If you're planning on pursuing a mortgage soon, one thing you may be wondering about is all of the options available to you. Mortgages come in all shapes and sizes, and it can be confusing when trying to find the best one for your future home. In order to get the best rate, it's crucial that you do as much research as you can, including using a mortgage calculator. Thankfully, we've made this process virtually painless with our free mortgage payment calculator tool. We want to assist you in making the best decision for your budget. Our free mortgage calculator can help you accurately estimate your mortgage expenses so that you can be in charge of your payments.
Buying a home is often life’s largest financial transaction, and how you finance it shouldn’t be a snap decision. Setting a budget upfront -- long before you look at homes -- can help you avoid falling in love with a home you can’t afford. That’s where a simple mortgage calculator can help. A mortgage payment includes four components called PITI: principal, interest, taxes and insurance. Many homebuyers know about these costs but what they’re not prepared for are the hidden costs of homeownership. These include homeowners association fees, private mortgage insurance, routine maintenance, larger utility bills and major repairs. Bankrate.com’s mortgage loan calculator can help you factor in PITI and HOA fees. You also can adjust your loan and down payment amounts, interest rate and loan term to see how much your payments might change. It’s important to know that your specific interest rate will depend on your overall credit profile and debt-to-income, or DTI, ratio (the sum of all of your debts and new mortgage payment divided by your gross monthly income). The riskier the borrower, the higher the interest rate in many cases.