Internet & Mortgage Calculations

"You've been approved!" The words you have always wanted to hear when you filled out the home loan application. It swirls through your mind the opportunities and memories you will cherish in your new home. Before you even start shopping for a home it is best to understand in real terms what you can afford. Your income level may make it tight for you every month to make the mortgage payment if you purchase too much home.

You may wish to know how much the home may cost you before you sign your contract. So you will need to be a financial calculator to figure out the monthly paper in real-terms. There is an easier way. The Internet has become the best place for mathematical equations and there are some great websites that will do the figures for you should you know the absolute basics of the transaction. Here are some of the factors that can help you determine what your monthly interest rate will be:

• Amount of home

• Percentage of interest

• Duration of loan (5, 15 or 30 years)

• Down payment

• Insurance (percentage of loan)

• Start date of the loan

Sites like bankrate.com and countrywide.com provide free online calculators. Save yourself time and frustration trying to determine the monthly payment when these programs offered free work well. Some of the calculators can also factor in extra payments to your schedule and will show the end result savings. An amortization schedule is also provided to show you how your payments over the thirty years reduce your liability and increase your equity in the property.

Most mortgage lenders will give you a maximum you can afford and should be within a few dollars of the actual dollar amount should you ask them for the monthly payment calculated. Your being comfortable with the mortgage payment will help you recognize your monthly commitment to the property. There is a lot more involved than just making the payment to the mortgage, utilities, upgrades and other expenses come into play when factoring in all your overall commitment.

About The Author

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

---

FHA Home Mortgage Purchase or Refinance Loan - Why You Might Consider Getting an FHA Loan

Most borrowers have heard of FHA home loans. They are... Read More

Fixed Rate Mortgage Loans - Understand the Pros and Cons of the Fixed Rate Mortgage

There are many benefits and drawbacks to consider when deciding... Read More

How to Shop Around for the Cheapest Mortgage Deal Online

Before you start shopping around for a mortgage, you need... Read More

Good FICO Credit Score? Tips to Getting the Most Out of Your Home Mortgage Loan With Good Credit

Sometimes so much is talked about how to solve the... Read More

What is a Capped Mortgage?

A capped mortgage is a variable rate mortgage with a... Read More

What is a Flexible Mortgage?

'Flexible mortgage' is a term that's used a lot, but... Read More

Home Equity Line of Credit - Finding The Best Home Equity Lender

Borrowing against the value of your home using a revolving... Read More

Mortgage: Effective Household Investment for Financial Autonomy

If finances had a copyright, we would have bought it... Read More

Home Equity Loan ? Not Just For Home Repairs, And Tax Deductible, Too!

Thanks to the combination of low interest rates and skyrocketing... Read More

Home Equity Line of Credit or Second Mortgage Loan Online - Things To Do With Your Homes Equity

If you are wanting to get a home equity loan,... Read More

Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage

Refinancing your home mortgage can come with some great perks.... Read More

Seller Financing

Although any loan used for buying real estate is strictly... Read More

Mortgage ? What, Why, When, and How?

What is a mortgage? Here's what The New Merriam ?... Read More

UK Mortages: A Guide Through The Maze

Types of UK MortgagesYou may be wasting your money with... Read More

Escrow Accounts, Do You Absolutely Need One?

With escrow accounts the money for your home insurance and... Read More

Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

So you have been through a bankruptcy and surely have... Read More

Real Estate Mortgage Loans Online

Online real estate mortgage loans enable borrowers to be sure... Read More

Residential Mortgages ? a Step Ahead on the Property Ladder

Doesn't Residential mortgage give the impression that they are a... Read More

Where To Find The Best Rates For Your Mortgage?

As with all of my articles this will be based... Read More

Low Income Home Loans - FHA and VA Mortgage Loans Can Help You Get Approved

If you have low income and are looking to get... Read More

How to Get Your Home Mortgage Loan

If you are thinking of purchasing a new home soon... Read More

A New Choice for Home Financing: Correspondent Lenders

When you begin your search for a new home loan,... Read More

What the Bank Won?t Tell You About Mortgage Refinancing

So you have a mortgage, and you need to refinance... Read More

Consolidate Your Debt With a Home Equity Loan and Improve Your Credit Score

A home equity loan is a loan based on the... Read More

Home Construction Loans

You can maximize your savings by shopping for a lender... Read More

Secured Lending - a Guide to Releasing the Value in Your Home

The recent boom in house price values have made some... Read More

Home Equity Loan ? Beware of the lingering lien!

A problem that often arises when people try to refinance... Read More

Self Employed Mortgage Loan ? Getting a Mortgage When You?re Self Employed

Being self employed has many benefits. When you are self-employed,... Read More

New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process

Imagine this: you've found the perfect house, and feel lucky... Read More

Secrets Your Banker Wont Tell You - Which Loan is Best for You?

Recently I was driving in my Car and I heard... Read More

Types of Mortgage Interest Rate

Here is a useful guide to the different types of... Read More

Which is Better? Fixed-Rate or Adjustable-Rate Mortgages

The answer depends on several factors including your financial situation.... Read More

Home Equity Loan ? When Does Refinancing Make Sense?

For the last two years, interest rates have been much... Read More