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Total Amount
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Interest Rate
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Down Payment
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Property Taxes
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Amortization Period
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Home Insurance
[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1546460809896{padding-top: 20px !important;padding-right: 20px !important;padding-bottom: 20px !important;padding-left: 20px !important;background-color: #f1f1f5 !important;}”][vc_custom_heading text=”Start your calculation” font_container=”tag:h6|font_size:22px|text_align:center|color:%23676767|line_height:26px” google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1546465306096{margin-top: 15px !important;margin-bottom: 25px !important;}”][vc_column_text]
Here some other uses:
Planning to pay off your mortgage early.
Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time. To calculate the savings, click “Amortization / Payment Schedule” link and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you”ll end up paying and your new payoff date.
Decide if an ARM is worth the risk.
The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think. To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.
Find out when to get rid of private mortgage insurance.
You can use the mortgage calculator to determine when you”ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement. Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.[/vc_column_text][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1546447903908{padding-top: 25px !important;padding-right: 20px !important;padding-bottom: 25px !important;padding-left: 20px !important;background-color: #f1f1f5 !important;}” el_class=”scroll”][vc_custom_heading text=”Get a more accurate estimate” font_container=”tag:h6|font_size:22px|text_align:center|color:%23676767|line_height:26px” google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1546447881533{margin-top: 15px !important;margin-bottom: 25px !important;}”][vc_column_text]
Get a free detailed estimate by our finance experts to see an even more accurate estimate of your monthly mortgage payment. You’ll also be ready to act fast when you find the perfect home.
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We welcome you to have a conversation with us.
Discover for yourself the Alexander Anderson difference.
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