Good planning can take the big, unexpected surprises out of our big decisions. Whether you are looking to buy a new home or refinance a current mortgage, using the right tools can make all the difference to having more accurate expectations of your monthly payment.
It is worthwhile to tinker a bit with increasing your down payment, changing the length (term) of the loan you are calculating. Another benefit of using this calculator is having a good look at how the term of a mortgage affects the amount of interest you will pay over the life of the loan. Finding the best combination of term and rate never looked better!
Use the sliders or enter your information manually to calculate an estimated monthly payment. You can roll your cursor over the graphic to see dollar amounts and how they change over time. Clicking on the data categories below the graphic removes that information, to show you how the other categories play out over time.
One thing is for sure when it comes to figuring out how high a mortgage payment can become: from pre-payments, property taxes, possible association dues and more, it all adds up! Using tools like this calculator can help you to make your best decisions. Because home buying is a complex process, InTouch offers you a wide variety of other calculators that can help you to prepare for affordability, refinancing and more.
If you find that you have further questions, or you are ready to apply for pre-approval or for a mortgage now, please contact us online or in-person.