Asheville Mortgage Calculator

Purchase Price
(Accepted offer price)

Down Payment
(no PMI with 20% or more down payment)

Mortgage Term in years
(Make sure your lender offers 30 year fixed rates - some Credit Unions do not)

The Annual Percentage Rate
(4.183% (10/24/17) ~ "that's low!")

Property Tax Per Year
(Value of Home (determined by city - click here to find home value by address) and calculated per every $100 of assessed value then Multiplied By (0.539% Buncombe County, Additional 0.4289% if in the City of Asheville and Additional School Tax 0.12% (1.0879% for All)) Buncombe County Tax Rates 2017

Property Insurance
(average between $500 - $700 per year)

Monthly PMI
(Private Mortgage Insurance - held by lender in case of default (you have made a down payment less than 20% of sales price)) = average $55 per month for every $100,000 financed

Primary Loan Types:

Conventional Loans (not backed by government agency, lender bares all risk within loan-to-value ratio 80%/20%)
Conforming Loans (generally the borrower must provide 5% down (even when a family member or other party contributes more) and pay PMI (private mortgage insurance))
Nonconforming Loans (including Jumbo Loans made to borrowers who cannot meet the qualification requirements for conforming loans)

Secondary Mortgage Market:

Fannie Mae (Federally owned, conventional, FHA, VA loans)
Ginnie Mae (A Division of HUD, a corporation without capital stock, FHA and VA mortgage loans)
Freddie Mac (Government Owned, primarily conventional loans originated by savings associations)

Qualifying For A Loan:

To get a general idea of what amount of mortgage loan you can afford to pay per month, and add all your monthly bills together including your estimated mortgage and divide them by your gross (total) monthly income. The end figure can not be more than 36%. This is close to the method used by lenders to see if you qualify for a mortgage and for how much.

All Monthly Bills, INCLUDING MORTGAGE, divided by 0.36 = Qualified Loan Amount

Tax Rates:

Tax rates are determined by the city and/or county assessed values of the home. 100% of assessed value is divided by 100 and multiplied by the tax rate(s). Here are the current tax rates for Asheville and surrounding areas. Asheville City and County Tax Rates

Mortgage Loan Calculator

Price of Real Estate?:

Down Payment Pct?:

Amount of Loan?:

Enter a "0" (zero) for one unknown value above.

Monthly Payments?:

Annual Interest Rate?:

Points?:

Annual Prop. Taxes?:

Annual Insurance?:

Mortgage Ins. (PMI)?:

Payment Method?:

Monthly Payment:

Down Payment:

Total Interest:

Total P & I:

Original Size

Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://financial-calculators.com/mortgage-calculator

MORTGAGE CALCULATOR

Asheville Mortgage Calculator

Purchase Price
(Accepted offer price)

Down Payment
(no PMI with 20% or more down payment)

Mortgage Term in years
(Make sure your lender offers 30 year fixed rates - some Credit Unions do not)

The Annual Percentage Rate
(4.183% (10/24/17) ~ "that's low!")

Property Insurance
(average between $500 - $700 per year)

Monthly PMI
(Private Mortgage Insurance - held by lender in case of default (you have made a down payment less than 20% of sales price)) = average $55 per month for every $100,000 financed

Primary Loan Types:

Secondary Mortgage Market:

Qualifying For A Loan:

Tax Rates:

Mortgage Calculator Help

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Asheville Mortgage Calculator

Purchase Price (Accepted offer price)

Down Payment (no PMI with 20% or more down payment)

Mortgage Term in years (Make sure your lender offers 30 year fixed rates - some Credit Unions do not)

The Annual Percentage Rate (4.183% (10/24/17) ~ "that's low!")

Property Insurance (average between $500 - $700 per year)

Monthly PMI (Private Mortgage Insurance - held by lender in case of default (you have made a down payment less than 20% of sales price)) = average $55 per month for every $100,000 financed

Primary Loan Types:

Secondary Mortgage Market:

Qualifying For A Loan:

Tax Rates:

Mortgage Calculator Help

Leave a Reply Cancel reply

Purchase Price
(Accepted offer price)

Down Payment
(no PMI with 20% or more down payment)

Mortgage Term in years
(Make sure your lender offers 30 year fixed rates - some Credit Unions do not)

The Annual Percentage Rate
(4.183% (10/24/17) ~ "that's low!")

Property Insurance
(average between $500 - $700 per year)

Monthly PMI
(Private Mortgage Insurance - held by lender in case of default (you have made a down payment less than 20% of sales price)) = average $55 per month for every $100,000 financed