Use our helpful mortgage calculator tool to find out how much you could be paying each month on your dream property.
What Does it Do?
A mortgage calculator is most often used to estimate payments on a new mortgage. Whether you are a first time home owner or looking to purchase additional property, a mortgage calculator is a useful tool to determine whether or not a property falls within your budget. While this is the most popular use of a mortgage calculator, this tool can be used to figure out whether or not you need private mortgage insurance. The calculator can be used to determine when you will have 20% equity in your home. This percentage is required to request that a lender wave the private mortgage insurance requirement.
How Do I Use It?
The mortgage calculator tool couldn’t be easier to use. Simply enter in the mortgage amount, the interest rate required by the lender (or estimate based on current rates), and mortgage term years (the length or term of the mortgage loan). The mortgage calculator will then compute an estimation of the amount you could expect to pay each month. This provides you with a good indication of whether or not you can afford a particular property. Interest rates change all the time, so never assume that the rate is the same as when you last checked. Check back with Home Sweet Lender often to get a gage of mortgage rates.
Find out if you can afford your dream home by using the mortgage calculator tool today. Have questions about this tool? Contact us! We’d love to hear from you.