How to Use the Los Angeles Mortgage Calculator

Components of a Mortgage Payment

The core components of your mortgage payment are the principal (the amount you originally borrowed from your lender) and the interest on it. In some cases, depending on your lender and your loan, there may be other elements that are part of your payment as well, such as property tax and homeowners insurance expenses. If you have less than 20% equity in your home and need to pay private mortgage insurance (PMI), or if you pay homeowners association (HOA) fees, those costs may be included, too.

Different kinds of loans may involve different fees, and these could also be part of your mortgage payment. Specialized calculators may be helpful in giving you a more exact estimate in such cases. If you’re applying for a loan guaranteed by the Federal Housing Administration (FHA), you can use an FHA mortgage calculator, which factors in that loan’s mortgage insurance premiums. Likewise, a VA mortgage calculator can take into account fees that are specific to loans backed by the U.S. Department of Veterans Affairs.

Cost of Living in Los Angeles

This second most populous city in the U.S. (after only New York City), this sprawling, sunshine-drenched metropolis is known for being a glamorous center of the entertainment and media industries — and for a cost of living significantly higher than the national average.

Let’s dig a little deeper into Los Angeles costs and see why, though it’s a popular place to live, it’s not among the best affordable places in the U.S. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100. The chart below shows the COLI numbers for a variety of common expenses in Los Angeles, and as you’ll see, all the costs listed here exceed the average.

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

Los Angeles’s First-Time Homebuyer Assistance Programs

When you’re thinking about buying your first home in Los Angeles, it’s a good idea to look into the down payment assistance programs that may be available to help you cover the initial costs or purchasing property. While many of these are targeted to first-timers, as long as you haven’t owned a primary residence within the past three years, you may be able to qualify as a first-time homebuyer.

The California Housing Finance Agency offers down payment assistance and loans (both conventional and government-backed). Los Angeles’s housing market is expensive, so programs like these can be a huge help in making homeownership more affordable.

Tips on Reducing Your Mortgage Payment

Once you’ve purchased your home, you may wonder whether there’s anything else you can do to lower your monthly payments. Here are a few options to consider.

•  Drop PMI as soon as you have 20% equity in your home. You’ll have to make a request to your lender, though the payments should stop automatically after you reach 22% equity.

•  When you get a windfall, ask your lender to recast your mortgage. If you put this large lump sum payment toward your principal, you might be able to get your loan reamortized, lowering your monthly payments.

•  Your lender may agree to modify your loan if you suffer a significant financial hardship. Ask whether you can have the terms of your mortgage adjusted, perhaps by lowering your interest rate or extending your loan term.

•  Try to lower your homeowners insurance expenses. You could increase your deductible, bundle insurance policies for a discount, or shop around for a less expensive policy.

•  If interest rates drop or your credit improves, consider a mortgage refinance. Lowering your rate or extending your term can decrease what you pay on a monthly basis.

Recommended: Average Monthly Expenses for One Person

The Takeaway

It’s important to understand your budget and financial capabilities when you embark on the home-buying process. This Los Angeles mortgage calculator can help you quickly and easily assess just what will be affordable for you. With this kind of detailed information at your fingertips, you can feel secure in the decisions you make, knowing that you’ve been able to thoroughly review and consider the full financial implications of your mortgage to be certain it’s the right choice for you.

How to Use the Portland Mortgage Calculator

Components of a Mortgage Payment

The main components of a mortgage payment are the principal and interest. Additionally, your monthly payment may factor in property tax, which varies by location. Your lender may also require you to pay PMI, and some mortgage payments include homeowners insurance premiums and homeowners association fees.

If you’re considering a home loan guaranteed by the Federal Housing Administration (FHA), use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums. A VA mortgage calculator is your best bet if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.

Recommended: Average Monthly Expenses for One Person

The Cost of Living in Portland

Portland’s cost of living is about 16 points higher than the average cost of living in the U.S., mainly due to high housing costs (around 46 points above the nation’s average). Despite this, Portland offers some affordable living options for young adults, who might be fine in an apartment or shared home, so it landed on a list of the best affordable places in the U.S. It offers a mix of lifestyle perks, a large rental market, and a great dining scene that young residents might love.

It’s a good idea to familiarize yourself with costs in an area if you’re moving there for the first time. Here you can see how various subcategories of costs stack up in Portland according to data from the Council for Community and Economic Research (C2ER).

Portland’s First-Time Homebuyer Assistance Programs

With housing prices on the high side in Portland, buying a home as a first-time homebuyer can be especially challenging. If this sounds familiar, down payment assistance programs may be worth looking into. They can help you cover the initial costs, whether by providing a low- or no-interest second mortgage that helps with the down payment, or by providing a grant or forgivable loan. To qualify, you typically must not have owned a primary residence within the past three years. Research first-time homebuyer programs in Oregon as a whole, but also search for the town name and “down payment assistance” to locate local programs.

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

Tips on Reducing Your Mortgage Payment

After you purchase a home, it might still be possible to reduce your mortgage payment. Here are some strategies you can explore once you’re settled in.

•  Drop private mortgage insurance once you have 20% equity in your home. This can be achieved through regular payments or home appreciation (or, more likely, both).

•  If you receive a bonus or other windfall, mortgage recasting can be a smart move. You’ll make a lump sum payment toward your mortgage principal and ask your lender to re-amortize the loan.

•  Consider a mortgage refinance if loan rates have fallen since you purchased, or if your credit score has increased significantly.

•  Property taxes are based on an assessment of your home and land, and if you think the assessment is inaccurate, you can challenge it. If the assessor agrees, your taxes might fall. Be warned, though, that sometimes the result is a larger assessment.

•  If you’re facing financial hardship, you can request that your lender modify your loan to make your monthly payments more manageable. This may increase the total loan cost over time.

•  Cut your homeowners insurance costs by increasing your deductible, bundling your homeowners and auto insurance, or making upgrades that enhance your home’s security or storm resistance.

The Takeaway

Using a Portland mortgage calculator can provide valuable insights into your home-buying budget and help you understand the financial commitments involved in homeownership. Whether you’re a first-time buyer or a seasoned homeowner, use this tool to run different combinations of down payment amount and loan term to determine the right mix of upfront cash and timeline. You’ll go into the mortgage process well prepared.

How to Use the San Antonio Mortgage Calculator

Components of a Mortgage Payment

The main components of a mortgage payment are the loan’s principal and interest. The principal is the amount that you borrowed, while the interest is the cost of borrowing that money. Additionally, depending on your loan and lender, your monthly payment may include money for your property tax, which the San Antonio mortgage calculator can take into account. Your mortgage payments might also cover your homeowners insurance payments and, if you’re subject to either, private mortgage insurance (PMI) or homeowners association (HOA) fees.

What exactly your mortgage payment includes also depends on what kind of mortgage loan you choose. Specialized calculators can be useful for factoring in loan-specific costs. If you’re applying for a FHA loan (one guaranteed by the Federal Housing Administration), you can use an FHA mortgage calculator, which allows for the mortgage insurance premiums that kind of loan requires. Likewise, a VA mortgage calculator can take into account relevant fees when you’re looking at a loan backed by the U.S. Department of Veterans Affairs.

Cost of Living in San Antonio

San Antonio’s cost of living significantly impacts not just home affordability, but also costs such as utilities, health care, transportation, and more. Fortunately, San Antonio’s cost of living is almost nine percent below the national average, according to the Council for Community and Economic Research’s Cost of Living Index (COLI), which compares the cost of living in major metro areas against the national average of 100. Below is a breakdown of the COLI for different living expenses in San Antonio, and as you can see, most of them fall comfortably below the national average.

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

San Antonio’s First-Time Homebuyer Assistance Programs

If you’re buying your first home in San Antonio, you may want to take advantage of one of the homebuyer assistance programs offered by several organizations in Texas. (Even if you’re a repeat homeowner, you may still qualify as a first-time homebuyer if you haven’t owned a primary residence within the past three years.) These programs offer both low-interest loans and financial help for your down payment, closing costs, or both.

If you’re a veteran or a public service professional like a librarian, nurse, or public schoolteacher, you may also be eligible for the Homes for Texas Heroes program, which provides both home loans and down payment assistance. These programs can ease the initial costs of buying a home so they’re well worth researching.

Tips on Reducing Your Mortgage Payment

Once you’ve bought your home, there may still be ways you can reduce your monthly payments. Here are some options.

•  As soon as you reach 20% equity in your home, you can ask your lender to drop your private mortgage insurance (PMI).

•  If you get a windfall and can put a large lump sum toward your principal, find out if your lender is willing to recast your loan. This reamortizes your mortgage, which reduces your monthly payment while retaining your interest rate and loan term.

•  Appeal your property tax assessment if you believe it was too high. Should your tax authority lower your assessment, you’ll pay less in property taxes.

•  If mortgage rates drop or your credit improves and you can get a lower interest rate, consider a mortgage refinance. Be sure to take closing costs into account.

•  When you are experiencing financial hardship, you can request that your lender modify your mortgage to lower your monthly payments.

Recommended: Average Monthly Expenses for One Person

The Takeaway

The San Antonio mortgage calculator can be a powerful tool, helping you estimate monthly payments, total interest, and the overall cost of a mortgage you’re interested in. You can also use the calculator to tweak different mortgage factors to see how the changes affect your costs. Whether you’re a first-time homebuyer or a seasoned homeowner, using this mortgage calculator can help you achieve your homeownership goals while remaining within your budget.

How to Use the Winston-Salem Mortgage Calculator

Components of a Mortgage Payment

Mortgage payments include principal and interest. Many lenders will also wrap in property tax because it’s in the lender’s interest that the taxes on the loan collateral (your home) remain current. Some lenders also like borrowers to pay for home insurance and homeowners association fees as part of the mortgage payment. And if you put down less than 20% your PMI will be built into your loan payment as well.

Mortgages backed by the Federal Housing Administration have principal and interest, too. But FHA borrowers will also have an upfront and ongoing mortgage insurance premium to pay as part of their loan payment. Use an FHA mortgage calculator if you’re looking at an FHA loan. And if you’re seeking a loan backed by the U.S. Department of Veterans Affairs, use a VA mortgage calculator.

Cost of Living in Winston-Salem

North Carolina as a whole has a cost of living that is just below the U.S. average, and Winston-Salem is one of the state’s more affordable metropolitan areas. No wonder it’s on a list of the best affordable places in the U.S., where it was flagged as particularly good for young adults thanks to its job market and entertainment options.

Cost of living significantly impacts affordability, and it’s worth taking a deeper look when you’re thinking about buying a home in an area. Here you can see how subcategories of costs stack up in Winston-Salem, according to data from the Council for Community and Economic Research (C2ER). The average cost of living in the U.S. equals 100 on this scale. As you can see, housing in Winston-Salem is particularly affordable when compared to the national average.

Winston-Salem’s First-Time Homebuyer Assistance Programs

If you’re buying your first home in Winston-Salem, or haven’t owned a primary residence in the past three years, down payment assistance programs may be available to help you cover some of the initial costs. These programs can provide financial aid specifically designated for the down payment, closing costs, or both. Sometimes there’s a low- or no-interest second mortgage involved, and sometimes assistance comes in the form of a grant. The NC Home Advantage Mortgage has a 30-year fixed rate and up to 3% down payment assistance. Winston-Salem has its own local Affordable Homeownership Opportunity Program (AHOP) that’s worth looking into as well.

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

Tips on Reducing Your Mortgage Payment

It’s possible to get settled into your new home and still find ways to lower your monthly mortgage payment. If you’re feeling a budget pinch, consider these techniques:

•  After you’ve hit 20% equity, drop PMI. Remember that you might hit 20% home equity more quickly than anticipated if the home appreciates in value significantly.

•  Mortgage recasting can be a smart financial move if you receive a bonus or other windfall. You would make a lump sum payment toward your mortgage principal and request that the lender re-amortize the loan.

•  Do a mortgage refinance if interest rates have dropped significantly or your credit score has had a healthy upswing. Make sure you factor in closing costs on the new loan when looking at the cost versus benefits of a refi.

•  Appealing your property taxes can lower your property tax bill. Research other assessments of comparable properties in your area to try to determine if your assessment might be too high.

•  With your lender’s help, modifying your loan can provide temporary relief if you face financial hardship. This can involve extending the loan term, reducing the interest rate, or lowering the principal balance.

•  Try to find a less expensive home insurance policy, perhaps by bundling home and auto policies, since insurance is often part of the monthly mortgage bill.

The Takeaway

A mortgage calculator is a useful tool for prospective homebuyers, helping you estimate monthly payments, total interest, and the overall cost of a mortgage. By inputting your home price, down payment amount, loan term, interest rate, and property tax rate, you can explore different scenarios and make informed decisions about a home purchase in Winston-Salem. In no time at all, you’ll be able to align your home-buying goals with your budget and move forward.