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

What To Do With Your Saved Cash – Lower Your Interest and Increase the Value of Your Home

If you've recently refinanced your home or are using a home mortgage calculator and planning to do so then you may be the in enviable position of wondering how to spend the money you're saving every month. This is obviously quite a great situation to be in, but what's truly amazing about it is that if you play your cards right, you can really stretch the value.

Discover Interesting Reasons to Pay Off Your Mortgage Before You Retire

Of course in an ideal world we'd all retire without an ounce of debt, but many people simply don't think this is possible in their situations. However, there are some interesting reasons to do your best to pay off your mortgage before you retire.

Setting Up a New Budget – How to Get the Household Expenses in Order

Setting up a budget may seem challenging, but it doesn't have to. One of the reasons that people often feel overwhelmed and reluctant at the idea of setting up a budget is because they feel fairly positive that they're not going to follow it.

How Much Can You Save By Paying More Than Your Mortgage's Minimum?

You've likely heard the advice that if you want to save big on your mortgage, paying more than your monthly minimum can have a huge impact. How does it all work? Surely you'll get it paid off sooner because you'll be paying off the balance faster than you've agreed to, but there can be a larger impact as well.

Why is Learning Mortgage Terminology 101 Important?

  How come people make so many poor choices when they sign up for their mortgage? Is it because some people are just naturally smarter and savvier than others? Or is it because the banks fill the home loan field with so much jargon it’s difficult for ANYONE to understand what they’re negotiating if they don’t first take a quick crash course in mortgage terminology 101?   What’s Covered in Mortgage Terminology 101?   Here’s the thing- you don’t need to know every single complicated and confusing term in the mortgage field to get a great deal on your home loan. You just need to know the basic terms to get by… those technical words, phrases and acronyms that pop up most often.
Categories: Home Mortgage CalculatorRefinancing a Home MortgageUseful Tips and ArticlesConsumer & Industry NewsMortgage 411