Mortgage Calculators for Second/Vacation Property

Asked by Michael Coffin, Provincetown, MA Wed Feb 23, 2011

I'm crunching the numbers to see how much I can qualify for on a mortgage for a second/vacation property - but ALL of the calculators I can find on the internet are geared towards single-property purchases only. Here's is an example of one right here on Trulia:…

Does anyone know of a calculator that I can use that will allow me to plug in my EXISTING mortgage/property tax data, along with other debts and income, to calculate how much I can qualify for on a vacation property under various downpayment, interest rate and standard/aggressive DTI assumptions? I basically want to do the same financial modelling a bank or mortgage company will do, but BEFORE actually filing any applications. An Excel spreadsheet would be great if you have one too. :)

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Todd Rousher, , Provincetown, MA
Wed Feb 23, 2011
Hi VirtualMike,

As you have probably found there are a lot of calculators out there. A couple sites that I like that have good calculators (and a variety of them) are , and . Unfortunately I'm not sure you'll find one single one that fits all of your needs.

I would also suggest speaking to your mortgage lender or bank, they have all of the tools to help answer the question. If you’re going out shopping for homes it's also best to be pre-approved so you can get both out of the way. They should not charge you for this or make you fill out a complete application, only gather the data needed to answer your questions. I can suggest a few for you to speak to if you need any recommendations, they won't hound you.

I haven't found any complete spreadsheets, if you find one please share! You can check out the affordability excel spreadsheet on this site, it's ok -

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1 vote
Dawn Wiesner, Home Buyer, Denver, CO
Sat Nov 25, 2017
0 votes
C.mario.moren, Home Buyer, New York, NY
Fri Feb 19, 2016
Michael you can go to the Fannie Mae site here you can find some of the information loan officers and underwriting used as a guidelines to qualify people like you looking for a mortgage, make sure you have all your income and debt are separate, your loan officer will give you more detail regarding the DTI based on your type of loan.
if you need some help you can call me at (617) 312 9744

Best of luck!…
0 votes
Francisco Ga…, Agent, Salem, OR
Mon Feb 8, 2016
0 votes
Nikki Rickard, , Provincetown, MA
Tue Jul 17, 2012
Hi Mike I've actually just gotten on Trulia recently and noticed your question. I'm a broker on Cape Cod and would be happy to supply you with any information should you still be looking. Many lenders offer the same rate for second homes as primary residences. What might differ would be the type of property you're looking at and if you intend to occupy it as your second home or use if for rental. With the volatility of the market and interest rates you might want to get some information on what is currently available and work from there.
0 votes
Hannah Flieg…, Agent, Larkspur, CA
Thu Feb 24, 2011
Hi V. M.

Here is an upcoming class on how to use the financial calculator. People fly all over the country to come and see this speaker. I will also be attending this workshop. Come out and see the California sunshine.. unless you love the cold snow. :)
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Heidi Zizza, Agent, Framingham, MA
Wed Feb 23, 2011
Mike, I am actually a Realtor in Massachusetts and a second home Realtor in Mt. Snow area of Vermont. You would really need to talk a mortgage agent in the area that you are going to purchase the home in. Unfortunately a mortgage calculator will only tell you the payment schedule not tell you what you can purchase. That is a pre-qualification and you do not need to fill out an application to do that but you will need to give them some basic information so they can answer you accurately.
0 votes
Joshua A. Le…, Mortgage Broker Or Lender, Saint Petersburg, FL
Wed Feb 23, 2011
Hello Virtualmike,

As some of the answers before me state, your best bet is to contact a loan officer licensed in the state you wish to buy your second home. With lending guidelines changing daily it would be best to understand exactly what you need to qualify. You do not need to complete any applications to get education. We would be happy to speak to you about your upcoming purchase with no obligation and no cost. We are a national direct lender and can answer any questions or concerns you may have. I look forward to hearing from you.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corp.
800-930-7334 ext. 1108
0 votes
Heath Coker, Agent, Falmouth, MA
Wed Feb 23, 2011
There is no fast, easy place to get yur answer. Unfortunately, I also suggest a good lender. You might consider a lender in a secondary market like Cape Cod where they are used to the intricacies. I'd also us a smaller, local bank. Their answer will cover a portfolio type of loan as well as the possible secondary regs and math. If you need a good Cape Cod lender's rep, let me know and I can give you a few expereinced originators' names.
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Denis DaSilva, Agent, Somerset, MA
Wed Feb 23, 2011
I recommend speaking to a mortgage specialist. There are many variables that may impact you results and surprises are never good when making a decision of this magnitude. I would refer you to local expert Craig Machnik, (508) 360-7233 or .
0 votes
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