Mortgage Calculator

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Open your Eyes to the Possibility of a Home with a Mortgage Calculator

Owning a home can seem impossible from the eyes of a renter. You get stuck in the rut of renting and figure you will never be able to own a home. Perhaps it's time to take a closer look at your financial situation. Using a mortgage calculator is the first step to owning your own home. You can find a mortgage calculator anywhere, almost every lender has one. Plug in your information today to find out if you qualify for a home mortgage.

What numbers do I plug in for interest rate or points?

Base your initial information on a traditional 30- year fixed mortgage at today's interest rate. If the mortgage calculator asks for points put in 0 or 1. This will give you a rough idea of a typical mortgage that you could get right now. If this doesn't seem reasonable, try a different type of mortgage calculator that will help you estimate things such as renting vs. buying or how much you can afford.

A mortgage calculator is merely an estimate

A mortgage calculator doesn't paint the whole picture of owning a home. Keep in mind that a mortgage calculator doesn't mention the great tax benefits you will receive by owning your own home. These benefits will offset the cost of your mortgage and in essence make your house much cheaper than the mortgage calculator probably says.

It still seems impossible, should I give up?

No! A mortgage calculator is merely a tool in helping you figure out what your payments could be and if you could afford a home. Even if the scenario seems impossible, talk to a lender to be sure. The typical mortgage calculator only deals with traditional 30 year fixed mortgages but you may qualify for one of many special loan programs such as an adjustable rate mortgage.