Mortgage calculators are used to help a current or
potential real estate owner determine how much they can afford
to borrow to purchase a piece of real estate.
calculators can also be used to compare the costs or real
interest rates between several different loans, determine the
impact on the length of the mortgage loan of making added
principal payments or bi-weekly instead of monthly payments. A
mortgage calculator is an automated tool that enables the user
to quickly determine the financial implications of changes in
one or more variables in a
mortgage financing arrangement. The major variables include
loan principal balance, periodic interest rate
compound interest, number of payments per year, total number
of payments and the regular payment amount.
When purchasing a new home most buyers choose to finance a
portion of the purchase price via the use of mortgage. Prior to
the wide availability of mortgage calculators, those wishing to
understand the financial implications of changes to the five
main variables in a mortgage transaction were forced to use
compound interest rate tables. These tables generally
required a working understanding of compound interest
mathematics for proper use. In contrast, mortgage calculators
make answers to questions regarding the impact of changes in
mortgage variables available to everyone.
You can use an online mortgage calculator to see how much
property you can afford. A lender will compare your total
monthly income and your total monthly debt load. A mortgage
calculator can help you add up all your income sources and
compare this to all your monthly debt payments. It can also
factor in a potential
mortgage payment and other associated housing costs (property
taxes, homeownership dues, etc.). You can test different
loan sizes and interest rates. Generally speaking, lenders do
not like to see all of your debt payments (including your
property expense) exceed around 40% of your total monthly pretax
income. Some mortgage lenders are known to allow as high as 55%.
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Each loan calculation at
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When filling out online forms, few things
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Regardless of whether you are looking for
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Loans can be time consuming to find, especially if you are looking to
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