Internet & Mortgage Calculations
"You've been approved!" The words you have always wanted to hear when you filled out the home loan application. It swirls through your mind the opportunities and memories you will cherish in your new home. Before you even start shopping for a home it is best to understand in real terms what you can afford. Your income level may make it tight for you every month to make the mortgage payment if you purchase too much home.
You may wish to know how much the home may cost you before you sign your contract. So you will need to be a financial calculator to figure out the monthly paper in real-terms. There is an easier way. The Internet has become the best place for mathematical equations and there are some great websites that will do the figures for you should you know the absolute basics of the transaction. Here are some of the factors that can help you determine what your monthly interest rate will be:
- Amount of home
- Percentage of interest
- Duration of loan (5, 15 or 30 years)
- Down payment
- Insurance (percentage of loan)
- Start date of the loan
Sites like bankrate.com and countrywide.com provide free online calculators. Save yourself time and frustration trying to determine the monthly payment when these programs offered free work well. Some of the calculators can also factor in extra payments to your schedule and will show the end result savings. An amortization schedule is also provided to show you how your payments over the thirty years reduce your liability and increase your equity in the property.
Most mortgage lenders will give you a maximum you can afford and should be within a few dollars of the actual dollar amount should you ask them for the monthly payment calculated. Your being comfortable with the mortgage payment will help you recognize your monthly commitment to the property. There is a lot more involved than just making the payment to the mortgage, utilities, upgrades and other expenses come into play when factoring in all your overall commitment.
About The Author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
Latest News
Interest rate drop opens door to refinancing Austin American-Statesman, TX - By Shonda Novak, MS Taboada The recent sharp drop in mortgage interest rates is creating a window for homeowners nationwide to refinance and providing an ... Looking to refinance? Now might be the time |
 FinFacts Ireland | Ben Bernanke: Fresh Attack on Mortgage Rates U.S. News & World Report, DC - Lower rates will enable some borrowers to refinance out of adjustable and into fixed-rate loans. But those who need to refinance the most have homes with ... Long Bond Returns Most Since 1995 as Rosenberg Sees ‘Bubble’ Treasury Yields Hit Record Lows, But Will it Last? REFILE-TREASURIES-Bonds rally, helped by weakening economy |
Self-Employed Are Frozen Out of Mortgages Wall Street Journal - He's been unable to find a lender willing to refinance the $900000 adjustable-rate mortgage on his primary residence, which he says is worth around $1.1 ... |
Md. sees drop in loss of homes Baltimore Sun, United States - Many borrowers took on mortgages at the height of the housing boom, believing they could eventually refinance to a lower loan rate or sell their homes if ... |
Wolters Kluwer Financial Services Begins Development of Hope for ... MarketWatch - For borrowers who refinance under H4H, lenders are required to "write down" the mortgage to the Department of Housing and Urban Development (HUD)-provided ... |
 Straits Times | Mortgage rates fall, but many borrowers will have trouble qualifying Los Angeles Times, CA - Jeff Lazerson, a Laguna Niguel mortgage broker, said all the customer calls he received Tuesday were from people seeking to refinance, not buy homes. ... Mortgage-market revival: Try, try again Last Call for Smart Homeowners US move cuts mortgages to lowest rate since February |
New mortgage crisis looming, experts caution San Bernardino Sun, CA - And since investors no longer want to buy commercial mortgages, banks are reluctant to write new loans to refinance those facing foreclosure. ... |
Good time to refinance your mortgage? WKTV, NY - By GARY LIBERATORE (WKTV) - If you are in the market to buy a home, it's a really good time, but if you're selling, it's not so good. ... |
A recession Q&A Newsday, NY - ... take measures that will result in lower mortgage rates, "so people can afford to buy up housing inventory and refinance mortgages at affordable rates. ... |
Great Wolf continues mortgage negotiations Wisconsin State Journal, WI - Because of the economy, refinancing arrangements are taking longer and are structured differently than in the past, he said. The resort continues to operate ... BRIEF: Great Wolf still talking with lenders |
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