What's a Mortgage Calculator and How Can it Help Me? Posted by Carlo Sanchez

Blessed technology has given us the power to do for ourselves, what we depended on others to do in the past.

Remember calling the operator for "information?" Remember going to the library to research simple issues? Remember scouring the town for tax forms at the eleventh hour? Well, all of that is behind us now. Technology has turned ours into an independent society of do-it-yourselfers who are learning the information they need is right at their fingertips -- online, of course.

Our agency is thrilled to participate in all that technology offers us - and you, our clients. Now you can not only search for a home online, you can zoom right into the neighborhood via web-based maps that will practically tell you what kind of a bike your 10-year-old neighbor rides.

Tools such as our Mortgage Calculator will help you arm yourself with useful information before you go out shopping for a new home. The Mortgage Calculator is easy to use and will help you figure out what your monthly payments will be on a new home loan.

The Mortgage Calculator's final figure is based on many factors. The form looks something like this (you will fill in the blanks with your information and then click on "calculate"):

MORTGAGE CALCULATOR

Sales Price of Home:

(In Dollars)

Percentage Down:

%

Length of Mortgage:

years

Annual Interest Rate:

%

Explain Calculations:

Show me the calculations and amortization

CALCULATE

The calculator does factor in private mortgage insurance (PMI) for loans with less than a 20 percent down payment (we don't like nasty surprises). This tool isn't intended to replace a qualified agent at all. It's another help to prepare you for the shopping trip of your lifetime. It's our intention to arm you with information so you know what you can expect to pay in advance. You can even request the results show an amortization schedule.

The tool isn't foolproof and it doesn't provide definitive answers. The figures are estimated and while it's great information, it's important that you work with a professional mortgage loan officer to calculate final figures.

Go ahead, find our mortgage calculator for home buyers and try it out for yourself. You may be surprised by how much home you can really afford at today's low interest rates. Not ready to buy? The mortgage calculator is a great tool to help you set goals and work toward becoming a home owner.