How Can a Mortgage Interest Calculator Help Me?

Jul 10, 2013

Those who are on the lookout for a new home and are doing their research probably have read dozens of times about a mortgage interest calculator . However, so frequently a site will simply suggest you use one without really explaining why it’s helpful. So you head to the calculator, you plug in a few numbers, and then some more numbers come back at you. Now you know how much interest you’ll pay over the course of your loan, or you know what your monthly payment will be. But how do you use this in the larger questions you have about how much home you should buy?

 

Remember that your monthly payment is just one part of how much it costs to buy a home. If you see the results and the monthly payment is higher than you’d expected, but you think to yourself, “Well, I could probably pay that every month…” then it is likely too high. Unlike when you’re renting, the premium you pay to your lender isn’t the only home expenses you’ll have. You’ll have to do regular upkeep, maintenance and repairs – which can all get costly. Consider the whole picture as you look for the right price to pay.

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