- 17 Comments
- By GoBankingRates Staff
- November 7, 2010
If you’re looking to purchase a home, one of the most important things to know is how much your monthly mortgage payment is going to be. Use our mortgage calculator to figure out how much home you can afford.
Input the entire balance of the mortgage amount, how many years left you have on the loan, the mortgage rate and the type of repayment.
- Mortgage Amount: Input the remaining balance of your mortgage.
- Mortgage Term: Length of your mortgage in years.
- Interest Rate: Put in your mortgage rate in this field
If the monthly payments are more than you can afford, you might want to consider looking at more competitive mortgage rates that better fit your financial strategy. You should never take on a mortgage that you cannot afford.
You can embed this calculator on your blog or website and tell us your thoughts. Just copy and paste this code snippet:
Now that you know how much you need each month to make your monthly mortgage payments, you can come to a more informed decision on how buying your home could affect your standard of living costs. Keep in mind, other factors like Private Mortgage Insurance, property taxes and other costs can drive up the amount you pay each month as well.
You can also use this calculator to find out if a mortgage refinance loan is better for you. To calculate whether a refinance is better for you, put in the terms of the new loan and compare it with your current mortgage to see how much you could potentially save. Sometimes, a refinance may not make the most sense, but you won’t know unless you calculate it.
On the other hand, you could potentially be saving thousands of dollars per year if you get the right mortgage loan refinancing. Perhaps you’ve improved your credit rating since purchasing the home or a local lender is offering an attractive rate. Taking advantage of these opportunities can provide significant financial benefits.