Home Mortgage Calculator - Tips for Getting Optimal Terms

The process of applying for home financing, being approved, and deciding if the financing terms work for your needs can be an overwhelming and confusing process. However, when you have a few simple facts in your pocket and a basic understanding of how it all works, then you'll find the process much easier and you'll feel more confident about the decisions you make.

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Do the Banks REALLY Hold All the Power in Mortgage Negotiations?

We’ve got some good news and some bad news for you:

  • The bad news is- interest rates in general depend on what the prime rate is, and also on your credit score.  This means you will have to operate within those paramaters.
  • The good news is- it barely takes any homework at all to walk into your mortgage negotiations understanding the process and feeling good about the outcome.

The Tool You Need to in Researching a Mortgage

An important tool you need is a home mortgage calculator. Using one of these calculators you will:

  • Figure out the exact minimum and maximum amounts you can afford to pay every month.
  • Learn how to reduce overall interest paid on your loan by choosing monthly payments greater than your minimum.
  • Learn how much more money you will save paying your loan off faster rather than directly investing that extra money.
  • Take responsibility for your financial life and decide for yourself what you want to pay on your loan.

Picking the Right Calculator

Make sure you use a home mortgage calculator with taxes built into it. Better yet, make sure that calculator also factors insurance payments into its formulations.

You can use a normal calculator to figure out the maximum amount of money you can afford to pay on your loan, only to learn too late (often at the negotiating table) that you can’t actually afford to pay that much every month because you didn’t take into account auxiliary costs, including taxes and insurance payments. Suddenly you realize your math is all wrong and you won’t be able to pay off your loan under as favorable terms as you hoped.

In this moment of confusion you may end up allowing the bank to steer you towards unfavorable mortgage terms. Take all expenses into account and know exactly what you are able afford every month.

Your Final Trump Card

Using this information you can walk into any mortgage negotiation with a level of confidence and assurance you never dreamed possible. But the greatest benefits of running the numbers yourself comes when you take the process one step further and begin to comparison shop among banks.

With your trusty home mortgage calculator in hand you will be able to figure out the exact amount of money you will pay over the life of every single loan offer you receive from every bank you petition. Which means you will know that even though Bank A’s terms sound better than Bank C’s, over the life of the loan Bank C’s mortgage will costs you tens of thousands of dollars less.

When it comes to gaining the loan you need to buy your house, a little bit of personal calculation goes a long, long way.  Let us help with our online home mortgage calculator with taxes.

Home Mortgage News and Articles

How Much Interest Will You Pay Over the Course of Your Loan?

For those who aren't savvy in the financial and real estate industries, it can be tricky to figure out what a good interest rate is. Sure, the lower the better – but how much is too much? The first thing to consider is not just what your interest rate is but how much interest you'll pay over the course of your loan.

Will a Home Mortgage Calculator Help Me?

It shouldn’t come as much of a shock, but if you sit down to negotiate your home’s mortgage with your bank without doing a little preparation you’re going to get taken to the cleaners! If you want to retain a whole lot of the power in these negotiations you need to spend a little time tooling around with a home mortgage calculator.   How Can a Home Mortgage Calculator Help Me?   Using one of these calculators you’ll be able to precisely figure what you can actually pay every month and how those payments will play out in the short and long term.

Is Renting vs Buying a Simple Decision?

Should you rent or should you buy? This seemingly simple question is filled with a lot of assumptions about what represents the best financial decision for both the short and long term. Yet when it comes down to it the Renting vs Buying debate is a lot trickier than it initially sounds.

Advantages Of A Home Mortgage Calculator

Once you know the benefits of a home mortgage calculator there will be less to worry about mortgages. This is a tool that has proved to be very useful especially for those who are looking for favorable terms for a mortgage.

Why You Need PMI On Your Home Mortgage Calculator

A lot of the time consumers use calculators to start piecing together the hidden secrets of their home loan they leave a couple crucial variables out of the equation. One of the most commonly forgotten variables is the insurance everyone needs to pay on their property.
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