Get the Total Picture – Choose an All-Inclusive Mortgage CalculatorArticle Posted by Expert Author: Sam Stieler on 04/15/2013
There are many types of mortgage calculators available but they're certainly not all created equal. Which one is right for you? First you need to consider what your goal actually is. For most people, they want to find out what their mortgage payment is likely to be. For that result you must look for a calculator that gives you all the information. Some will simply take the amount of the loan and divide it by the number of months you'll be paying your mortgage. However, this doesn't give a full picture of what your mortgage payments will look like.
Another option is to use a mortgage calculator with taxes and insurance. This will give you a more clear picture because it will include information on taxes and insurance, which are frequently included in your mortgage payment. You can then decide how much of a home you can afford based on what your actual payments will be. However, remember that there is always plenty more to consider. For example, you'll have to take care of maintenance on your home and you may have to pay for things like trash removal, snow removal, or landscaping. The true cost of owning a home includes all these incidentals plus the amount you'll pay to your mortgage company each month.
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