Mortgage Calculator

How much can you afford?

Buying a home usually means getting a mortgage loan. This financial instrument allows you to own a home without paying for it outright, or making a large proportional down payment. When you are looking for a mortgage, it’s important to understand the structure of your payments and how they look with different scenarios.

Understanding Mortgage Payments

Two of the main factors affecting your monthly payments, are the size and the term of the mortgage loan. The size means how much money you have to borrow, or the principal, and the term is the length of time that you have to pay the loan back in full. The longer the term of the loan, the smaller your monthly payments will be. This is why many home buyers go for a 30-year mortgage type.The other very important factor is the interest rate. Your interest on your loan principal, even though the rate is low, is compounded over the years to add considerable cost to the home. Closing cost are also a factor, which varies from one mortgage loan provider to the next.The formula for calculating interest to get your monthly payment is rather complicated, so for many mathematically challenged folks, having a mortgage calculator is a necessary tool!Below is a useful mortgage calculator that will show you the expected amount of monthly payments given your current financial situation.Have fun and play around with it trying different inputs, and you will have a better idea of how a mortgage works and be able to compare rates. If you still find it a bit confusing –

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