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The Best Mortgage Calculators
The Best Mortgage Calulators
Looking for a new home is an exciting time. Most buyers begin their search online and can find all of the homes currently on the market in just a few quick click of the keys. Early in the search it is a good idea to find out what payment you can comfortably afford for your new home.
Mortgage calculators are a great resource to determine what you borrow. There are plenty of them on the internet you can use. While a large number of them are advertisements to encourage you to choose a certain bank, there are plenty that are helpful.
1.) Don’t be married to a low interest rate that you find. The bank with the lowest rate is not always the best choice.
2.) Talk to an expert at your local bank or credit union.
3.) Ask your friends that are homeowners about their experience with their lenders.
4.) Consider 5 or 7 year adjusted rate mortgages (ARM), but make sure you know everything there is to know about them by speaking to a professional.
5.) If you’re working with a trustworthy real estate agent, ask their opinion.
Here are 5 great mortgage calculators to help guide you on your journey to homeownership. Most of these are very similar, but range in features and complexity.
This is probably the best mortgage calculator that is highly detailed without having any ads for banks. You get a comprehensive breakdown of monthly payments and a detailed mortgage payment schedule for the amortization period (30 or 15 years).
This is a very recent feature for Google, allowing you to search phrases like “what mortgage can I afford at 900 a month” or “mortgage calculator”. You’ll see a calculator built into Google’s search engine result page.
While it’s very handy to quickly search Google, keep in mind the numbers that are shown are just principal and interest. It does not include property taxes, homeowner’s insurance, or private mortgage insurance.
I like this calculator for it’s simplicity. Plug in the home price you’re looking at, what you have for a down payment, and a safe interest rate number. You’ll get to quickly see breakdowns of monthly payment, amortization, and payment schedule for each year.
4.) CNN Money
Another calculator I like for it’s simplicity. If you want something that is straight to the point, this is my favorite. It doesn’t show you graphs, pie charts, or amortization charts. Just see what your monthly payment will be with principal and interest, PMI, taxes, and insurance.
It’s very important to understand how a mortgage payment will fit into your budget. We hope these calculators are a great resource for you on your home buying journey. For more information contact Judy Griffin, The Griffin Group, Keller Williams Realty 850.685.8595.
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