A mortgage calculator is a tool that takes into account several of the variables that make up what your monthly mortgage payment may be.  The Veritas Funding Mortgage Calculator is designed to give you the most accurate estimate by adding in the advanced fields to calculate the term, county, and HOA dues that you may need to factor in.  Below you will find the definitions of each field of the mortgage calculator. 


Standard Mortgage Calculator Features

Loan Type – Select the type of loan that you are planning to apply for.  If you are not sure what the different types of loans are you can take a look at the most popular loan types in Utah. 

Purchase Price – The amount that you expect to pay for a home.

Down Payment – They amount of money that you plan to put down for your home.  Typically, 3.5%-20% of the purchase price is what you will need as a down payment.  (There are some options in Utah that allow 0% down.)

Interest Rate – Estimate the interest rate that you will pay on your mortgage.  (The actual rate that you will pay will be determined by many factors.) 


Using the Advanced Features to better calculate your monthly payments.

Term – The length of time (in months) that you will be making payments on the mortgage.  Keep in mind 360 months (30 years) is the most common.

County -  The county of Utah in which the new home is located.  (Selecting a county will allow a better estimate of taxes.)

Monthly HOA Dues – If you are moving to a neighborhood that has yearly or monthly HOA dues you will definitely want to include that expense in your monthly budget calculations.

Loan to Value Ratio – This field is not one that you can edit but it is there just to show you the ratio of the amount of your loan vs the purchase price of the home.  Some say that your debt to income can be as important as your credit score when buying a home. 


Using a mortgage calculator is a great way to see what the monthly expense of a mortgage may look like.  Keep in mind that there are many factors that determine the amount that will be approved and other costs.  It is best to speak with a loan professional to get a clear picture of your home buying situation.