• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Mortgage Payment Calculator

April 16, 2011 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email

With current mortgage rates still under 5%, do the math, an accurate mortgage payment calculator can help you calculate an affordable mortgage payment for your Sonoma County home loan.

Taking out a mortgage is a careful step that requires meticulous consideration. You should always be working with current mortgage rates when using a mortgage payment calculator. The best mortgage payment calculator is located here . The mortgage payment should consider all factors regarding PITI, in other words principle, interest, taxes, and in some cases mortgage insurance,these need to be counted for when computing the full mortgage payment. A mortgage loan doesn’t just go away or change the way rent can. The fixed rate mortgage payment will also not change for the life of the loan. This means the mortgage payment needs to be affordable.

In order to make the mortgage payment affordable, current mortgage rates must be used otherwise the payments will not be indicative of the real house payment.

For example if you are looking at a house for $300,000 and you’re putting 20% down, following is the way your house payment should break down if you’re using an accurate mortgage payment calculator $300,000 purchase price, $60,000 down payment equals eight $240,000 loan amount, this translates to a monthly payment of principal and interest of $1251.96. This monthly payment is based on current mortgage rates of 4.75% for a 30 year fixed rate mortgage payment. The next component of the total mortgage payment we need to look at is fire insurance and property taxes. We can estimate fire insurance will be somewhere around $60 a month for $240,000 home loan.property taxes are based upon 1.25% of the purchase price divided by 12 to compute the monthly payment. $300,000 sale because $3750 per year or $312.50 per month.

The mortgage payment will be used in factoring a preapproval to purchase that $300,000 house. The mortgage payment in the above scenario should be $1624.46 per month. Remember this house payment is based on three factors.

#1 use current mortgage rates
#2 using accurate mortgage payment calculator
#3 compute the mortgage payment

By doing the three steps listed above you will be guaranteed an accurate mortgage payment for the house you are purchasing. The Sonoma County mortgage broker or Sonoma County local lender you are working with can easily compute these payments for you because they have access to current mortgage rates with your qualifying ability. Remember current mortgage rates will not do you any bit of good if you cannot qualify for them with your mortgage payment. This is going to boil down to making sure you use an accurate mortgage payment calculator or let your loan officer run the numbers for you.

Using a mortgage payment calculator on your own will enable you to accurately compute the numbers needed for your mortgage payment.You will also want to consider a savings calculator as a result of doing a refinance loan or a purchase loan in Sonoma County. The savings calculator can be used in conjunction with the mortgage payment calculator to figure out when breaking even on the loan costs will be. For example if you are refinancing a mortgage and the closing costs associated with getting the loan are $5000 and you are saving 300 hours per month by refinancing your Sonoma County mortgage loan you will break even and 16.67 months, in other words one year and four months. If you plan to live in the property for that long it makes sense especially if you can take the monthly savings that you will receive in your mortgage payment and apply them towards your principal balance you can build equity faster and save hundreds of thousands of dollars in mortgage interest.

A recommended mortgage payment calculator can be bookmarked in your web browser when looking for the best current mortgage rates.

So while getting the best mortgage interest rate is the first objective, it is really in second position to getting in an affordable mortgage payment that you can handle for the next 30 years. I have access to the most accurate mortgage payment calculator as well as current mortgage rates. Selecting The Right Mortgage Company is very important.You can always reach out to me Scott Sheldon Sonoma County mortgage loan lender via email scott@sononomacountymortgages.com.

Related Mortgage Advice from Scott Sheldon

  • Use An Accurate Mortgage Calculator

    If you are thinking about taking out a mortgage loan run some payment scenarios first.…

  • Mortgage Insurance: Consumer Tips On PMI & Advoidance

    Mortgage Insurance is like the plague to a monthly mortgage payment. It makes the cost…

  • mortgage after loan modification
    Mortgage after loan modification? Here's how...

    One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications…

  • Comparing Mortgage Rates In Sonoma County

    What to look for in comparing mortgage rates in Sonoma County. The Federal Reserve came…

Filed Under: Mortgage Tips & Advice Tagged With: loan payment calculator Sonoma County, mortgage payment calculator, Santa Rosa mortgage loan calculator, Sonoma County mortgage payment calculator

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window