Need To Determine Your Monthly Payments, Interest and More?

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Need To Determine Your Monthly Payments, Interest and More? Learn How To Use A Mortgage Calculator And Get The Answers You Need

How to Use a Mortgage Calculator to Determine Your Monthly Payments, Interest and MoreAre you thinking about using a mortgage to buy a new home? Buying your own piece of local real estate is a major financial investment and one that can require some pretty complex math to fully understand.

In this blog post we’ll discuss mortgage calculators and how to use one of these tools to determine your monthly mortgage payments, interest charges, amortization periods and more.

Determining Your Principal and Down Payment Amounts

To get started with a mortgage calculator you’ll need to know how the price of the home and how much you intend to contribute as a down payment. Generally speaking you’ll want to place a down payment of at least 20 percent in order to avoid having to pay for private mortgage insurance and to give you access to better interest rates.

 

Choosing Your Interest Rate and Amortization Period

Now that you have an idea of the amount of mortgage financing you’ll need, the next step is to choose your interest rate and amortization period. Different lenders will offer different interest rates for every one of their mortgage products, so again you’ll want to play around with these numbers and run the calculation to see which combination of mortgage financing, interest rate and amortization period gives you a monthly payment that suits your budget.

 

Using a Mortgage Calculator for Refinancing

If you’re thinking about refinancing your current mortgage you can also use a mortgage calculator to help make the math a bit easier. Simply use your outstanding mortgage balance as the principal amount and then choose an amortization schedule that fits your financial goals. Be sure to keep an eye on your interest payments, as you may find that by refinancing to a longer amortization period your monthly payments go down but your total interest paid is quite a bit higher.

 

Don’t Forget the Closing Costs

Finally, don’t forget that there are numerous “closing costs” – fees, taxes and more – which you’ll need to factor in to your overall calculation. Closing costs will include everything from home appraisal fees to government filing fees and property taxes, and will vary depending on the home and the city or community you’re buying in.

 

While online mortgage calculators can handle the tricky math to determine monthly payments and interest costs you may still find that you have questions about your mortgage or some aspect of the process. For more information, contact The Mark Taylor Team and we’ll be happy to share our advice and expertise.  We can be found on Facebook at http://www.facebook.com/markgtaylor   or you can reach us at 602.361.0707.

OR BETTER YET DOWNLOAD THIS FREE APPLICATION FOR YOUR MOBILE DEVICE AND CALCULATE AWAY - AND IF YOU HAVE QUESTIONS JUST ASK US FROM THE APP ON YOUR PHONE: http://mtgpro.co/j9dp3 

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Need To Determine Your Monthly Payments, Interest and More? Learn How To Use A Mortgage Calculator And Get The Answers You Need 

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Re-Blogged 1 time:

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  1. Jason Bechtold 05/13/2015 04:41 AM
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Rainer
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Doyle Lee Austin Davison Iv
Surf City Realty 714-968-6767 - Huntington Beach, CA
28+ years serving Investors/Banks/Buyers/sellers

Nice resource link for realtors.

Jan 25, 2015 11:46 AM #1
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the information. I will share it with others.

Aug 08, 2015 11:07 PM #2
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