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Real Estate Investing With A mortgage Calculator
A mortgage calculator is what actually got me started in real estate. You can use a mortgage calculator to determine the monthly payment on any loan amount with any interest rate. So by doing that you can off set the mortgage and taxes with the rent against your borrowing power and it's a wash with the bank. Then you can start building your borrowing power over the years.
The first thing you want to do is check the current interest rates. Plug that and the loan amount into my free mortgage calculator to get a monthly payment amount. If you can afford it and prove that to the bank then you can buy a home for that amount. You don't have to spend it all, just do what you're comfortable with first.
So let's say you get a monthly payment, including taxes and condo fee it they apply, for $1200. That means you can afford at least $1200 with the bank which is a good thing. Then you rent out the condo or home for $1000, or more if you can. That $1000 now becomes income for you which can off set the mortgage and taxes by $1000. So you really only used $200 out of $1200 of your borrowing power with the bank which means you can afford 5 more homes if you continue the process.
Then next thing I did was go back to the interest calculator to check out an amortization schedule. That will show you the breakdown of your mortgage payment because you need to know how much of your payment is going toward your mortgage balance. You've probably heard the expression "paying down principal" because that's the part of the mortgage payment that pays the bank back. You can put down extra principal at any time without paying more interest. You'll actually pay less interest because it's not a loan anymore and you aren't paying interest on it.
If you use the extra payments mortgage calculator on my website then you can see how much money you'll save by adding a small amount of principal each month. Even $10 per month will save your thousands over time on your loan.
I highly recommend using any type of free interest calculator I have on my website because they will show you interesting things about your mortgage payment that you need to know. Learn how to invest with it, save with it and learn with it to some how save or make you thousands. | 
