{"id":21596,"date":"2023-07-24T23:46:31","date_gmt":"2023-07-24T23:46:31","guid":{"rendered":"https:\/\/jakemainesrealtor.com\/?page_id=21596"},"modified":"2026-04-08T12:45:33","modified_gmt":"2026-04-08T16:45:33","slug":"mortgage-calculator","status":"publish","type":"page","link":"https:\/\/jakemainesrealtor.com\/new2026\/mortgage-calculator\/","title":{"rendered":"Mortgage Calculator"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"21596\" class=\"elementor elementor-21596\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-536d997f elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"536d997f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-379efa42\" data-id=\"379efa42\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-edc63ee elementor-widget elementor-widget-heading\" data-id=\"edc63ee\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 id='learn-what-your-mortgage-payments-will-look-like-with-my-simple-calculator'  id=\"boomdevs_1\" class=\"elementor-heading-title elementor-size-default\">Learn What Your Mortgage Payments Will Look Like with My Simple Calculator<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a791685 elementor-widget elementor-widget-spacer\" data-id=\"a791685\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7a07841 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7a07841\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e55a357\" data-id=\"e55a357\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-413d94cd elementor-widget elementor-widget-text-editor\" data-id=\"413d94cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><!-- fello-mortgage-calculator-widget code for Jake Maines Realty --><br \/><script src=\"https:\/\/widget.hifello.com\/mortgage-calculator-widget.js\" async defer><\/script><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5dcdbb8 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5dcdbb8\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7a4eaea\" data-id=\"7a4eaea\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f02599f elementor-widget elementor-widget-text-editor\" data-id=\"f02599f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 id='interested-in-buying-or-selling-a-home-in-virginia-beach'  id=\"boomdevs_2\">Interested In Buying Or Selling A Home In Virginia Beach?<\/h2>\n<div id=\"text_block-80-18490\" class=\"ct-text-block\">I\u2019m here to answer all your questions. As an experienced Virginia Beach real estate professional, I have unique expertise and plenty of tools to help you achieve your goals. Give me a call or send me an email to talk about your real estate plans.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-9c9ab82 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9c9ab82\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-01ebcb6\" data-id=\"01ebcb6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4550d19 elementor-align-center elementor-widget__width-initial fw-form first-cta elementor-widget elementor-widget-button\" data-id=\"4550d19\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"tel:+17574533730\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Call Jake 757-453-3730<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a407b81\" data-id=\"a407b81\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-934b248 elementor-align-center elementor-widget__width-initial fw-form first-cta elementor-widget elementor-widget-button\" data-id=\"934b248\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Email Jake<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-a20cff3 elementor-widget elementor-widget-spacer\" data-id=\"a20cff3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0c2e610 elementor-widget elementor-widget-heading\" data-id=\"0c2e610\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 id='your-mortgage-questions-answered'  id=\"boomdevs_3\" class=\"elementor-heading-title elementor-size-default\">Your Mortgage Questions Answered<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da3aa0b elementor-widget elementor-widget-text-editor\" data-id=\"da3aa0b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 id='what-s-a-mortgage'  id=\"boomdevs_4\" id=\"what-s-a-mortgage-\">What&#8217;s a Mortgage?<\/h3>\n<p>Well, consider a mortgage your best friend when you&#8217;re looking to become a homeowner. A mortgage loan lets you buy a home without paying the total price upfront. Instead, you agree to repay the loan over a certain period until the property is entirely yours.<\/p>\n<h3 id='how-do-you-get-a-mortgage'  id=\"boomdevs_5\" id=\"how-do-you-get-a-mortgage-\">How Do You Get a Mortgage?<\/h3>\n<p>You can secure a mortgage through various financial institutions. These include banks, credit unions, or specialized mortgage lenders. Whether you&#8217;re just window shopping or ready to buy, the lender will assess your credit score, history, and employment status to make a decision.<\/p>\n<h3 id='how-much-mortgage-can-you-afford'  id=\"boomdevs_6\" id=\"how-much-mortgage-can-you-afford-\">How Much Mortgage Can You Afford?<\/h3>\n<p>The amount of mortgage you can afford is influenced by several factors. These include your income, expenses, credit history, and existing debt. Considering all these factors, you can calculate the mortgage payment you can afford.<\/p>\n<h3 id='what-s-mortgage-insurance'  id=\"boomdevs_7\" id=\"what-s-mortgage-insurance-\">What&#8217;s Mortgage Insurance?<\/h3>\n<p>Mortgage insurance is like a safety net for the lender. It&#8217;s a policy designed to protect them if you fail to meet your payment obligations or default on the loan. It helps offset potential losses for the lender, reducing their risk.<\/p>\n<h3 id='what-are-mortgage-points'  id=\"boomdevs_8\" id=\"what-are-mortgage-points-\">What Are Mortgage Points?<\/h3>\n<p>Mortgage points are like a trade-off. You pay these fees to the lender upfront for a lower interest rate on your mortgage loan. By purchasing &#8220;discount points,&#8221; you agree to higher closing costs in exchange for a lower interest rate over the life of the loan.<\/p>\n<h3 id='how-do-you-calculate-a-mortgage-payment'  id=\"boomdevs_9\" id=\"how-do-you-calculate-a-mortgage-payment-\">How Do You Calculate a Mortgage Payment?<\/h3>\n<p>Calculating a mortgage payment involves a complex formula, but don&#8217;t worry, a mortgage calculator can simplify this process.<\/p>\n<h3 id='what-s-a-jumbo-mortgage-loan'  id=\"boomdevs_10\" id=\"what-s-a-jumbo-mortgage-loan-\">What&#8217;s a Jumbo Mortgage\/Loan?<\/h3>\n<p>A jumbo mortgage or loan is like a super-sized conventional loan. It&#8217;s used to finance amounts exceeding the conventional loan limit set by the Federal Housing Finance Agency.<\/p>\n<h3 id='how-can-you-pay-off-a-mortgage-faster'  id=\"boomdevs_11\" id=\"how-can-you-pay-off-a-mortgage-faster-\">How Can You Pay Off a Mortgage Faster?<\/h3>\n<p>You can pay off your mortgage faster by paying more than the calculated amount on your mortgage. This reduces the interest you pay over time. Another strategy is to make bi-weekly loan payments, resulting in an extra payment each year.<\/p>\n<h3 id='what-s-an-fha-loan'  id=\"boomdevs_12\" id=\"what-s-an-fha-loan-\">What&#8217;s an FHA Loan?<\/h3>\n<p>An FHA loan is a mortgage loan insured by the Federal Housing Association. It&#8217;s like a helping hand from the federal government for first-time and returning home buyers, allowing them to close on a property with a down payment as low as 3.5%.<\/p>\n<h3 id='what-s-a-home-equity-loan'  id=\"boomdevs_13\" id=\"what-s-a-home-equity-loan-\">What&#8217;s a Home Equity Loan?<\/h3>\n<p>A home equity loan uses the value of your current property as collateral. The loan is issued as a lump sum based on the present value of your home.<\/p>\n<h3 id='what-s-a-conventional-loan-mortgage'  id=\"boomdevs_14\" id=\"what-s-a-conventional-loan-mortgage-\">What&#8217;s a Conventional Loan\/Mortgage?<\/h3>\n<p>A private lender provides a conventional loan and is not backed by a government agency like the FHA. The government does not insure this type of loan and may have stricter qualification requirements.<\/p>\n<p>\u00a0<\/p>\n<h2 id='mortgage-definitions'  id=\"boomdevs_15\">Mortgage Definitions<\/h2>\n<h3 id='home-price'  id=\"boomdevs_16\" id=\"home-price\">Home Price<\/h3>\n<p>The home price is the cost of the property you decide to purchase. It varies based on location, size, quality, and improvements made to the property, and it fluctuates with the real estate market. The home price determines the mortgage loan amount and the down payment.<\/p>\n<h3 id='down-payment'  id=\"boomdevs_17\" id=\"down-payment\">Down Payment<\/h3>\n<p>A down payment is a percentage of the home&#8217;s value you pay upfront in cash. The standard down payment is 20%, but certain loans allow for lower down payments, sometimes as low as 0% (VA Loan) or 3.5% (FHA Loan).<\/p>\n<h3 id='interest-rate'  id=\"boomdevs_18\" id=\"interest-rate\">Interest Rate<\/h3>\n<p>The interest rate, or mortgage rate, is the interest rate charged on the mortgage. It can be fixed or variable and is heavily influenced by the borrower&#8217;s credit profile. You can refinance your loan at a lower interest rate at any point in the loan term.<\/p>\n<h3 id='loan-term'  id=\"boomdevs_19\" id=\"loan-term\">Loan Term<\/h3>\n<p>The loan term is the number of years you&#8217;ll be making monthly mortgage payments. It may change during the loan life if you decide to refinance the loan, make additional payments, or pay more than the minimum monthly payment.<\/p>\n<h3 id='property-taxes'  id=\"boomdevs_20\" id=\"property-taxes\">Property Taxes<\/h3>\n<p>Property taxes are paid by the homeowner and collected by the local government to fund services like law enforcement, highway construction, and education. They&#8217;re based on the value of the property, including the land.<\/p>\n<h3 id='home-insurance'  id=\"boomdevs_21\" id=\"home-insurance\">Home Insurance<\/h3>\n<p>Home insurance is a type of property insurance that covers losses and damages to your residence. It provides liability coverage in case of an accident that may impact the residence or property.<\/p>\n<h3 id='hoa-fees'  id=\"boomdevs_22\" id=\"hoa-fees\">HOA Fees<\/h3>\n<p>Homeowners Association Fee, or HOA fee, is a monthly payment made by homeowners in certain types of properties like condominiums and townhouses. These fees offset the cost of maintaining the building, facilities, and common areas.<\/p>\n<h3 id='pmi'  id=\"boomdevs_23\" id=\"pmi\">PMI<\/h3>\n<p>Private Mortgage Insurance (PMI) is required if you decide to put down less than the standard 20% down payment. PMI reduces the risk for the lender when the loan-to-value ratio is higher than 80%.<\/p>\n<h3 id='ltv-loan-to-value'  id=\"boomdevs_24\" id=\"ltv-loan-to-value-\">LTV (Loan-To-Value)<\/h3>\n<p>Loan-To-Value assesses lending risk lenders use to approve a mortgage loan. Higher LTV ratios are considered higher risk and may include higher interest rates.<\/p>\n<h3 id='principal'  id=\"boomdevs_25\" id=\"principal\">Principal<\/h3>\n<p>The principal is the actual balance of the loan, excluding any interest payments, taxes, or insurance. It&#8217;s the original amount borrowed from the lender.<\/p>\n<h3 id='interest'  id=\"boomdevs_26\" id=\"interest\">Interest<\/h3>\n<p>Interest is the primary cost of borrowing and is calculated as a percentage of the principal amount of the loan.<\/p>\n<h3 id='piti'  id=\"boomdevs_27\" id=\"piti\">PITI<\/h3>\n<p>Principal, interest, property taxes, and home insurance (PITI) are the four components of a monthly mortgage payment. Both borrowers and lenders use PITI to determine the affordability of a property.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-42f2d828 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"42f2d828\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7b6876e3\" data-id=\"7b6876e3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7cdce83c elementor-widget elementor-widget-html\" data-id=\"7cdce83c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<script defer async src='https:\/\/cdn.trustindex.io\/loader.js?b044aad67f1b43303b4682c57de'><\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Learn What Your Mortgage Payments Will Look Like with My Simple Calculator Interested In Buying Or Selling A Home In Virginia Beach? I\u2019m here to answer all your questions. As an experienced Virginia Beach real estate professional, I have unique expertise and plenty of tools to help you achieve your goals. Give me a call or send me an email to talk about your &#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-21596","page","type-page","status-publish"],"acf":[],"_links":{"self":[{"href":"https:\/\/jakemainesrealtor.com\/new2026\/wp-json\/wp\/v2\/pages\/21596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jakemainesrealtor.com\/new2026\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/jakemainesrealtor.com\/new2026\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/jakemainesrealtor.com\/new2026\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/jakemainesrealtor.com\/new2026\/wp-json\/wp\/v2\/comments?post=21596"}],"version-history":[{"count":33,"href":"https:\/\/jakemainesrealtor.com\/new2026\/wp-json\/wp\/v2\/pages\/21596\/revisions"}],"predecessor-version":[{"id":32372,"href":"https:\/\/jakemainesrealtor.com\/new2026\/wp-json\/wp\/v2\/pages\/21596\/revisions\/32372"}],"wp:attachment":[{"href":"https:\/\/jakemainesrealtor.com\/new2026\/wp-json\/wp\/v2\/media?parent=21596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}