DROdio Real Estate

Learn How Much You Can Afford

Did you know that the same $500,000 house can cost you between $2,083.33 per month and $4,219.28 per month depending on which loan you get? For this reason, it's very important you start your search by determining how much you want to spend per month, and which loan you want. We've gathered some excellent loan tools to help you make that decision. And remember, unless you'll be living in a house for the next 30 years, a 30 year conventional loan is probably not the right loan for you.

You'll also need a loan pre-qualification (or better yet, approval) letter from a lender before you can make an offer. So save yourself the time spent looking at properties that aren't right for you. Talk to a loan officer and use these tools as the first step of the home buying process.

We have several loan officers we recommend available here (this will take you to Step 2). Any of them can get a pre-qualification letter made for you in 1/2 hour or so, and you can do it all over the phone. (If you're willing or able to, however, we highly recommend getting an approval letter, which is stronger, and will probably require you to fax your financial information over to the loan officer. Sellers much prefer approval letters over pre-qualification letters.)

Your Ideal Monthly Payment: Mortgage Calculators

If you're not sure how to use these calculators, we're here to help! Just use the contact box at right to send us an inquiry, and we'll walk you through the calculators.

Adjustable Rate Mortgage (ARM) vs. Fixed Rate Mortgage Calculator
Have you considered an "ARM" loan? You won't pay off any principal, meaning if you buy a home for $500,000, at the end of 3 years you'll still owe $500,000, however, since houses have historically risen in value over the long run, you may still find yourself with increased equity. Many people find that they'd rather buy a bigger house with an ARM type loan than a smaller house with a conventional loan because bigger houses tend to appreciate more. If you have the risk tolerance to do this, it may be a smart move for you.
More Details on ARM Loans
Here is a calculator that gives a more detailed breakdown of ARM loan options
Mortgage Qualifier
This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments.
How Much Can You Save By Increasing Your Mortgage Payment?
This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage!
Mortgage comparison: 15 years vs. 30 years
Determining which mortgage term is right for you can be a challenge. With a 15 year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.
Mortgage Points Calculator
Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each "point" will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points, or use the money to increase your down payment. Click on the "View Report" button to review your information.