Mortgage & Financing
The right mortgage has to have the right monthly payment for your particular financial situation. The mortgage payment calculator is a simple way to make sure that you’ve got a match. It calculates your potential monthly payment by computing parameters related to loan and property information. It also takes into consideration tax and insurance information. Input these numbers and you’ve got quick estimate of whether or not the loan is in your budgetary ballpark.
Our monthly mortgage payment calculator is simple to use. The first step includes four fields for loan amount, interest rate, length and home value. The loan amount is how much you’ll need to borrow, the interest rate is the rate advertised by the lender, the length is the amount of time it takes to repay the loan (generally 15 or 30 years) and the home value is the estimated price. The second step of the mortgage payment calculator includes three more fields; annual taxes, annual insurance and annual PMI (Private Mortgage Insurance).
When you use the mortgage calculator, the main fields to keep your eye on are the interest rate and the length. If you input a lower rate, you can expect your monthly payment to go down. Just how much an interest rate decrease affects your monthly balance depends on the size of your loan.
Choose a loan with a shorter term, and you can expect your monthly payment to rise. Consider that you’re paying off the same loan in a shorter period of time.
Below you will find a tool to help you determine your finances as well as a list of my preferred lenders.
My Preferred Lenders
Prosperity Mortgage Karen Howard
New Penn Financial Bridget McGee
CrossCountry Mortgage Craig H. Kessler
Freedmont Mortgage Funding