What Is My Home Worth?

Our FREE service provides you with your home's current market value and suggested selling price.

Wednesday, March 31, 2021

February 2021: Oldham County KY Real Estate Market Summary

February 2021: OLDHAM COUNTY MARKET SUMMARY We're back for another monthly Oldham County real estate market summary. We have seen some changes since January 2021. Absorption rates continue to dip (number of available homes during a given ...  Read More

Thursday, February 25, 2021

January 2021: Oldham County KY Real Estate Market Summary

january 2021: OLDHAM COUNTY MARKET SUMMARY January brought us frigid temperatures and record low housing inventory. Looking back at our January 2017 Oldham County Real Estate Statistics blog, it shows how low housing inventory is now. Inventory is ...  Read More

Mortgage Calculator

Our mortgage calculator is a great tool to determine monthly mortgage payments on a home. This tool also gives you a rough idea of the loan amount you could be preapproved for based on income and monthly debt payments.  Read More...

In the middle ‘Payment Information’ section, you will see ‘Annual PMI’. PMI stands for Private Mortgage Insurance. Not all loan types require homeowners to pay PMI but some do, and FHA loans for sure. Conventional loans that allow you to put five percent down may require you to pay monthly PMI. If you are able put 20 percent down on a conventional loan, you would not be required to pay monthly Mortgage Insurance. Lender Paid Mortgage Insurance (LMPI) is another option where the lender calculates the PMI into the cost of the loan. The default for this mortgage calculator is set for FHA loans. If you will be obtaining a VA or Conventional loan with 20% down, set the Annual PMI at 0.

For association fee and property tax information, feel free to reach out to our team to obtain this information. Not all neighborhoods have homeowner associations but most modern neighborhoods do. The monthly association fee mainly pertains to condo associations and the monthly maintenance fee. Condo association fees usually range between $100-$350 a month depending on what perks are offered. 

PITI stands for Principal Interest Taxes and Insurance. This calculation will give you an idea of how much each portion of Payment Information will cost combined monthly. The tax deductible portion of payment focuses on home interest and property taxes. The preset for the annual insurance is lower than usual homeowner’s insurance. You may want to increase the homeowner’s insurance cost a little bit, depending on the purchase price.

Once you have filled out the information in the chart, press the ‘Calculate’ button towards the bottom middle of the chart. There is a ‘reset’ button next to the calculate button to clear out the information and start over.

At the bottom of the chart, you will see a button that reads, ‘Create Amortization Schedule’. This chart appears in a pop-up screen that lists a number of payments, dates of payments, principal, interest, payment amount, and balance of the loan. This chart shows each payment up until the time your mortgage will be paid off. It also shows how much you will have paid in principal and interest at the end of each year. At the bottom of the chart, you will see a print button so that you can save this chart for future reference.

As always, if you have any questions or need further assistance, please let us know. If you would like to speak with a lender regarding getting preapproved for a loan, we have several lenders we can recommend.  Show Less...

Purchase Information Inputs Outputs
Purchase price:  
Down payment:
Loan amount:  
Annual interest rate:  
Length of the mortgage in years:  
Payment Information Inputs Outputs (Monthly)
Monthly principal & interest payment:  
Annual property taxes:
Annual insurance:
Annual PMI:
Monthly association fees:  
Monthly payment (PITI):  
Tax deductable portion of payment:  
Qualifying Information Inputs Outputs
Gross income:  
Monthly debt payments:  
Qualify for loan?:  
Maximum qualifying loan amount:  
Current payment to income ratio (max approx. 30%):  
Current debt to income ratio (max approx. 40%):  

Longer term loans may take a few moments for the report to be generated.