How Much Will Your Payments Be?
The Mortgage Calculator below will help you figure out what your monthly principle and interest payments will cost. It will add in an estimate for property taxes. You can look at payments for homes in different price ranges. This will help you understand how much paying a little more or less will affect your monthly payment.
You can change the amount of the down payment or the length of the loan. The calculator will add in PMI if you put less than 20% down. It surprises some buyers to discover they don't have to put 20% down. VA loans allow you to buy with zero down. FHA loans only require 3.5% down. Recent mortgage rules require FHA loans to include PMI for the life of the loan. You may want to see if you can do a conventional with as little as 5% down to avoid the lifetime PMI.
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Finding Your Dream Home Starts With the Mortgage
Getting pre-approved for your mortgage is the first step to finding your dream home. The time you waste looking at homes in a price range beyond your reach could let the home you can afford slip away. Most lenders can get you pre-approved quickly. By getting pre-approved, you won't waste time and energy. When you find the home you want, you'll already have the pre-approval. This will let the sellers know you are a serious buyer with a serious offer. If you need a list of local lenders, just let us know.
Getting pre-approved before you start buying will give you time to correct any errors on your credit report. Credit reporting agencies track many of our habbits. Sometimes, they may confuse your name and info with someone else. Or there may be a late payment that was reported in error. Getting pre-approved before you find your dream home will allow you the time to clear up any errors that might hinder your efforts to buy a home.
Contact us for more information about financing your next real estate purchase.