Using a Monthly Mortgage Calculator [mortgageinsurance-101.blogspot.com]
www.thephoenixrealestategroup.com I was meeting with a home buyer earlier today, and she asked me how to figure out how much the monthly mortgage payment would be on a house she saw online. Now, without speaking to her mortgage banker, I can't give her or you an exact amount, but let me tell you what I told her. I recommend keeping a mortgage calculator app on your phone and or at least on your computer for quick reference. There are a ton of mortgage calculator apps and websites out there, but the one I have on my phone is Matt Baker's Mortgage Calculator. It's a free app, and I found it very quickly in the Android Market. I don't have an iPhone, but if you do, I've been told it's also in the iTunes market. Now, once you have your mortgage calculator in front of you, plug in as many of the details about the home as you know. The more you know up front, the more accurate the calculator can get. Here below are the six most important items you should know about the home before you can calculate your monthly mortgage payment. For more information about each item, watch this video or feel free to post a comment below! #1 - Loan Amount #2 - Mortgage Term #3 - Interest Rate #4 - Annual Property Taxes #5 - Annual Homeowners Insurance Premium #6 - Private Mortgage Insurance (PMI) Rate So, there you have it. Those are the six most important numbers that will impact your monthly mortgage payment on any given house here in the Greater Phoenix Area. But there is one other important ...
mortgageinsurance-101.blogspot.com How to Calculate Your Monthly Mortgage Payment
People often use a monthly mortgage calculator in order to find out how much money they can afford to spend on a home, and also how much their monthly payments would be. This type of tool is to be used for educational purposes. It is the lender who will end up deciding how much they are willing to give you, and on what term. If you use a monthly mortgage calculator, it will allow you to enter in the interest rate, dollar amount for the loan, and the term of the loan in years or months. It will then calculate how much your monthly payments would be.
These types of calculators are very useful in finding out what you can afford and what term you should use. Mortgage calculators are extremely easy to use and can be found everywhere online by simply typing "mortgage calculator" into any search engine. These are free tools for you to use when you are planning a mortgage.
The term of the mortgage is how many years you will have to pay it back.
If you can pay it back early you can save a lot of money on interest charges. "Mortgage Cycling Revealed" is a method that can be used to significantly decrease the amount of time it takes you to repay a loan. Be aware of the terms of your mortgage agreement though, because there may be fees associated with paying it off early.If you want to apply for a mortgage or have been looking at homes wondering if you can afford it, then you should try a monthly mortgage calculator. Not only will you be able to see what you can afford, but it will tell you how long you would have to pay it back and what your monthly payments would be.
Recommend Using a Monthly Mortgage Calculator Issues
