How much house can you afford? Find out with our complimentary mortgage calculator! Use this tool to find out roughly how much the mortgage payment will be each month, and how much of that payment will go towards the principal versus interest. Keep in mind that there are several different mortgages out there to suit a variety of purposes like variable and fixed rates with different amortization periods and interest rates. To find out what will best suit you, get in touch with our team and we can refer you to our favorite lenders.
So, how much home can you afford? Find out now!
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.
Why Use a Mortgage Calculator?
Unless you’re very mathematically inclined, it’s hard to look at a home price and get an accurate sense of how much you can expect to pay each month towards your mortgage. It’s not as simple as taking the amount and dividing by the duration you’d like to pay it off. You also need to consider things like your downpayment, interest rate, and term as well. This is where a mortgage calculator can do all the work for you.
Simply input the price of the home, and the calculator above will break down how much of a payment you can expect each month. You’ll also get a sense of how much of that payment will go towards the principal of the home, and the interest over time.
What this calculator doesn’t include are any additional costs, like home insurance, property taxes, HOA fees, and private mortgage insurance (PMI) if you need it. Your mortgage payment can also change over time, depending if you opt for an adjustable-rate or fixed rate mortgage.
Ultimately, this tool is to give you a general sense of how much you can anticipate spending each month. For a more concrete number, you should consult with your lender to find out which option is the best fit for your lifestyle. Don’t have a lender yet? Let us know and we’ll be happy to refer you to our preferred brokers.
Contact us for more information about financing your next real estate purchase.