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Mortgage Calculator
Interest Rates
College Loans
Monthly Mortgage Payment
Real Estate Investing
Mortgage Loan VS Auto Loan
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Mortgage rates are still low. Refinance & Lower Your Payment!
Knowing How Much You Can Afford |
Can I afford a mortgage? What's borrowing power?
I provide mortgage rates and home equity loan rates for primary loan refinance and secondary loan refinance. If you are buying a home or you are refinancing an existing loan, my mortgage calculator can help you make the correct decisions. I'll help you calculate your borrowing power and figure out your debt to income ratio so that you know what your talking about when you go to the bank. With my free mortgage calculator you can determine exactly which loans will offer the lowest monthly payments, also what amount of loan you can afford, and whether it makes sense for you to rent or buy. There's many different options when getting a loan so explore those options and find what best fits you.
My online interest rate calculators help you quickly evaluate interest rate options on all loans. Mortgage repayment calculator, free online loan calculator, ARM Rate, Fixed rates, easy financial calculators and loads of free information! I'll also help out, with the best of my knowledge, some business tips. Ways to learn the system a little before jumping into a large monthly payment. Use an interest rate calculator to see an amortization schedule which allows you to easily make mortgage rate comparisons. I'm going to show you how to use the mortgage calculators and how to make great financial decisions. |
Renting an Apartment VS Buying a Home |
Is renting an apartment cheaper than buying a home?
How much does it cost to buy a home?
I wouldn't completely rule out renting an apartment because sometimes it's the better choice. If you're not content living in one spot because you like to move around then renting is actually better. If you were to figure out your borrowing power and realize you can afford a mortgage based on the current interest rate then buying is a great idea, but only if you want to live there for at least 3-5 years. You'll be paying down your mortgage and hopefully your home or condo will be appreciating. However, if it hasn't changed in 3 years and you need to sell it then it might be difficult to make money with the real estate fees and transfer of ownership fees. Some people just assume buying a home is better than renting because they hear it so often. There's so much to take into consideration when thinking about obtaining a mortgage, so I've added a lot of my knowledge with tips and tricks available for you to make the best decision based on YOUR finances and YOUR living situation.
I will show you how to use my free mortgage calculator and help you save thousands of dollars on your mortgage, credit cards, auto loan or any type of loan with an interest rate! I will also teach you how mortgages work and how to limit the amount of interest you pay. Understanding how to use a free mortgage calculator will give you the basic mortgage knowledge you need to make sure a mortgage broker doesn't try to talk you into a mortgage that you don't need. You should understand what you need first, so I'll help you figure it out. Use an interest rate calculator to see an amortization schedule which allows you to easily make mortgage decisions. |
Adding Money to Principal NOT Your Savings Account |
Your mortgage is a GIANT savings account!
Most people think about how to make more money or how to add to their savings. Well, if you have a mortgage payment or an auto loan then you have a lot of savings available. Adding a small amount of money to your mortgage payment can save you more money then adding it to your savings account.
You have to decide whether you're an investor or a saver. An investor wants all the money a bank will allow them to have in order to invest it in new business ideas or a business they already have. A saver wants to be content in their home paying bills and increasing their savings account. In this case I'll teach you about putting some of that into your mortgage payment and how much money you can save by adding certain amounts. So I might jump back and forth or even contradict myself but I wanted to give tips to both sides. Everyone likes a different level of risk.
If your trying to save money I have some ways to save money with your mortgage payment available. It will calculate how much you'll save over the entire loan if you add $10.00 per month. You'll be surprised. |
Avoid PMI With a Bigger Down Payment |
What's PMI? Why do I have to pay it?
You'll need a down payment of at least 20% to avoid PMI, or Principal Mortgage Insurance. A bigger down payment will help if you have a bad credit score because you wont be as big of a risk with the bank. Make sure you look at the amortization schedule as well to see if you should pay any extra principal. It will tell you a lot about your mortgage payment that you probably didn't already know.
If you have a 20% down payment you will avoid PMI and also get a lower mortgage payment because you wont have as big of a loan. PMI stands for Principal Mortgage Insurance which you can avoid once you have 20% of equity in your home. Even if you had a down payment of 10% and your home appreciates another 10% you can get an appraisal to show that you have 20% equity and avoid PMI. It can also have the opposite effect, unfortunately, if the worth of your home goes down you'll still have to pay PMI even though you might have paid down 20% of your loan.
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Current Interest Rates Affect Your Borrowing Power |
Does the current interest rate affect how much I can afford?
Before using a mortgage calculator you should check the current interest rates so that you get an accurate mortgage payment amount. You don't want to get over your head when buying a home because you could end up in financial trouble. Play around with the interest rate, loan amount and loan term because all of them affect the monthly payment just as much. Try changing the interest rate from 5% to 6% and notice how much it changes.
If changing your interest rate increases your monthly payment by $100 then the amount of home you buy will have to lower about $15,000 in order to stay within the amount you can afford per month. The same goes for taxes. If the taxes are higher on Home A compared to Home B then you have to lower the amount of home you buy to make up for it.
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