage calculator from Non-QM Mortgage Lenders continues beyond calculating your monthly payment. We’ve added a special feature: the Debt-to-Income (DTI) Ratio Calculator. This tool shows your front-end DTI (housing payments) and back-end DTI (all debts, including credit cards and car loans) to help you know where you stand when it comes to mortgage approval.

For example, most lenders want a front-end DTI under 28% and a back-end DTI under 43%. Our calculator lets you know immediately if you’re in the right range. Talk To Our Loan Officer for Mortgage Loans

How to Calculate Your DTI Ratio with Our Mortgage Calculator:

1. Enter Your Monthly Gross Income: This is your income before taxes.
2. Add Up Your Monthly Debts: This includes credit card payments, car loans, and student loans.

Within seconds, you’ll know your front-end and back-end DTI ratios, and you’ll have a better idea of whether you qualify for a loan.

Real-Life Example:

Your monthly income is $6,000 before any deductions, and your total monthly debt payments, including your expected housing payment, come to $1,800. Using our mortgage calculator, you can see that your back-end DTI is 30%, making you well-placed for approval.

Why DTI Matters in 2024

In today’s lending environment, lenders focus more than ever on your debt-to-income ratio. Even if you have a good credit score, a high DTI could limit your loan options. Our mortgage calculator helps you stay informed so you can make adjustments before applying for a loan.

For example, if your DTI is high, you may need to pay off some debt before applying for a mortgage or refinancing. This calculator helps you plan and avoid surprises.

Customizing Your Mortgage in 2024

One size doesn’t fit all when it comes to mortgages. Whether you’re a first-time buyer, looking to refinance, or shopping for an investment property, it’s important to understand how different types of loans can affect your monthly payment.

Our calculator provides customized results for:

• Conventional Loans
• FHA Loans
• VA Loans
• Non-QM Loans (ideal for self-employed borrowers, investors, or those with unique financial situations)

Each loan type has its benefits and requirements. When considering loan options, FHA loans provide lower down payment choices, as low as 3.5%, but entail mortgage insurance premiums (MIP). On the other hand, Conventional loans may enable PMI avoidance with a down payment of 20% or more.

Example:
If you’re purchasing a $400,000 home with an FHA loan and putting down 3.5%, you must include the upfront MIP and monthly MIP in your calculation. Our 2024 mortgage calculator does this for you automatically, ensuring you have the most accurate picture of your costs.

Refinancing? Our Mortgage Calculator Can Help

Considering refinancing in 2024? Our mortgage calculator can assist you whether you aim to reduce your interest rate, change from an ARM to a fixed-rate mortgage, or access cash through a cash-out refinance.

Refinancing can be a great way to save money each month, but you need to know if it makes sense financially. Use our calculator to:

1. Estimate your new monthly payment.
2. Compare it to your current mortgage payment.

This will help you decide if refinancing is right for you. Refinancing may be a smart move if your new monthly payment is significantly lower.

Real-Life Example:

If you currently have a 4.5% interest rate on a $300,000 loan and you refinance to a 3% rate, our calculator will show you how much you’ll save each month—and over the life of the loan. Click Here To Apply For Mortgage Loans Today

Thinking About a Jumbo Mortgage?

If you want to purchase a high-value property, you may need a non-QM jumbo Mortgage. Jumbo loans are beneficial for homebuyers seeking to borrow more than the standard loan limits (currently $726,200 in most areas for 2024).

Our calculator is specially designed to handle jumbo loan calculations, giving you accurate payment estimates on luxury homes or high-cost properties.

Ready to Calculate Your Payment?

The 2024 mortgage calculator from Non-QM Mortgage Lenders is more than just a tool—it’s your roadmap to smart home financing. Whether buying a new home or refinancing your current one, our calculator gives you the power to know your monthly payment in advance and make better decisions.

Stop guessing. Start calculating today and get one step closer to your dream home!

Frequently Asked Questions About Our Mortgage Calculator

• 1. How accurate is the mortgage calculator? Our mortgage calculator aims to provide accurate estimates based on the most recent 2024 mortgage guidelines. However, actual payments may differ slightly due to changing interest rates, property taxes, and insurance costs.
• 2. Can I use the mortgage calculator for refinancing? Definitely! The mortgage calculator is suitable for both refinancing and new home purchases. It’s a convenient tool to determine potential savings when refinancing at a lower rate.
• 3. Does the calculator include all costs? Yes, it factors in principal, interest, taxes, insurance, and, if applicable, PMI, MIP, and HOA fees.
• 4. How does the DTI calculator help me? The debt-to-income ratio calculator helps determine if your financial situation meets mortgage approval guidelines. It’s one of the key factors lenders look at before approving a loan.
• 5. Can I adjust the interest rate and loan term? Indeed, you can easily alter the interest rate and loan term to observe the impact of various scenarios on your monthly payment.
• 6. What is included in PITI? PITI includes Principal, Interest, Taxes, and Insurance. These elements are the fundamental parts of your monthly mortgage payment. Our calculator covers all these components, PMI/MIP (if necessary), and HOA fees, if applicable.
• 7. Can I calculate payments for different loan types? Yes! Our mortgage calculator supports multiple loan types, including Conventional, FHA, VA, and non-QM loans. Select the loan type, enter the relevant details, and you’ll get an accurate breakdown of your monthly payments.
• 8. Does the mortgage calculator account for different down payment amounts? Absolutely. You can customize the down payment amount in the calculator to see how different percentages (5%, 10%, or 20%) impact your monthly payment and the need for PMI or MIP.
• 9. How do interest rates affect my monthly mortgage payment? It is important to understand how interest rates impact your mortgage payment. Use our calculator to see the effect of rate changes on your payment.
• 10. Can I use the mortgage calculator to estimate my closing costs? While our calculator focuses on monthly mortgage payments, it gives you a great start for budgeting. For a more detailed look at closing costs, it’s best to speak with a loan officer who can provide estimates based on your location and loan type.

This blog about “Mortgage Calculator – Estimate Your Payment in Seconds” was updated on September 9th, 2024.

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