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Mortgage Calculator

Mortgage Calculator: A Valuable Tool of the TradeA mortgage calculator is a little more complicated (and important) than the typical machine you see a picture of at right.

It’s a quick way to find out what you are looking at in terms of monthly mortgage payments — and a great means of finding out what you can afford when you are in the market for a home. The math is tricky, but a mortgage calculator makes it easy. Just plug in the basic variables and you are good to go.

What can a mortgage calculator break down for you?

  • The mortgage rates you are receiving from your lender. As rates increase, so will payments. Enter in a number of rates and see how big a difference they make! You’ll be surprised, and hopefully pleased, by what you can achieve if you secure the lowest rates.
  • The size of your down payment, and how that lowers the amount of your monthly bills with each contribution. The bigger the down payment, the smaller the loan amount (principal) is, and the less you have to borrow. Subsequently, the less you’ll be paying for a house!
  • Most importantly, a mortgage calculator can help you establish what you can afford, whether it comes to buying your first house or looking to begin the mortgage refinancing process. As you experiment with the various factors and see what they amount to, you’ll be able to gain a better understanding of the forces at play and what you need to do in order to achieve your goals.

Of course, it’s just the beginning.

A mortgage calculator will not tell you how expensive your heating costs are going to be, or what to set aside in the case of an emergency. It will probably not take into consideration your property taxes, debts, or other expenses that impact your bottom line. It’s a big decision and in the end, it is up to you to make sure you can swing it.

But a mortgage calculator will give you a little perspective — and a place to start.