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.

---

Money Smart Homeowners Use this Mortgage Strategy Every Time

There are currently more than 50 million home mortgages in... Read More

Bad Credit Refinance Loans - Finding a Good Lender

Finding a good lender to help you with refinancing your... Read More

Understanding Fixed-rate Mortgages

A fixed-rate mortgage is a mortgage on which the interest... Read More

How to Find a Direct Homeowner Loan

If you've been thinking about applying for a direct homeowner... Read More

Remortgage Debt Consolidation - The New Recourse For Credit Crunch

Shakespeare once said about human nature 'with nothing shall be... Read More

Little Known Secret: Eliminate your Mortgage in 23 years or less!

Wanna know a little secret? There is an ingenious method... Read More

Securing a Cheap Home Improvement Loan

Finding a cheap home improvement loan can be a challenge... Read More

Home Equity Loan Improvements

There's more Regulation Z compliance on the way, courtesy of... Read More

Mortgage and Credit Card Companies Under the Spotlight on Consumer Charging

For the first time since May 1996 reports have indicated... Read More

Home Mortgages: Does a No-closing-cost Loan Make Sense for You?

I have heard a number of radio ads and have... Read More

Finding the Best Home Improvement Loans

When the time comes to do work around the house,... Read More

Finding the Best Home Improvement Loan Rate

If you're looking for a good home improvement loan rate,... Read More

Getting the Best Homeowner Loan for Your Money

With so many lenders out there, it can be hard... Read More

Shopping for a Mortgage, Avoid Three Common Mistakes

Buying a home or refinancing one is perhaps the largest... Read More

A Home Loan Can Help You Own Your Dream Home

Owning your dream home need not just be a dream.... Read More

Kings Bay Saint Marys & Kingsland Georgia Real Estate - Getting a Home Loan with Damaged Credit

So, you have made the decision that you would like... Read More

Need a Mortgage, Refinance or Equity Loan? Learn What it Takes, Before Applying

Do you know what it takes to qualify for mortgage... Read More

How easy is it to get a Commercial Mortgage in the UK?

As is the case when applying for any mortgage, be... Read More

Poor Credit Home Equity Loan Tips

A home equity loan can help repair your poor credit... Read More

Sub-Prime Mortgage Company - 4 Signs of a Predatory Sub-Prime Lender

If you have bad credit and are looking to get... Read More

What is the PayOption ARM?

Imagine an adjustable rate mortgage that allows you to pick... Read More

Mortgage Information for the First Time Homebuyer

Inflation in the United States is increasing rapidly and home... 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

Follow A Few Simple Steps To Make Shopping For Your New Home Loan A Little Easier

It is likely to be one of the largest purchases... Read More

Mortgage Brokers or Banks: Which is Right For You?

When you're looking for a home loan, you might work... Read More

High Risk Home Mortgage Lenders Online

Online high risk home mortgage lenders specialize in offering loans... Read More

Reverse Mortgage Providing Peace of Mind Without Sacrificing Safety or Security

For many seniors one of their greatest sources of security... Read More

Composite Credit Report Score Simplifies Mortgage Issues

Do you want a mortgage loan for your new home?... Read More

Mortgage Refinancing - Does Size Matter After All?

Hopefully your ego has never had to experience the words,... Read More

Thinking About Refinancing Your Loan?

Refinancing your home or property is a big decision that... Read More

Fixed Rate or Adjustable?

Fixed rate or adjustable rate mortgages are two choices of... Read More

Kings Bay Georgia Mortgage Information

When choosing the right mortgage company for your home purchase... Read More

How to Compare Fixed Rate Mortgages and Adjustable Rate Mortgages

There are many types of mortgages, and the more you... Read More