There are many decisions to make when securing a new home loan or a refinance. There are equally as many decisions to make when deciding how much your monthly mortgage payment should be. Remember, it is up to you. The minimum payment will be determined by the amount you borrow and what the interest rate is, but the amount you pay on top of the minimum is completely up to you and can save you a tremendous amount of money. This is just one way a house loan calculator can help borrowers.
A house loan calculator is a great tool and there is one for each need. Below is a short list of the most often used house loan calculators.
- Required income. Figure out how much you have to make to qualify for a specific loan. - Minimum payment. How big a loan can you afford to take out so that your monthly payments are affordable? - Fixed rate or interest only? See the differences and decide. - Time to refinance? See what a new rate will do for you. - Stop renting? Is it time to buy? - Down payment or points? Help in making this decision. - Loan term. Help in deciding the length of loan you should go with. - APR. Figure out what the APR will be. The interest rate the lender is offering is only half the battle. - Type of refi. This one will help you decide which type of refi will work best for you.
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