What is a Mortgage Calculator?
A mortgage calculator, also known as a mortgage payment calculator is a financial tool used to determine what your estimated mortgage payment will be and is based on certain variables such as home value, loan amount, interest rate and more. Understanding your mortgage payment before committing to a home loan is a serious step in the financial responsibility of homeownership.
Who should use our Mortgage Calculator?
Free mortgage calculators can be used by real estate professionals, current homeowners as well as potential home buyers. There are a wealth of online calculators to help professionals and consumers understand how much they can afford, the value of mortgage refinancing, the effect of extra principal payments and more. In fact, we have one of the most extensive set of mortgage calculators online and provide easy to use snippet codes where webmasters can quickly add a free mortgage calculator to their website.
How much can you afford?
This is the most important questions when shopping for a new mortgage or comparing refinancing rates. The mortgage payment is just in one factor in the total cost of home ownership and this is the very reason why debt to income ratios are used by lenders. Typically you want to stay under 35% of your total monthly income for your mortgage obligation however this 35% also include property taxes, homeowners insurance and condo or association fees. Before comparing mortgage payments it’s a good idea to make a sidenote of how much these additional homeowner costs are and add them to the mortgage payment calculated online for a true sense of the full obligation as a homeowner.
Check the Mortgage calculator on the right side
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