Affordability Calculator

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Welcome to Third Federal Online Banking.

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How Much House Can I Afford?

Monthly Minimum Obligations

Select a Loan Term

The amount of time you have to pay back the loan – either 10, 15 or 30 years.

What is your credit score range?

The band your credit score falls into and one indicator of whether or not you will qualify for a mortgage loan.

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Monthly Payment

  • Mortgage Payment$0
  • PMI$0

    PMI

    Private Mortgage Insurance (PMI) is designed to protect the lender in case of default. The premium amount varies based on the loan amount, the amount of the down payment, the term of the loan, whether the loan is a fixed rate or an adjustable rate mortgage and your credit score. If PMI is required, your regular monthly mortgage payments will include a PMI premium.

  • Property Taxes$0
  • Homeowner's Insurance$0
  • Debt to Income Ratio0%

    Debt to Income Ratio

  • Housing to Income Ratio0%

    Housing to Income Ratio

  • Down Payment0
  • Percent Down0%

Interest Rate

  • Likely Rate By Region0
Get Preapproved

Preapproval

A preapproval is a free process that prequalifies income and credit for a specific loan amount. You'll know up front how much house you can afford and can show sellers and agents that you're a serious buyer, enabling you to negotiate better deals.

At Third Federal, we believe that you shouldn’t feel rushed to the find perfect home. That’s why we'll give you a full 60-day committed preapproval, while you're in the process of finding a new home. 

Even more, Third Federal provides an full underwritten preapproval, not just a prequalification. We ask for more information upfront - such as income documentation and pull your credit - and a more detailed application, so when we say you're preapproved for a loan, you're really approved for that loan.

 
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Housing Ratio vs. Debt to Income Ratio

A housing ratio is the portion of your monthly income that goes toward housing expenses. This includes principal, interest, real estate taxes, insurance and any HOA or condo fees.

The debt to income ratio, also known as DTI, is the portion of your monthly income that goes toward housing plus the minimum payment on credit cards, student loans, auto loans, personal loans, child support and alimony.

Both of these factors are used to determine home loan approval.

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PMI And How To Avoid It

Private Mortgage Insurance (PMI) is provided by and paid to a third party insurance company and is designed to protect the lender in case of loan default. The premium amount varies based on the loan amount, the amount of the down payment, the term of the loan, whether the loan is a fixed rate or an adjustable rate mortgage and your credit score. If PMI is required, your regular monthly mortgage payment will include a PMI premium, typically ranging from $80 to $150.

Most banks require borrowers to purchase PMI if their down payment is less than 20% of the purchase price of the home. At Third Federal, you are only required to put 15% down to avoid PMI. PMI can be removed from your mortgage loan once you reach 22% equity (78% loan-to-value (LTV)) in your home.

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Paying Off Your Mortgage, Faster

The main advantage of paying off your mortgage faster is paying less total interest over the life of your loan. You can pay off your mortgage faster by making additional principal payments to your loan – you can do this one time, or paying extra towards the principal each month.

Another way to pay off your mortgage faster is to refinance at a lower interest rate, but continue to pay your old, higher payment; or refinance to a loan with a shorter term.

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What Counts As Income?

When applying for a mortgage, you will be asked to verify your income. Income comes from a variety of sources including, but not limited to, federal taxable wages, tips, self-employment income, military income, unemployment compensation, social security, social security disability income, retirement or pension income, alimony, child support, capital gains, investment income, rent and royalty income, and foreign income.

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Rate Confirmation

Complete the form below and we will create customized quotes based on your loan details.

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Rate Confirmation

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Based on the information you provided, your customized rate confirmation is displayed below. Current mortgage rates are locked for 60 days at the time of application.

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