I created this page to help you quickly access some tools that are put together to help you understand financing basics.
DTI – Debt-To-Income
I created this calculator myself to help you understand the “holy grail” of mortgage financing.
We all have expenses and when you go to buy a home, you start to think about all your financing. If you’re like me, you’ll start writing your bills down on pieces of paper and trying to come up with your b-b-b-budget!
Have no fear! You can learn your numbers and what “DTI” is right here – https://www.tommcgiveron.com/ninja-pay.
Basic mortgage Calculator
This will show you what you’re Principal and Interest will be. This calculator is basic so it will not show you mortgage insurance (if necessary) or your property taxes. Remember, a mortgage payment is usually made up of PITI (Principal, Interest, Taxes, Insurance).
You can get today’s mortgage rate here to put that in the calculator.
How Much Loan You Can Afford
If you’re trying to determine how much of a mortgage amount you can afford, use the calculator below in this section. Keep in mind, this will only tabulate the Principal and Interest so if you want a TOTAL MONTHLY PAYMENT of $3,500 for example, you should back out an estimate for taxes and insurance.
So in the calculator, you might put in $2,500 and this will give you your loan amount you can afford.
Pay Off Your Mortgage Faster
I did a video on Youtube, featuring the information in this next calculator, which will demonstrate the power of paying extra on your mortgage every month (if you can).
Here’s the YT short (1 minute) – https://youtube.com/shorts/gJMh8s_nH38?feature=share
Extra Payment Method Calculator
I hope these links and information helps you to understand mortgage financing a little better. It can be pretty confusing, especially if you’re not great at math, but as long as you understand the basics, you can get a better idea of what you can afford and how much it will cost you.
I’m not a mortgage loan officer. I am a Licensed Real Estate Broker Associate so I want to clarify that. If you have basic questions, feel free to text me at (631)831-9048 or send me a message on Instagram.
If you haven’t already, start listening to the Housing Expert’s Podcast.
Apple Podcasts – https://podcasts.apple.com/us/podcast/37-low-mortgage-rate-boom-to-bust/id1654048108?i=1000585909827
Spotify – https://open.spotify.com/episode/3oUN586fk4iMNWYCOoKmeC
Amazon – https://music.amazon.com/podcasts/443b8b96-a527-4c7a-96db-9e9e7c291ca7/the-housing-expert’s-podcast
Please consider subscribing for future content – thanks! https://www.youtube.com/@ThomasMcGiveron1/shorts
Equal Housing Broker