Fontenot MortgageOdette Fontenot · Mortgage broker
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The loans

The maths

Odette

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Buying

What does the whole payment come to?

The number that matters is not the loan payment. It is the total that leaves your account every month, which is usually a third larger than the figure people quote at each other.

Illustrative only. Every figure is computed in your browser from what you type. Nothing here is a quote, an offer of credit, an APR or a rate lock, and no result is stored or sent anywhere.

The purchase

15%

7.25%

Illustrative. Non-QM programmes generally price above conventional ones.

The carrying costs

0.75%

Of assessed value, per year. Louisiana homestead exemption is not modelled here.

On the Gulf South this is frequently the line that decides the deal. Wind and flood may be separate policies again.

0.62%

Of the loan amount per year, charged only while the loan-to-value is above eighty percent.

Total monthly payment

$0

What the payment is made of

Principal & interest
$0
Property tax
$0
Insurance
$0
Association dues
$0
Mortgage insurance
$0
Total
$0

The loan itself

Loan amount
$0
Down payment
$0
Total interest over the term
$0
Total paid over the term
$0

Interest figures assume the loan is held to term and never refinanced, which almost nobody does. The full schedule is here.

Read this before you use the number

Escrow accounts are trued up annually, so the tax and insurance portions move. Assessments change after a sale in many parishes. And a lender qualifies you on this total, not on the principal and interest — which is why a modest insurance premium can be worth more to your budget than an eighth of a point of rate.

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—The other seven

The next step

Numbers are a start. A file is a conversation.

If the calculator says something you did not expect, that is usually worth ten minutes on the phone rather than another hour of typing.

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