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Mortgage Calculator

  • The Basics

    • Purchase Price ($)
    • Interest Rate (%)
    • Term in Years (Max 30)
  • Fees & Other

    • Down Payment ($)
    • Loan Fees ($)
    • Monthly Principal Added ($)
  • Other Options

    • Printed Loan Label
      • Make Biweekly Payments
      • Create Amortization Table
      • By Month
      • By Year

Mortgage Calculator

Steps to the Mortgage & Purchase

1. Pre-qualification is the first step in the mortgage purchase. You supply your lender with information about your financial situation, including your income, assets and debt. The lender will evaluate this info and provide a ballpark figure of the mortgage amount for which you could qualify, in addition to discussing your mortgage options.
What can you afford to pay for a house?
First, start by making a budget if you don’t already have one. Be honest with yourself about the amount you can reasonably spend each month on your housing. Be sure to factor in taxes, insurance premiums, maintenance and other upkeep required when you own a home. No calling the landlord to fix that broken hot water heater when you own the house! You should also consider your other financial obligations and how they play into your ability to pay for a mortgage.

How much can you borrow?
Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments.
There are all sorts of calculators to help you figure these things out: What home can I afford?
How much of money do I qualify for?

credit scoreWhat does your credit score mean?
Your FICO score, also known as your credit score, tells lenders whether you are a worthy risk. The number is an indicator of whether you pay bills on time and whether you have outstanding debt.
Check your credit report through www.annualcreditreport.com to request your FICO score, and then get to work disputing any incorrect information with your existing or previous lenders.
If your score is low, your home loan application may be rejected. Even if it’s accepted, you may be required to make a larger down payment or pay a higher interest rate on the loan.
Your pre-qualification doesn’t guarantee how much the bank will lend you.

2. Pre-approval is when you complete a mortgage application and give the lender permission to perform extensive research into your financial history and credit score. The lender will then tell you the precise amount that it is willing to loan to you, so you will be able to begin looking for homes at or below that price.

3.Loan commitments Once the lender has approved you and the house you’d like to purchase, your income and credit rating will be checked once more to make sure that it hasn’t changed since the pre-approval. A loan commitment is issued when the bank is certain it will lend and you have a promise from the bank that locks in your rate and loan amount.



Adams Realty
Mailing Address:
P.O. Box 175
South China, Maine 04358


Physical Address:
302 Route 3
China, Maine 04358


(207) 445-4323