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The Loan officer can access the Mortgage Calculator by clicking the calculator icon at the top of the MLOFLO platform interface. Follow these steps to use the mortgage calculator effectively:
- Access the Mortgage Calculator
- Click the calculator icon located at the top of the MLOFLO interface.
- Enter the Mortgage Details
- Include Tax and Fees: Toggle "Yes" or "No" to include taxes and fees.
- If selected “No” to include taxes and fees, enter the following details
- Loan Amount: Enter the Loan amount
- Loan Term (Years): Enter the loan term in years.
- Interest Rate (%): Enter the interest rate as a percentage.
- If selected “Yes” to include taxes and fees, enter the following details
- Home Price: Enter the price of the home.
- Down Payment: Enter the down payment amount. You can enter this as a dollar amount ($) or a percentage (%).
- Loan Term (Years): Enter the loan term in years.
- Interest Rate (%): Enter the interest rate as a percentage.
- Property Tax (Yearly): Enter the yearly property tax amount.
- Home Insurance (Yearly): Enter the yearly home insurance amount.
- Private Mortgage Insurance (Monthly): Enter the monthly private mortgage insurance amount.
- Home Owners Association (Monthly): Enter the monthly homeowners association fee.
- View Calculated Results
After entering all the details, the calculator will display the following results:
- Total Monthly Payment: The total monthly payment amount.
- Loan Amount: The loan amount based on the entered details.
- Taxes and Fees: The total amount of taxes and fees.