Kansas Mortgage Calculator

Best mortgage lenders in Kansas

The most popular mortgage lenders in Kansas operate nationwide. These include such recognizable names as NBKC Bank, AmeriSave, Morty Inc. Several lesser known but trustworthy options include Kansas-based Kansas Mortgage Center LLC, Golden Oak Lending.

How to calculate mortgage payment in Kansas

Use our fast and simple mortgage calculator KS to assess your future monthly expenses. Comprehensive, easy-to-follow instructions follow below.

Why and How to Use Our Mortgage Calculator

Use our house payment calculator Kansas for thorough planning of your future spendings. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in Kansas parameters.

• The initial piece of the puzzle involves determining the home price – that is, the amount you intend to spend on your future property. A down payment is the portion of this price that needs to be paid upfront. To avoid costly insurance, it's necessary to come up with a minimum of 20% down payment, particularly in the case of a conventional loan. The remaining amount constitutes the principal, which is 80% of the home price when a 20% down payment is applied.
• The loan term represents the duration for full repayment of your mortgage through scheduled payments. Fixed-rate conforming loans typically have a maximum term of 30 years, while adjustable-rate options usually feature shorter terms.
• An interest rate is a fixed or variable percentage of the principal that you are obligated to pay throughout the loan's duration. It's worth noting that you are actually charged an annual percentage rate (commonly abbreviated as APR), which is not precisely the same as the interest rate. While the interest rate forms the major part of the APR value, the latter also includes various fees such as origination fees, closing costs, insurance payments, and more.

Median property taxes in Kansas counties

Property taxes are another crucial factor to take into account when choosing your future home. Many lenders require the establishment of a mortgage escrow account to ensure that borrowers stay current with their tax and insurance expenses.

Source: American Communities Survey 2016, U.S. Census

Kansas Housing Market 2024

The past year has seen a steep increase in the market value of housing in Kansas.

This perpetuates an enduring pattern that was intensified by the COVID-19 pandemic. However, the rate of growth has slowed compared to the previous year, even as both purchase and refinance rates have been steadily rising for a while and are anticipated to continue increasing in the near future.

How do I calculate my mortgage payment?

The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:

M = P*i(1 + i)^n / (1 + i)^n – 1

M – estimated monthly mortgage payment;

P – principal;

I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);

N – the loan term expressed in months (in other words, the overall number of monthly payments)

Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).

I = .0699 % / 12 = .005825%.

Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.

M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.

So, you are going to pay about $4042 a month.

It is important to note that the calculated M value is approximate, as no extra fees are taken into account.

Tips for first-time home buyers in Kansas

First, numerous federal agencies like USDA, FHA, and VA provide loan guarantees to specific borrowers, offering many options that best align with the budgets of first-time homebuyers.

Besides these government-guaranteed programs, it is worth considering some offers from UHC (Kansas Housing Corporation) available to Kansasns. Numerous federal agencies like USDA, FHA, and VA provide loan guarantees to specific borrowers, offering many options that best align with the budgets of first-time homebuyers. If you do not qualify for the FirstHome program, do not despair. Kansas Housing Score Loan is an alternative program that covers up to 4%. The minimum credit score is 620.

Some tips for first-timers:

1. Obtain pre-approval in advance, as this enhances your credibility in the eyes of home sellers. It's strongly recommended to secure pre-approval letters from not just one, but ideally two or three different lenders.
2. Compare mortgage rates from various lenders. Opt for at least three lenders, and remember that the more options you explore, the better your decision-making.
3. Conduct preliminary financial calculations based on your pre-approved amount to help you plan for your future expenses.
4. Start saving for a down payment as early as possible and set aside as much as you can. A larger down payment reduces the principal amount, potentially lowering your overall expenses. Thus, it's vital to initiate savings well in advance.
5. If you meet the eligibility criteria for a VA loan, consider this option as your first choice.
6. Explore government-backed programs and local assistance initiatives, as they may present appealing opportunities. Ensure you don't overlook them.
7. Whenever feasible, work towards paying off any existing debts to improve your financial standing and increase your chances of securing favorable loan terms.