Mortgage Calculators

Discussion in Mortgage & House Payments started by Rosyrain • Jul 17, 2015.

  1. Rosyrain

    RosyrainActive Member

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    I was playing around with the mortgage calculator on Bankrate.com and wondered how accurate these things are? Has anyone used one before buying a house, and was the monthly payment amount even close to what you ended up paying each month once you bought your home?
     
  2. Zyni

    ZyniWell-Known Member

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    Yeah, I've looked at a few of them and they all say something different. I think you can probably get close. I'd lean toward the one that gives you the higher amount, just to be on the safe side. Make sure it calculates the amount based on the interest rate you're most likely to get (this will depend on your credit score). Also, it should add things like an estimate of the property taxes, homeowner's insurance (which the lender will make you have), and possibly mortgage insurance (again, depending on your credit score and other factors).

    There's more to it than just principal and interest. Not all mortgage calculators account for everything.

    When you talk to a lender, ask about getting pre-approved. It makes life easier, and they should be able to tell you how much house you can afford and give you an estimate of what your monthly payment might be based on that price range.
     
  3. Rosyrain

    RosyrainActive Member

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    I have been working with a mortgage company in an effort to get my financial situation up to par to be able to qualify for a home loan. Now I am really convinced that the online mortgage calculators do not work. They are confusing and do not give you, at least me, an accurate picture of what I will actually qualify for.
     
  4. Zyni

    ZyniWell-Known Member

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    Yeah, it can be a little overwhelming if you've never bought a house before. You will learn a lot throughout this process. Finding a good mortgage company to work with helps. Don't hesitate to ask lots of questions. Don't be shy if you don't understand something. Make sure they explain it to you thoroughly.

    Buying a house is a big deal, and a big investment. You have every right to protect your own interests by being as thorough as possible. A good lender will understand that and do their best to help make sure you understand everything.

    Check here for more info too:

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