How Much Can You Afford To Spend On A Home?
Are you trying to figure out how much you can afford to pay for a home? With the help of an online mortgage calculator, you can quickly and easily determine how much to expect to pay each month toward your mortgage loan. This figure is based on the sale price of the home, the term of the loan, your down payment percentage, your interest rate and even the town property taxes. If you will be putting down less than 20% on your loan, the calculator will also factor the PMI, or Private Mortgage Insurance. By estimating your monthly repayment amount, you will be able to determine a price range that will allow you to narrow down your choices so you can find the perfect home to suit your lifestyle and budget.Â
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.