Mortgage Calculators Answer your Financial Questions

by Wayne Hemrick - Date: 2007-06-06 - Word Count: 448 Share This!

If you are thinking about buying a new home, there are so many financial details to consider. What will the payment be? How much can you save if you make additional payments or go to a bi-weekly mortgage payment? How much money will you need to earn each month in order to afford your dream house? Instead of guessing, you can use a mortgage calculator to help you determine the answers to these important financial questions.

Time is money, and if you make extra payments on your home loan you can pay it off faster and save money over the life of the loan. An online mortgage calculator can help you figure how paying different extra amounts each month will shorten the loan's term and reduce the amount of interest you will pay.

You can calculate mortgage payments for a home you wish to buy. Simply put in the loan amount, the interest rate and the term of the loan, and the online calculator will figure it out for you. In this way, if you are looking at more than one home, you can compare what the payments would be and then make a more informed decision to help you narrow down your search for a new home.

You also have to determine how much home you can afford. When you plug the house payment amount, along with other expenses you have, into a free mortgage calculator, you will get your answer. You want to buy as much house as possible, but only as much as you can comfortably afford, and this tool is a great way to discover how much that will take.

Banks will tell you how much you can borrow when you want to purchase a new home. It is helpful, however, to plug your numbers into a home mortgage calculator, so you will have an idea in advance of what to expect.

Discount points are an option when you are looking at a new home loan. By using an online calculator, you can fill in the blanks for the interest rate and the rate with discount points, and let it calculate mortgage payments for you to see how they compare.

Everybody wants to save money when it comes to home financing, and it can be a good time to consider refinancing your home loan. But you will be faced with paying fees for the refinance, so you need to determine if a refinance will be worthwhile. Home mortgage calculators can be very useful for this purpose. Another benefit to home ownership is your tax deduction you get for the home while you are paying it off, so use an online calculator to estimate how much you can expect to save.

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Wayne Hemrick has been in the mortgage and mortgage refinance business for over 20 years. He suggests using a comprehensive mortgage calculator to assist you in calculating your mortgage amortization schedule.

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