How a mortgage calculator can help?
It can help you find the perfect loan term length. A shorter loan term means less
interest, but a longer loan term means easier monthly payments!
Seeing what your home mortgage payment will look like should help you decide your
loan term length
Helps you figure out if an adjustable-rate mortgage is the right idea. Your interest rate
will change over time, but that might suit your needs depending on your situation.
It can help put things in perspective. Is the house you’re thinking of more work than you
can manage right now? Or is it not enough? The mortgage calculator may help you plan
on a bigger down payment to make your monthly payments easier!
When shopping around for the best mortgage lender, keep in mind that they make their
decisions based on your debt-to-income ratio. As a general rule, they like to see ratios
of 36%. This means a maximum debt of $1,800 out of $5,000 a month in income.
Your principal is the money you borrow from a lender. Make monthly payments and
lower that principal!
Interest is the money charged to you for taking out the loan. They are reflected as a
Yearly property taxes are added to your monthly payments then paid by your lender.
Homeowners insurance protects your house from all kinds of accidents. Like your
property taxes, it’s added to your monthly payments and then your lender handles the
Want to reduce your mortgage payment? Try putting down more on the home, or maybe
even taking out a smaller loan!
Over the course of your loan, premiums may rise. So it’s important to stay prepared for
any circumstance! Check out some helpful saving tips here.