| A mortgage payment calculator is the first thing most | | | | monthly payment is affordable. As a rule of thumb, |
| people search for when considering refinancing a | | | | your mortgage repayment should amount to no more |
| mortgage, or buying a new home. Using a mortgage | | | | than a third of your after-tax income. This will ensure |
| calculator, you can apply today's interest rate to the | | | | that your payment is affordable. |
| amount of your new mortgage, and find out what your | | | | If the new monthly mortgage figure comes out to be |
| new monthly mortgage payment will be. | | | | more than a third of your after-tax income, you will |
| You can easily find a mortgage payment calculator | | | | need to reconsider your purchase, or find a better |
| online. For example, there are free mortgage | | | | interest rate. |
| calculators on several sites, which allow you to enter | | | | You can use the mortgage calculator to work out how |
| the interest rate, the term of the mortgage, and the | | | | much you can afford to borrow. Simply enter the |
| mortgage principal amount, in order to calculate your | | | | interest rate and term of the loan, and then adjust the |
| new monthly payment. | | | | amount of the principal until the mortgage calculator |
| The formula to calculate the monthly payment on a | | | | shows a monthly payment equal to one third of your |
| mortgage is one of those horrible bits of high school | | | | after-tax income. |
| Math that most people try to forget as soon as they | | | | Combine that figure with any down payment or equity |
| have sat the exam - if not before - so there is really | | | | you have available to calculate the total price you can |
| no alternative for most people, than to use a mortgage | | | | afford to pay for your new home. |
| calculator. | | | | Whether you use an online mortgage payment |
| You may find that your spreadsheet software has a | | | | calculator or not, it is very important that you don't |
| function which will calculate monthly payments for a | | | | overextend yourself by borrowing more than you can |
| mortgage, although in most cases an online mortgage | | | | afford. Use the mortgage calculator to make sure your |
| calculator is easier to find - and simpler to use! | | | | new mortgage is affordable. |
| The next question ir consider is whether the new | | | | |