Aug 4

If you’re ready to buy a home then using an online calculator should be one of the important steps you take. There are many things you can learn from these calculators and they can help you make a final decision about whether or not you can afford the home you’re considering. However, it all depends on how much information you can provide for the calculator. Ideally you’d give it all the information that’s asked of you, including the interest rate that’s available to you, the price of the home you’re considering, and your location.

The best home mortgage interest calculator will give you information beyond the simple numbers of how much interest you’ll pay on your mortgage over the lifetime of your loan. It will also factor in the real estate taxes you’ll pay and the homeowners insurance that’s required by your lender. Then it will give you a specific amount of your monthly payment. This is an essential step, because the last thing you want is to make an offer on a home and get to the final stages, only to find that the payment amount is too high when all of these factors are included in the equation.

Jul 23

Buying a home is one of the biggest investments you’ll ever make in your life – if not the biggest. That’s why it’s important to consider all your options and to ensure you know what you’re getting into before you get started. One of the tools you should have in your belt is a mortgage interest calculator . This tool can come in handy in several ways. First of all, it’ll tell you exactly what your mortgage payments will be every month based on the amount of loan you plan to take out and the interest rate your bank is offering you.

There are different types of these calculators available so be sure you’re choosing one that will work best for your needs. For example, some will also include things like insurance and property taxes. These additions will help them to give you a more accurate idea of exactly what you’ll be paying. In some areas, property taxes can be significant, and homeowners insurance will typically be required by your lender. Look for a calculator that gives you the most relevant information for your particular needs so you can be sure that it will be as helpful to you and your situation as possible.

Jul 18

Shopping for a home is an exciting, fun-filled time – but it’s not without its frustrations. Many people struggle because they simply don’t know how much they should be spending. One of the biggest mistakes you can make is to assume that you can afford a mortgage payment around the same amount as you’re currently paying in rent. There are several reasons this can be problematic.

Consider Repairs and Maintenance

If you live in an apartment then it’s likely your property manager will make necessary repairs and take care of maintenance. This is obviously not the case with a home. Even if you purchase a condo and many of the maintenance issues are taken care of, they likely won’t extend to within your own unit. You will need to be prepared to fix appliances, cosmetic issues and other problems that may arise. If you buyer a newer property these costs will likely be minimized, versus an older property that’s more prone to needing repairs, but you will need to budget for it either way.

Consider Upkeep

In addition to maintenance and repairs, there will be other issues like lawn maintenance, snow removal, and other cosmetic issues. Your options are either to do it yourself or hire someone. Hiring someone will obviously cost you money, but even if you do it yourself there could be an investment in lawn equipment, a snow blower, and other things. If you already have these, then keep in mind they may need gas, repairs, and maintenance of their own.

Consider Taxes and Insurance

You likely don’t may taxes on your rental property, and while you may pay renters insurance, it’s likely much less expensive than homeowners insurance. The good news is that these are fees you can plan for. Use an online calculator at that gives you information not just on the base payment of your principle and interest, but also on your taxes and insurance. You can then get a real idea of how much your ongoing monthly payment will be.

Consider Assessments

If you live in a home that comes under a homeowners association, or if you live in a condo, then you may have monthly assessments in addition to your mortgage payment. Depending on where you live, these assessments could be hundreds of dollars per month. However, they may also include expensive things like lawn maintenance. Before you buy a home, be sure you understand both how much the assessments are and what they cover. Also ask how much they’ve risen in recent years. The last thing you want is to buy a home at the top of your price range and then have your assessments rise every year.

While these are costs that you should take into consideration, there are of course huge advantages to buying your own home – not the least of which is the fact that your monthly payments will actually be building equity and can pay off over time. Just be sure you know what you’re getting into and that you choose a home you can afford.

Jul 14

affordable mortgage loan paymentDeciding how much of a home you can afford can be a difficult decision. One mistake that people often make is to assume that they can afford a loan payment that’s as high as their rent is. The truth is that there are many things included in your rent that you’ll now be paying separately. For example, lawn maintenance, snow removal, repairs on the home, and other costs that come up. Your rent may also include certain utilities, like water, that you’ll have to pay separately once you own your own home and are responsible for all of your utilities.

Another thing to consider when you’re deciding what your mortgage loan payment should be is what will be included in it. For example, if you’re just considering what the loan amount would be paid back over a certain number of years, then you’re likely not getting the full picture. For the most part, you can bet that real estate taxes and homeowners insurance will be included in your mortgage payment. There are advantages to this – namely that you don’t have to worry about making separate payments – but you must be sure you’re taking them into consideration when estimating your loan payment.