| Free Mortgage Calculator | | | | than the number you came up with, but no one knows |
| My free mortgage calculator is very easy to use. I'm | | | | what you can afford better than YOU. If you get in |
| going to walk you through a few simple steps that will | | | | over your head it could be a nightmare, so be careful |
| give you the basic knowledge that you need before | | | | and honest to yourself about what you can afford. |
| buying a home, and things to do while you already | | | | Already have a mortgage |
| have a mortgage. | | | | I know that it's a lot of work to get a mortgage and |
| Before you get your mortgage | | | | when you finally get in your new home you feel |
| There's a lot of research I like to do before even | | | | relieved and think that it's over. IT'S NOT! It's just begun |
| looking for a home. I like to figure out exactly what I | | | | in my eyes. Go to The Free Mortgage Calculator |
| can afford, and what the bank will allow me to borrow | | | | home page again and click on the 2nd calculator called |
| before finding the home of my dreams. Go to The | | | | "Extra Repayments". Let's say you just got a |
| Free Mortgage Calculator home page and click on the | | | | mortgage for $100,000.00 at 6% over 30 years. Plug |
| "Borrowing Power" calculator at the bottom. Fill in the | | | | that in and you'll see that over the next 30 years you |
| necessary information and it will tell you how much you | | | | will pay over $115,000.00 just in interest! So, now type |
| can afford on a monthly basis. Make sure to include | | | | $20.00 into the "Ext. Rep. Amount" and you will see |
| ALL expenses because the goal is to live happy and | | | | how much interest you save by adding ONLY $20.00 |
| comfortably. So I added a "Monthly Safety Buffer" | | | | per month to your principal. Can you believe that it's |
| which will make sure you don't come within a certain | | | | $11,465.00? Sounds hard to believe, but it's true! It also |
| amount of your income. Once you've filled out the | | | | has the ability to tell you that you'll save 42 months |
| information you can see the average interest rates | | | | worth of payments! |
| and how much of a mortgage you'd be able to afford. | | | | Let's see it from another angle - What if I offered you |
| Now that you know how much you can borrow you | | | | the option to NOT make 42 monthly mortgage |
| can decide on the type of home that best fits your | | | | payments over the course of your 30 year mortgage |
| interest! The bank has a different calculation that they | | | | by simply increasing your mortgage payment by |
| use to tell you how much you can borrow. They could | | | | $20.00? Of course you would take it! You'd be saving |
| just ask you what your bills are, but some would lie to | | | | a lot of money! So how do you come up with an |
| get a bigger mortgage, so they came up with their | | | | extra $20.00 per month? EASY! I have a page on my |
| own calculation which is basically no more than 45% | | | | site dedicated to coming up with small amounts of |
| of your gross income. Example: Income - $5000.00/mo | | | | money each month so you can add it to your |
| - you can afford $2250.00 (Mortgage payment, Taxes | | | | mortgage and save thousands! |
| and Insurance combined). This may be more or less | | | | |