How to Use the Asheville Mortgage Calculator

Cost of Living in Asheville

The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Asheville would go further than a dollar spent in a major city like New York or Los Angeles. The cost of living index (known as COLI) can be used to figure out how much money it takes for you to maintain a basic standard of living in a given place. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index.

With a 2024 COLI of 102.7, Asheville is a little more expensive than the national average. North Carolina holds a 2024 COLI of 97.8, in line with nearby Virginia (100.8) and South Carolina (94.7). As you consider purchasing a home in Asheville, you can refer to this chart to compare it to other major cities in North Carolina:

Source: Council for Community and Economic Research’s Cost of Living Index.

And if you have a desire to pursue a home in one of the best affordable places in the U.S., check out Greensboro and Southern Pines, which landed on the list of most economical places to live in North Carolina.

A home affordability calculator can help you with your planning by factoring in your income, debts, and local property costs.

Recommended: The Cost of Living in the U.S.

Tips on Reducing Your Mortgage Payment

If you are a homebuyer in Asheville, you may be looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:

•  Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.

•  Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.

•  See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.

•  Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.

Asheville First-Time Homebuyer Assistance Programs

If you are a first-time homebuyer in North Carolina, you can find state programs that help make homeownership more achievable by reducing the upfront financial burden. Down payment assistance programs can provide financial aid for the down payment, closing costs, or both.

To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Look into the North Carolina Housing Finance Agency (NCHFA), which offers programs designed to help low- to moderate-income buyers who need help coming up with a down payment or closing costs. Some of the NCHFA programs also assist veterans or individuals who are buying in certain areas or regions.

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

An Asheville mortgage calculator is a powerful tool for anyone considering a home loan, and it’s extra useful for first-time homebuyers. This tool helps you estimate monthly payments, understand the impact of different down payment amounts, and explore various loan scenarios. By using this calculator, you can better prepare for the financial commitment of homeownership.

How to Use the Orlando Mortgage Calculator

Components of a Mortgage Payment

A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.

Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator.

Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.

Recommended: Average Monthly Expenses for One Person

Cost of Living in Orlando

Orlando is an affordable city in both Florida and nationwide according to its cost of living. This metric gives you a sense of what things cost in a region. The cost of living index (COLI) reflects how far your dollar goes. A COLI higher than 100 means a region is more expensive than the national average, while a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index.

With a 2024 COLI of 96.4, Orlando is in line with cities like Atlanta, Georgia (96.0) and Greenville, South Carolina (93.1). In Florida, which had a 2024 COLI of 102.2, Orlando is considered a much more affordable city than Miami (120.8) and Fort Lauderdale (121.8).

This chart highlights cost of living numbers for major expenses in Orlando:

Source: Council for Community and Economic Research’s Cost of Living Index.

While Orlando did not rank on the best affordable places in the U.S., O-Town is considered one of the best places to live in Florida for young adults.

Recommended: The Cost of Living in the U.S.

Tips on Reducing Your Mortgage Payment

If you are a homebuyer in Orlando, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to lower your monthly mortgage payment:

•  Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.

•  Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.

•  Review your property taxes regularly. If you think your property taxes are too high, the Orange County Comptroller’s Value Adjustment Board (VAB) can inform you about the appeals process.

•  See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.

•  If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.

Orlando First-Time Homebuyer Assistance Programs

If you’re buying your first home in Orlando, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible.

The Florida Housing Finance Corporation, known as Florida Housing, offers first-time buyers in Florida some help. Eligibility may depend on income, occupation, location, and other factors, so be sure to check the details. The Hometown Heroes program supports first-time homebuyers who work in law enforcement or health care, with eligibility dependent upon income, credit score, and other factors.

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

Using an Orlando mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can provide a clearer picture of your financial obligations and help you make informed decisions about your home loan. Especially if you are a first-time homebuyer in Orlando, the mortgage calculator can be a practical resource in planning your homeownership journey.

How to Use the Charlotte Mortgage Calculator

Cost of Living in Charlotte, NC

As you consider purchasing a home in Charlotte, it’s helpful to get a sense of the cost of living so you can budget correctly. You can refer to the cost of living index (COLI), which reflects how much you can afford in a certain area. A COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive, according to the Council for Community and Economic Research’s Cost of Living Index.

With a 2024 COLI of 91.2, Charlotte is more affordable than the average U.S. city. Your dollar in Charlotte may be comparable to nearby cities like Richmond, Virginia (94.2) and Columbia, South Carolina (89.1) but would not go as far in major cities like San Francisco (166.8) and Chicago (115.1).

To see how some of your major expenses in Charlotte would stack up compared to other cities around the country, review this chart:

Source: Council for Community and Economic Research’s Cost of Living Index.

If you have a desire to pursue a home that is in one of the best affordable places in the U.S., check out Greensboro and Southern Pines. They both landed on the list of most economical places to live in North Carolina.

To go further in your planning, use a home affordability calculator to help factor in your income, debts, and local property costs.

Recommended: The Cost of Living in the U.S.

Tips on Reducing Your Mortgage Payment

As you explore your monthly bills, you may wonder how you can reduce your mortgage payment to free up cash to dedicate to other expenses. Here are some tips:

•  Request that your lender drop PMI once you reach 20% home equity.

•  Appeal property taxes if you feel they are overly high. Use caution doing this if you have made improvements on the property — sometimes asking for extra scrutiny of a home’s value can backfire. The process begins by going to the County Office of the Tax Assessor.

•  Consider requesting a loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate.

•  Explore a mortgage refinance if interest rates are lower than your current rate. (Don’t forget to factor in closing expenses when you compare overall costs).

•  Shop for cheaper homeowners insurance by adjusting your deductible or bundling policies.

Charlotte’s First-Time Homebuyer Assistance Programs

If you are a first-time homebuyer in North Carolina, you can find state programs that help make homeownership more achievable by reducing the upfront financial burden. Down payment assistance programs can provide financial aid for the down payment, closing costs, or both.

To qualify as a first-time homebuyer, you must have not owned a primary residence within the past three years. Look into the North Carolina Housing Finance Agency (NCHFA), which offers programs designed to help low- to moderate-income buyers who need help coming up with a down payment or closing costs. Some of the NCHFA programs also assist veterans or individuals who are buying in certain areas or regions. Locally, consider the HouseCharlotte Program, which offers down payment assistance and other programs for qualified buyers.

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

A Charlotte mortgage calculator is a powerful tool for first-time homebuyers. Use it to estimate monthly payments, including principal, interest, and property taxes. And you can test different scenarios to determine the combination of home price, down payment, interest rate, and repayment term that are appropriate for your situation. While a calculator offers valuable insights, you’ll also want to seek out a lender for a personalized assessment and to explore various loan options and down payment scenarios.

How to Use the Louisville, KY Mortgage Calculator

Components of a Mortgage Payment

Mortgage payments mainly cover principal and interest. The principal is the loan balance, while interest is the borrowing cost. Your monthly payment might also include property tax, property insurance, homeowners association (HOA) fees, and — if you put down less than 20% — PMI.

Homebuyers who are exploring a home loan guaranteed by the Federal Housing Administration (FHA) will have a slightly different cost structure and should try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.

Meanwhile, a VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.

Cost of Living in Louisville

Louisville’s cost of living is about six points below the national average, which is one reason the city landed on a list of the best affordable places in the U.S.

A young, single person looking to purchase a home in Louisville might first research the average monthly expenses for one person to get a sense of how their budget could shape up, particularly if they are moving from out of state. If you’re a family with two adults working full time and two kids, you should know that the living wage for your household is $39.12 per hour, according to MIT’s Living Wage Institute.

Here you can see how various subcategories of costs stack up in Louisville according to data from the Council for Community and Economic Research (C2ER).

Louisville, KY First-Time Homebuyer Assistance Programs

If you’re aiming to buy your first home in Louisville, you may be able to take advantage of down payment assistance programs that are available to help cover initial costs. These helpful programs offer financial aid specifically designated for down payments and associated closing costs, ultimately making the prospect of homeownership more accessible and achievable for first-time buyers.

To qualify for these programs, you typically must not have owned a primary residence within the past three years. Many first-time homebuyer programs in Kentucky are run by the Kentucky Housing Corporation, although Louisville (and the state’s other major city, Lexington) each have city-specific programs.

Recommended: Do You Qualify as a First-Time Homebuyer?

Tips on Reducing Your Mortgage Payment

Homebuyers in Louisville, KY are looking to do whatever they can to lower their mortgage payment. Here are some things you can do after purchasing a home to lower the payment:

•  Drop private mortgage insurance (PMI) once you reach 20% home equity. (Reach out to your lender to do this.)

•  Consider a mortgage recast. Make a lump-sum payment toward the principal that you owe and ask the lender to do a recast.

•  Consider appealing your property taxes if you feel they are too high. Use caution, however: Inviting closer scrutiny of a property’s worth can sometimes result in a tax increase.

•  Request that a lender modify your loan if you are facing financial hardship.

•  Extend your loan term to lower monthly payments.

•  Shop for cheaper homeowners insurance.

•  If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.

The Takeaway

Understanding how your home purchase price, down payment amount, interest rate, loan term, and property taxes affect your monthly home loan payments is an important part of budgeting for your major purchase. Using a Louisville home mortgage calculator and playing with different scenarios before you commit to a specific home or home loan can help you go into the mortgage process fully prepared.