– Whether you are looking to buy a new home or home refinance for your existing home or want to get rid of high mortgage payments I want to show you a mortgage calculator that can due the heavy work and crunch the numbers for you.
Whether you are looking to buy a new home or refinance your existing home or want to get rid of high mortgage payments i want to show you a mortgage calculator that can do the heavy work and crunch the numbers for you this mortgage calculator will help you estimate your mortgage payment based on the data you input so first we need to decide how much you want to
Finance and enter that amount in the purchased field price so say we want to buy a home or refinance for 180 thousand dollars the next thing you’ll have to decide on is how much you want to put down so let’s say we want to put down ten percent or about eighteen thousand dollars next you want to enter the mortgage term which can be 5 years 10 years 15 or up to
30 years so let’s put down 30 years and down here at the bottom we have a list of the current interest rates for 5 15 and 30 years fixed-rate so we’re going to pick out 4.4% for 30 years and if you do if you do not know your property taxes or property insurance or private mortgage insurance information you can leave this blank and they’ll calculate the principal
And interest only for you but let’s go ahead and input information about property taxes so this house probably property taxes will be about twenty eight hundred dollars and property insurance could be as much as twenty six hundred dollars and the private mortgage insurance rate could be 0 point 5 2 percent next you want to decide what date you want to start your
Mortgage payment on so let’s choose may 2014 then we simply hit the calculate button and they will go off and do all this calculations and come back and tell you what your monthly payment will be including principal interest taxes insurance and pmi it will also give you the total amount you’re going to pay over to 330 or six months of payments through year 2044
Down here you can see by year how much you’ll be paying in principal interest tax insurance and pmi and then it will also tell you what the balance of the mortgage loan is going to be after each year you want to remember that a good rule of thumb when purchasing a home and making these payments should be that you do not want to exceed thirty one percent of your
Total income now that you have a feel for how much you may have to pay for your mortgage or refinancing you can go over to rate sitecom and get personal help with your mortgage for a new home or refinancing your existing home they will be able to help you compare online mortgage rates and help you get the best available interest rate so what you want to do is to go
Down here and click on quickly compare mortgage rates and that will take you to this screen here where you simply enter your zip code 33 760 and click on the lower your mortgage rate button and it will take you to the next step for you to complete the process for comparing interest rates i hope this has helped you better understand mortgage payments and comparing
Mortgage interest rates and i wish you the best luck in buying a new home or refinancing your existing home and have a great day
Transcribed from video
Refinance Home Mortgage – Mortgage Calculator By Larry Romeo
