Calculators

Calculators: The image of a house floating above an open book with pages of grass.The various calculators below will help you gain a better sense of the costs associated with the upcoming sale or purchase of a new home. While these calculators provide best estimates, they are for informational purposes only, and a financial professional should be consulted for further advice.

 

Affordability Calculator

This calculator will help you determine the cost of a house that you can reasonably afford. It tests your entries against mortgage industry standards to determine the highest priced house you can qualify for, along with the down and monthly payments you would need to make in order to sustain homeownership. It is wise to consider all your financial obligations when determining how much you can afford.

 

Begin by clicking in the first entry field and follow the instructions that appear in the Help box. Please note that this calculator requires that you place a minimum down payment of 5% of the mortgage.

 

Bi-Weekly Mortgage Calculator

Making bi-weekly payments means that you will pay half of your mortgage payment every two weeks instead of making a full mortgage payment once a month. Though you will be making one extra mortgage payment per year, there is an opportunity for savings, as bi-weekly payments help you pay off your mortgage ahead of schedule. This calculator will help you decide if making bi-weekly mortgage payments is right for you.

Instructions: Complete the top 5 entry fields and click the “Compute” button. If you are entering data for a future mortgage, you can leave the “Current monthly mortgage payment” field blank, and the calculator will compute the payment for you.

 

Mortgage Calculator

This calculator computes your monthly mortgage payment amount based on the principal amount borrowed, the length of the loan, and the annual interest rate. The calculator will also determine your total mortgage payment — which includes property taxes, property insurance, and private mortgage insurance (PMI) payments.

Once the monthly payment has been computed, click “Create Amortization Schedule” to create a periodic payment report that you can print out. Please note: Longer-term loans may take a few moments for the report to be generated.

 

Rate Comparison Calculator

This calculator is designed to help you understand how different mortgage interest rates can impact the lifetime cost of your loan. With this tool you can compare monthly payments and interest costs of home mortgages at up to five interest rates simultaneously.

Simply enter the mortgage principal amount and the length of the mortgage in years. Then, you can enter a starting interest rate and select the percentage to increase the comparison rates, or enter a rate for each of the five “Interest Rate” fields.

 

Realty Transfer Fee Calculator

The Rate Comparison Calculator provides an estimate of the Realty Transfer Fee that you will need to pay when you sell real estate property in New Jersey. To get an estimate, enter your home’s sales price with no commas and click calculate.