Mortgage Loan Calculator

Florida Mortgage Calculator

This mortgage calculator can be used to give you an estimate on your monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator estimates in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. It also will factor in the town property taxes, and their effect on the total monthly mortgage payment.

Have questions about documentation? Here's what you need to know:

As you may know, a great deal of paperwork is required to obtain a mortgage. In an effort to help you stay organized, we've put together a checklist of the documents you'll be required to present throughout the process. Please see the guidelines below to get a feel for the type of information you will need to provide as we work to establish your loan, and click here to download your free documentation checklist guide:

The following documentation is usually required during the loan process:

Most recent 30 days of pay stubs from all jobs
Most recent 2 months of bank statements
Most recent 2 years of W-2s from all jobs
Most recent 2 years of Federal Tax Returns if you file a schedule C, E or F or claim employee business expenses
Copies of state issued picture ID

The following additional documents may be required if they apply to you:

Bankruptcy discharge papers & copy of Bankruptcy Petition with all schedules if discharged in last 7 years
Foreclosure documentation (Sheriff Sale Deed)
Divorce decree if ongoing financial obligation or property award is involved
Copy of all child support orders
Social Security award letter
Income Award letters (social security, pension, VA disability)
Current 401k, IRA or investment account statement

If you are a veteran applying for a VA loan, the following documentation will be required:

Copy of DD214 if discharged from the military within the last two years.
Copy of LES if using military pay to qualify
Proof of any additional military/VA pay

Please keep in mind:

Documents must be submitted in their entirety
We always need consecutive documents
If you have received a financial gift to help with your down payment, the donor will need to fill out a gift letter and provide a bank statement to verify they have sufficient funding

Preferred Method of delivery is emailed PDF, but fax, mail, and, hand delivery methods are also acceptable. Additional documentation may be required.

Check out our Mortgage Survival Kit

Spot the Homebuyer's Mistake Quiz

Watch the video above and answer the question when you're done.

What will happen to Tom's credit score?

A. His credit score will go up.

B. His credit score will go down.

This is the correct answer.

Tom was smart to transfer the higher credit card balance to one with a lower rate. However, he erred when he CLOSED the established account. "Average Age of Credit" makes up 15% of your overall score. Closing an old account and opening a brand new one delivered a "double whammy" to the average age of Tom's credit and dinged his score.

So, the lesson here is important - if you're ever faced with a similar decision, even if you pay a credit card off in full, it is recommended that you do not close the account.

C. This will have no impact on his credit score.

Inspection Question Quiz

Watch the video above and answer the question when you're done.

What should Ryan and Jessica do?

A. Rely on the appraisers report and cancel the inspection.

B. Go ahead with the inspection.

This is the correct answer.

Ryan and Jessica should definitely go ahead and pay the licensed home inspector. An appraiser will take a look at the overall condition of the home, study comparable sales and determine the home’s value. A licensed and experienced home inspector, on the other hand, spends significant time examining the home’s structure and systems. If problems are found, Ryan and Jessica may have a chance to have the sellers fix them or to renegotiate their contract.

Uncle Charlie’s probably a lovable know-it-all, but his advice to save a little money today could cost Ryan and Jessica thousands of dollars in the future.

C. Cancel the inspection and ask Uncle Charlie to take a look at the home for them.

Pre-Qualifcation or Pre-Approval Quiz

Watch the video above and answer the question when you're done.

What do you think happened to Fast Freddie and Thorough Theodore?

A. Fast Freddie and Thorough Theodore both closed right on time.

B. Fast Freddie closed on time, but Thorough Theodore closed late.

C. Fast Freddies mortgage loan fell through, and Thorough Theodore closed right on time.

This is the correct answer.

Turns out that Freddy’s pre-qualification had a lot of PRE, very little QUALIFICATION, and a complete absence of APPROVAL.

A pre-qualification can be done quickly, but without verified information, it may not be worth the paper it’s printed on. A pre-approval is much more thorough and accurate. Once you have one of these in hand, your credit and income are well known. All you’ll probably need to do next is find the right house.

In other words, a little extra spent up front, can actually save you lots of time in the end.

D. Both mortgage loans fell through. Poor Freddie and Theodore.

Unusable Down Payment Quiz

Watch the video above and answer the question when you're done.

Which source of funds is most likely to cause a problem as they prepare to finance their home?

A. The cash in the cookie jar.

This is the correct answer.

Unfortunately for Sam, selling the boat is going to be OK. The potential problem actually lies in Jessica’s cookie jar stash. All funds presented at closing must be “seasoned,” which means they should be in a bank, credit union, brokerage, or the like. Sam and Jessica will need to present up to three months of consecutive statements to show the money is theirs.

For the other funds, Sam and Jessica will need to provide documentation in the form of a gift letter from Jessica’s parents and proof of ownership, value and sale of Sam’s boat.

B. The gift from Jessicas parents

C. The money from Sams boat sale.

The Waiting Game Quiz

Watch the video above and answer the question when you're done.

Which of the following statements is true?

A. They made the right decision and saved money long term.

C. They basically broke even financially long term.

C. Those 90 days cost them thousands more over the long term.

This is the correct answer.

They started out very well with a $5,000 discount in the price of the home. Unfortunately, that’s where the benefit ended. Why? Well, as rates rose, so too did their monthly payment and over time, the cost of that really added up. In fact, the roughly $110 higher payment every month means that over the 20 years they would own the home that they would pay over $20,000 more and that’s even after subtracting the difference in the purchase price. As you can see, sometimes saving a little money can really be quite expensive!

Quick Credit Catastrophe Quiz

Watch the video above and answer the question when you're done.

What mistake did Sue make that could potentially throw a wrench in her mortgage approval?

A. Sue shouldnt have made any new purchases until after their transaction closed.

B. Sue shouldnt have financed her purchase. She would have been better off paying cash.

C. Sue should have been more more careful about the type of credit account she opened.

D. All of the above are true. Sue made a big no-no!

This is the correct answer.

A good rule of thumb is not to make any big purchases at all before your closing, unless you’ve checked with us first or are using extra cash that’s not needed for your transaction. And just say "no" to using credit or opening a new credit account. Doing so could drop your credit score. I’ve seen people make this mistake and drop their scores far enough that they have to cancel their purchase, and sometimes even lose their earnest money deposit.

What is VanDyk Mortgage’s Perfect Loan Process (PLP)?

At VanDyk, our experienced, licensed team is ready to work with you – from application to closing – to ensure a smooth and efficient loan acquisition process. Our Perfect Loan Process ensures effective communication between all parties in a mortgage transaction during the 30-day closing process. Our processing team will have your loan submitted to the underwriter within 2-5 days and your loan will be underwritten within 24 hours. You will be in constant communication with your loan processor who will send weekly loan updates and short videos announcing each milestone of the process keeping you completely informed on the progress of your loan. At VanDyk, we believe that an informed customer is a happy customer, and happy customers are the heartbeat of our business.

Below is a flowchart outlining the important steps of the VanDyk PLP process. We have also included the Freddie Mac guide to the overall mortgage process. The process can vary for many reasons. Generally, purchases include: Offer, Acceptance, Inspections, Contract, Loan Application, Appraisal, Title, Loan Approval, Closing/Funding and Moving In. Many little steps can fall in between, and the process won't always occur in a given order. It pays to speak with local experts early.

Reach out when you're ready, and we'll help you understand the nuances of your market today.

Source: Freddie Mac

The VanDyk Mortgage Minute

The VanDyk Mortgage Minute is a weekly podcast hosted by Charlie Sundstrom (NMLS #134251), Senior Vice President at VanDyk.

Purchase & Financing Information

Sale Price of Home:		(In Dollars)
Percentage Down:		%
Length of Mortgage:		years
Annual Interest Rate:		%
Explain Calculations:		Show me the calculations and amortization

Mortgage Toolbox

Florida Mortgage Calculator

Have questions about documentation? Here's what you need to know:

The following documentation is usually required during the loan process:

The following additional documents may be required if they apply to you:

If you are a veteran applying for a VA loan, the following documentation will be required:

Please keep in mind:

Check out our Mortgage Survival Kit

Spot the Homebuyer's Mistake Quiz

Inspection Question Quiz

Pre-Qualifcation or Pre-Approval Quiz

Unusable Down Payment Quiz

The Waiting Game Quiz

Quick Credit Catastrophe Quiz

Related Videos

What is VanDyk Mortgage’s Perfect Loan Process (PLP)?

The VanDyk Mortgage Minute