Mortgage Calculators Designed to Help Homeowners

By Karen Lawson
LoanPage.com Columnist

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You've found your dream home, at a price you can afford. Or can you? Using free mortgage calculators can help you estimate the amount of your mortgage payments, closing costs and how much house you can afford to buy. Using mortgage calculators can help you keep the American dream of homeownership from becoming a nightmare of financial struggle.

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Impulse Buying: Avoiding Mistakes by Using Mortgage Calculators

How many times have you gone to a mall, a car dealership, or even a restaurant, and spent more than you intended? Getting caught up in the excitement of buying a home without solid financial information can lead to big problems. Mortgage calculators can help you determine:
  • » How much you can afford to spend on a new home
  • » Amount you can afford to borrow
  • » Estimated amount of closing costs
  • » Impact of interest rates on your mortgage payment
  • » How much and how long you will be paying for your new home
Having this information in advance of shopping for a home can help you find a home that's right for you and your budget.

Knowing What You Need to Know Before Buying

Unlike many purchase transactions, home prices are typically negotiable. It's important to remember that there is more to buying a home than its selling price. Closing costs consist of additional costs associated with preparing your mortgage documents and transferring title of the property from seller to buyer. These costs can vary considerably A mortgage calculator can help you estimate closing costs based on the price of the home you want, and customary costs in your area. Your credit rating, mortgage loan type, and regional real estate market trends will affect how much you ultimately pay. Your lender can help you select and use mortgage calculators. Use mortgage calculators in advance of making an offer to help you avoid surprises later.

About the Author
Karen Lawson is a freelance writer with more than fifteen years of experience in mortgage banking. She holds an MA degree in English from the University of Nevada, Reno.

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