What makes a mortgage calculator different from a regular calculator?


The mortgage calculator has a special feature that calculates the monthly payment with principal and interest.

The mortgage calculator includes a place to add property taxes

The mortgage calculator includes a place to add home owners insurance premiums

The mortgage calculator includes a place to add HOA dues if they are applicable.

The mortgage calculator through my FairwaNow mobile app has mortgage insurance payments built in based on the type of loan you are doing and other factors.  Missing this part of a monthly payment can really throw off the estimated monthly mortgage payment.  FHA loans have a different mortgage insurance premium than a conventional loan and conventional loans have multiple options based on things like loan to value, credit score & loan amount as examples. USDA loans also have completely different mortgage insurance premiums than FHA and conventional.

To get an accurate quote it is best to contact a licensed loan officer because rates change and there may be programs available to you to help reduce the monthly payment. If you just want an idea of what a monthly payment might look like the mortgage calculator on my mobile app is going to be pretty close if you enter the information correctly.

Here is a preview of my FairwayNow mobile app:

(919) 714-8796

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367.  Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289.  Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.  Fairway Independent Mortgage Corporation NMLS Entity ID #2289 (http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289).