Use an online mortgage calculator to find the best price for your home


Discover the price range of your home

Getting the best mortgage value means more than checking current interest rates. The loan and the expenses must be within your budget and your needs.

A mortgage calculator is an essential tool. The software, generally available for free use, can let you see what you could afford.

The best calculators let you manipulate your down payment, mortgage rate, and home price, and will even estimate your mortgage insurance.

Some will even list the price of the house that you can probably afford based on your income and debt.

A calculator analysis won’t replace a lender’s pre-approval or tell you exactly how much you can afford. But it will help you come up with a reasonable price range for your budget – if you use the mortgage calculator the right way.

Check your new rate (Nov 18, 2021)

Look for robust mortgage calculator features

No two mortgage calculators are the same.

Some only offer the most basic functions and, frankly, are not very useful. For example, a calculator that only allows you to enter the amount of a loan without knowing your down payment will not take into account your estimated mortgage insurance costs.

Homebuyers should look for calculators that can:

  • Calculate the monthly payment for a given house price, interest rate and down payment
  • Determine the price of an affordable home for a given monthly income and debt level
  • Tell you the price of the house you can buy with a certain monthly payment
  • Allows you to adjust home insurance, property tax amount and Home Owners Association (HOA) contributions
  • Graphically display the results to help you better understand what you can afford

Over 4 million online searches are performed per month for mortgage calculators, according to search engine analysis. As a result, related tools abound in the online space. Very few of them actually examine the intricacies of qualifying for a home loan and might provide the wrong information.

Only use a mortgage calculator from a trusted website that knows the inner workings of mortgages.

Enter your full scenario

To get the best results from a calculator, it is a good idea to learn how to enter information correctly. A good entry leads to a good exit.

To understand how to make the software work for you, go to a calculator and provide the necessary information as shown in the image below.

There is flexibility in how to enter the deposit, specifying either a dollar amount or a percentage of the price.

The graph shows a monthly payment, breaking it down into tax, insurance, principal and interest. When you change any of the digits on the left, the calculator makes the adjustments and displays the new payment information. Do the 4.31% interest rate, the 18% down payment, and reduce the term to 20 years and you see the following.

Basic mortgage calculator functions

Note that when you reduce the down payment below 20%, the calculator automatically estimates mortgage default insurance.

Look below this display for the amortization graph. This image shows how you pay off the mortgage over the life of the loan.

You can specify any month in the loan period to see how much interest and principal you will pay in that month. As you near the end of your loan term, you begin to pay off the principal at an accelerated rate.

Mortgage Calculator Amortization

So far, the mortgage calculator has only given a snapshot of how your costs will be broken down. But it goes one step further by providing a printable report that details the full life of the loan in more detail.

Click “View Full Report” and you get a summary of the overall numbers, monthly payments and total ultimate costs at the end of the loan period.

Mortgage Calculator Home Price Analysis

Scroll down for a year and month breakdown of the breakdown between principal and interest, total interest paid, and principal remaining on the loan each month.

You get a glimpse of how your loan amount decreases each year. This could be useful for homebuyers who want to estimate their loan balance after five or 10 years, or any length of time they plan to keep their home.

The calculator can help homebuyers choose between a fixed rate mortgage and an adjustable rate mortgage (ARM).

If the plan is to only keep the house for five years, compare the rates on a 30-year fixed loan and a five-year ARM. On a price of $ 200,000, the buyer will pay an additional $ 4,000 in principal – and make lower payments – by selecting an ARM at a 3% rate rather than a fixed loan at 4%.

Check your new rate (Nov 18, 2021)

Go beyond calculating the price of a house

There are two other main ways to use the calculator.

  • Estimate the price of your house based on your income
  • Estimate the price of your house according to the desired monthly payment

Use the two functions in tandem to see if there is a difference between what you can afford and what you actually want to pay.

It is important. You might feel comfortable with a higher monthly cost than the lender will approve you for. Conversely, you could be approved for a payment that you know is too important for your comfort level.

Calculate the price of a house by income level

Under the “Income” tab, you provide your annual gross income – the amount you earn before taxes, medical insurance, and automatic pension contributions.

Enter your regular monthly debts. This section is not about utilities or gasoline. Instead, this entry is the monthly cost of your debt, such as student loans, car loans, and credit cards.

Also enter your estimated interest rate, the length of your loan in years and the amount you want to put on the house.

Income Mortgage Calculator

Don’t forget about the “advanced” options, where you can customize home insurance, tax rate, and HOA contributions. The calculator will show the amount of a mortgage you can afford based on your scenario.

Check your new rate (Nov 18, 2021)

Calculate the price of the house by comfortable monthly payment

One of the first steps to take before buying a home is to create a budget. Make sure your future mortgage payment doesn’t put you in financial trouble every month.

Determine the maximum monthly payment you want for your home. Plug in this number, along with other loan details. The calculator will give you a personalized estimate of the price of the house based on your situation.

Income Mortgage Calculator

Mortgage calculators are easy to use and provide useful information when deciding how much mortgage to get and what home price you can afford.

What are the rates today?

Mortgage rates today are low and now is a great time to request a quote. A live quote only takes a few minutes and no social security number is required to get started.

Low rates mean you can buy more homes for less money. Request a quote before rates rise from historically low levels.

Check your new rate (Nov 18, 2021)


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