Your new home will be one of the largest purchases you will ever make. It is important for you to know what your monthly mortgage payment will be so you can determine how much you can afford to spend on the purchase of your new home.
MORTGAGE CALCULATOR HELP
This mortgage calculator will help you quickly and accurately determine your monthly mortgage payments. To use this calculator you only need a few pieces of information:
Total Purchase Price
• If you are purchasing a new home, enter your purchase price here.
• If you are refinancing, this number will be the total amount of your existing loan(s) balances—plus any additional amount you want to borrow.
• If you are purchasing a new home, enter your down payment here.
• If you are refinancing, leave this blank.
You can check with your lender to find what interest rate is available to you. Interest rates will vary depending on the amount and length (term) of your mortgage loan, the area you are purchasing in and your overall credit picture.
Mortgage Term (Years)
This is the total number of years your mortgage loan will be. For instance, when purchasing a new home, many folks will choose a mortgage loan that lasts 30 years. However, you may want to pay off your mortgage loan in 15 years by making higher monthly mortgage payments. You will pay less interest over the course of your loan with a shorter mortgage loan term.
Advanced Mortgage Calculator Information
For more advanced mortgage information click here to access a terrific resource offered by CalculateStuff.com. Here you can determine:
Total Monthly Costs
You can determine your total monthly costs including estimated Property Tax and Property Insurance.
Total Mortgage Interest Costs
This will tell you the amount of interest you will pay over the life of your mortgage loan. This will also tell you how much of your payment will be allocated to pay down your mortgage loan and how much will be allocated to the interest you pay on your loan.
Mortgage Amortization Schedule
This will tell you how much of your payment will be allocated to pay down your mortgage loan and how much will be allocated to the interest you pay in each year of your loan.