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Mortgage Payment Calculator You need to know these 3 factors that will directly affect The amount of a mortgage monthly payment; 1) how much will you borrow 2) your mortgage interest rate 3) length of your mortgage.
Before you go in Zillow.com, Realtor.com, Trulia and look at homes and get all exited and say “Yup that’s the one”, before you tell your wife, “Hey Babe, i think its time”, – you need to know what you can afford, what monthly payment is within your means, what kind of loan do you qualify for? This is why its a good idea to consult with a Realtor who is familiar with the area and knows Loan officers who are experienced and most important of all: you can trust them with one of the most important transactions in your life.
The more dineros you borrow, the higher your monthly payment (duh). At the same time, the higher the interest rate you have, the larger each monthly payment will be, so keep this in mind!. Also If the mortgage rate changes during the life of the mortgage, like in the case of an adjustable rate mortgage, you’ll have to recalculate the monthly payments at that time. Now for the term, which is usually 30 years, the longer the term of your mortgage, the lower your monthly payment. BUT with a longer term that means that you will pay more interest over the life of the mortgage. Now You know these 3 factors that will directly affect The amount of a mortgage monthly payment, this tool will make more sense, keep in mind this is an approximate which we believe is in the ballpark of what a loan officer will give you once he or she crunches the numbers, also things like insurance are not included in this calculator, and we do not guarantee these results.