Mortgage calculators are pretty simple. They let you determine how much your monthly mortgage would cost based on a few simple factors — things like home price, interest rate, loan amount, loan term, and other details.
And while that in itself is helpful — especially if you’re new to house hunting — that’s not the only thing they can do.
Online mortgage calculators can also help you:
- Determine what price range to shop in – Change the numbers to see how different priced-homes would impact your monthly payment. Then, hone in on what price range you should focus on to get a payment you can afford.
- See the impact of your down payment – Play with the loan totals and home values to see how much a bigger or smaller down payment could influence your payments. How much of a down payment would allow you to avoid PMI and save even more each month? Adjust the numbers to see.
- Start to budget – Use the calculator to determine how much you should save up to get a monthly payment you can afford. You can use it weeks, months, or even years ahead of your home purchase to ease the financial strain and start saving now.
- Compare loan types and terms – Not sure if a 15-year or 30-year loan is best? Can’t decide between a conventional, VA, or FHA mortgage? An online mortgage calculator can make the decision easy.
- Get info on the fly – Use online mortgage calculators anywhere — while you’re driving neighborhoods and touring homes, on the train as you browse Zillow, or anywhere you have your phone and access to the web. They make the financial aspect of homebuying infinitely easier.
Online mortgage calculators can come in handy at every point in the homebuying process. Use them to get a feel for down payment size and savings early on, and then again to narrow down price range when you’re ready to start looking. Once you’ve found a home, use the calculator to determine the best loan product and term for your needs and to estimate what payments you can expect once closing day comes. They’re invaluable tools from start to finish.
Get More Help
Want help buying a home at a price you can afford? Not sure where to get started? Then use our online mortgage calculator or reach out to an Embrace home loan officer today. We’re here to guide the way.