Closing Cost and Mortgage Calculators: Ready Yourself for the Sale

By Kelly Richardson
LoanPage.com Columnist

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When it comes to buying a new home or refinancing your mortgage, the name of the game is preparation. By doing your due diligence, you'll be prepared to make informed decisions based on your financial situation. And there are a host of real estate calculators that are designed to help you do just that.

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The unique fusion of real estate and technology has empowered today's homeowner with a suite of tools that help in preparing for the purchase of a new home or refinancing an existing mortgage. Lenders have taken to the Web and are offering a variety of mortgage and closing cost calculators that give homeowners an idea of how much money they'll need to transact business. Here are several of the most popular and widely used Internet calculators for real estate transactions.

Calculators for Every Step

  • » Mortgage Calculator. A mortgage calculator takes into consideration a variety of factors that influence the cost of a new home. These include: down payment, current annual percentage rate, length of mortgage, amortization schedule, and closing costs.
  • » Closing Cost Calculator. A closing cost calculator is primarily concerned with the amount of money you'll pay to close the real estate deal. Taken into account are attorney's fees, documentation charges, title research, prepaid property taxes and insurance, and private mortgage insurance, if required.
  • » Affordability Calculator. The affordability calculator takes more of your personal financial situation into account. You'll enter your current debts, including credit cards and outstanding loans, plus your annual or monthly salary. The calculator will tell you just how much house you can afford.
  • » Refinancing Calculator. The refinancing calculator is a good indicator of the proper time to refinance your mortgage. Updated in real time, the refinancing calculator considers current payments and fluctuating percentage rates.
Keep in mind that most of the real estate calculators that you find on the Web, such as the mortgage and closing cost calculators, are primarily for investigative purposes. They are certainly not the final word on mortgage payments or anticipated closing costs. Check with your lender for the specifics of the deal.

Source
Fannie Mae

About the Author
Kelly Richardson covers the real estate scene in major cities across the country. His articles appear in educational journals, periodicals, and e-zines.

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