Are you thinking about using a mortgage to buy a new home? Buying your own piece of local real estate is a major financial investment and one that can require some pretty complex math to fully understand. In this blog post we'll discuss mortgage calculators and how to use one of these tools to determine your monthly mortgage payments, interest charges, amortization periods and more. Determining Your Principal and Down Payment Amounts To get started with a mortgage calculator you'll need to know how the price of the home and how much you intend to contribute as a down payment. Generally speaking you'll want to place a down payment of at least 20 percent in order to avoid having to pay for … [Read more...]
Understanding How Mortgage Calculators Work and When to Make Use of One
Investing in a home is a big financial decision, and along with the decision to buy is the question of how much mortgage you'll be able to afford. While your debt-to-income ratio can be helpful in determining the range for your mortgage amount, a mortgage calculator can be a beneficial tool in coming to a potential price. If you're curious about how and if this financial tool can benefit you, here are the details about using a mortgage calculator. What Does It Do? It's very important to ensure that you can afford your mortgage before signing on the dotted line, and a mortgage calculator can assist with this. Most calculators utilize the principal amount of the loan, the interest rate and the … [Read more...]
The Top 5 Mortgage Calculators on the Web and the Pros and Cons of Each
If you're shopping for a great mortgage, you'll want to use a mortgage calculator. Mortgage calculators keep getting more accurate and more complex, allowing you to explore the various details involved in a mortgage. Try one of these mortgage calculators to learn what you can expect. ML Calc: A Simple, Straightforward Calculator With Current Rates ML Calc (mlcalc.com) is a simple mortgage calculator powered by mortgage software company Arsidian. And just one click, you can open up a new window that shows you the current mortgage and refinancing rates in your city. However, the user interface is outdated and simplistic, making it difficult to assess data if you're a visual learner. The Zillow … [Read more...]
A Quick and Easy Guide to Using an Online Mortgage Calculator
If you're in the market for a new mortgage, using an online mortgage calculator is a great way to determine what kind of terms you can expect to see and how they'll affect your home purchase. Visualizing what a 3.9% interest rate looks like can be difficult, which is why a mortgage calculator is so useful - it shows you exactly what a certain mortgage will do to your finances. Here are just a few ways that you can use an online mortgage calculator to learn more about your mortgage needs and find the mortgage that is best for you. Start With A Solid Set of Sample Data In order for your mortgage calculator to be of any use, you'll need to start the calculations with a set of sample data that … [Read more...]
