Free Mortgage Calculator Online
Purchasing a home in Northumberland and the Durham region is a huge financial investment. Virtually all homebuyers need to obtain a mortgage to help them purchase a home. Many will ask, “how do I calculate a mortgage payment?”
So what is a mortgage?
A mortgage is a loan used to purchase a home, land, or commercial real estate. You typically pay back your mortgage by making monthly payments made up of both interest and principal. The lending institution uses your property as collateral on the loan.
There are actually 6 types of mortgages:
- Conventional loans
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
- Reverse mortgages
Each type of mortgage has its own purpose and criteria. For example, FHA loans are great for first-time home buyer mortgages. They have lower down payment requirements and are easier to qualify for.
If you’re ready to shop for your new home, there’s one important step you need to take first: find out how much of a mortgage you can afford.
Current 2022 mortgage rates are approximately 5.607% on a 30-year fixed-rate mortgage, 4.785% for a 15-year fixed-rate loan, and 4.497% for a 5-year adjustable-rate mortgage (ARM).
You can find out how much house you can afford by using our simple free mortgage calculator online below. Simply input your information and get a fast, free, no-obligation rate and way to calculate a mortgage payment.
- Fill in the “Mortgage Amount” field and click on “Calculate Payments” to find the monthly payments for the home.
- Fill in the “Monthly Payments” field for the amount you want to pay each month for your mortgage and click “Calculate”.
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Tips to Calculate a Mortgage Payment
Once you’ve calculated your mortgage payment above, there are a few tips you can follow.
First, don’t just go to the first bank that comes to mind or think you have to use your lending institution – shop around. Different lending institutions have different mortgage offerings. You may be able to get a much lower rate by trying several lending institutions.
Second, make sure you get pre-approval for your mortgage from a lending institution. Most banks will give you a free written pre-approval that you can use when negotiating with the home sellers.
Third, make sure that the listing price of the home you’re interested in buying is accurate. A real estate expert will be able to do a comparative analysis that gives you an accurate market value.
Finally, don’t assume that you will have to pay a down payment for your home. Many people wonder “what is the average amount of down payment on a house?” They don’t realize that some homes can be purchased with little to no money down! Don’t let a lack of down payment stop you from purchasing your dream home. Your Home Sold Guaranteed Realty of Ontario has listings of homes that you can buy for little to no money down.
For more information call (905) 440-0505 or fill out this form and we will contact you.