If you are looking to buy a home, it is important to be prepared for your monthly loan payments. You need to know what everything will cost you in the long run and if you can afford to borrow money, this is where a loan calculator comes in.
What is a Loan Calculator?
A loan calculator is a tool that predicts an estimated amount that you will pay each month. It is a simple process! All you need to do is enter some information about the loan, and it does the math for you. Here is what you will need to know:
- Price of Home
- Down payment
- Interest rate
- Amortization period
- Payment period
After entering in all of your information, you will see your calculated monthly payment. Keep in mind that this does not include everything. Some additional costs that you might have are property tax, homeowners insurance, homeowner association dues and private mortgage insurance.
We recommend that you consider more than just your monthly loan payment when reviewing your loan terms. Make sure you are considering ALL other financial obligations that you have.
When you are ready for that new home or ready to refinance your mortgage, call or stop by Mid America Mortgage for helpful guidance and advice!