Michigan Mortgage - Mortgage Calulator

Payment Calculator

Use this mortgage calculator to determine your monthly payment amount. Estimate your property taxes and homeowners insurance so that these amounts will be included in the payment calculation. Enter amounts in the fields below and the mortgage calculator will give you your monthly mortgage payment amount!

Mortgage Calculator
Years
Interest
Loan Amount
Annual Tax
Annual Insurance

Mortgage Calculation Results
Monthly Principal + Interest
Monthly Tax
Monthly Insurance
Total Monthly Payment

Pre-Qualify Calculator

How much loan can I afford?

See if your income is sufficient to qualify
		Desired Mortgage for new home
		Total Number of Years on Mortgage
		Interest Percentage of Mortgage
		Property Taxes on your new Home
		Total Monthly Payments in Non-Mortgage Debt (i.e. Car payment, other installment loans, credit cards, etc).


Summary
Pricipal & Interest	Total Housing Payment (tax & insurance incl).	Required Salary

Your salary must meet the following two conditions:

Your gross (pre-taxes) monthly salary must be greater than 33% of the sum of the monthly mortgage and monthly tax payments.

Your gross (pre-taxes) monthly salary must be greater than 45% of the sum of the monthly mortgage, monthly tax and other monthly debt payments.

If you have less than 20% equity in your home, a monthly mortgage insurance payment is required, unless doing a first mortgage of 80% and the remainder balance as a second or a home equity loan to avoid mortgage insurance.