Looking for a home is an exciting process, but first you must have an idea about what you can afford. That's why I've built four powerful calculation tools for you to get an idea of your buying power before you begin the process.
Note: These calculators require Netscape Navigator 3 or higher, or Microsoft IE 3 or higher with JavaScript enabled to run properly.
The Payment Calculator is the most straightforward tool. By entering the price of the home, a current interest rate, the estimated real estate tax, the length of the mortgage loan, and what you plan to apply as a down payment, this calculator will give you your monthly payment (plus the breakdown of what makes it up).
Note: Remember, with less than a 20 percent down payment, mortgage insurance will apply.
By entering your new estimated mortgage amount, interest rate, down payment, and other monthly household debt, the Affordability Calculator will tell you how much money your household needs to make in order to afford your new home.
Note: Do not use commas. These numbers are meant to be approximates only and are affected by a number of household situational factors. Contact your loan officer for more information.
When you want to see the breakdown of principal and interest in each payment over the entire course of your loan, use the Loan Amortization Calculator.
Note: For a complete explanation of what all these numbers mean, ask me.
Phone 952.278.8728 Ext. 3010 | Fax 952.897.1892 | Mobile 612.590.1227 | 7650 Edinborough Way Suite 100, Bloomington, MN 55435 | mmcnee@bellmortgage.com