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What Is a Mortgage Calculator?
When you are shopping for a home, a mortgage calculator can be one of your greatest allies. A mortgage calculator helps you to determine the total monthly payment you will need to make if you acquire a certain property.
How It Works
Generally, this calculation is made by considering the cost of the property, the percentage that you intend to put down as a down payment, the length of the loan (usually 10,15, or 30 years) and the estimated mortgage rate. Some mortgage calculators will also use the property’s estimated value and its location to provide a rough estimate of property taxes and homeowner’s insurance.
Why Use a Mortgage Calculator?
The benefit of using a mortgage calculator is that it can help you to determine in advance whether you can afford a certain property. You can usually adjust the payment rate by changing the number of years you want the loan to be for as well as adjusting the amount of your down payment. Adjusting the mortgage calculator fields allows you to see what will work best for your budget.
It is an unfortunate fact that foreclosures riddle the modern real estate market. With that knowledge in mind, a mortgage calculator is an outstanding tool for allowing you to calculate the cost in advance. Lenders hope that this service will result in borrowers making better decisions when it comes to applying for loans