A mortgage calculator is a valuable tool that can help simplify your homebuying or refinancing decisions. It allows you to evaluate key factors
in your mortgage, such as:
Affordability: It helps you assess if your monthly payments, including insurance and taxes, fit comfortably within your budget.
Loan Term Comparison: You can explore different loan terms to see how they impact your monthly payments and total costs over time.
Down Payment Options: The calculator shows how different down payment amounts affect your loan and monthly payments.
Early Payments: It lets you see how making extra payments can help you pay off your loan faster and save on interest.
Mortgage Insurance: The tool helps you track when you’ll reach the equity needed to remove private mortgage insurance (PMI1) on conventional loans.
By using a mortgage calculator, you can make more informed choices and find a loan that fits your financial goals.
1 Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. PMI protects the lender—not you—if you stop making payments on your loan. (Source: https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/)
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