Using a mortgage calculator prior to obtaining a mortgage or starting a home search is a great idea! A good calculator can assist you in finding a home price you can afford. Just as you wouldn’t want to look at a home that is too pricey, you wouldn’t want to settle for a smaller house if you could afford the larger home you were hoping for. After all, if you end up purchasing a home that doesn’t truly fit your needs you could end up needing to resell in just a few short years. A good mortgage calculator can help you find that perfect price that matches in affordability.
The calculator you select should provide you with a monthly payment breakdown to best determine the affordability of the home. It’s also beneficial for the calculator to include options to input home insurance and property tax to get a more accurate feel for a home’s true monthly cost. Check out our free mortgage calculator here!