Your dream house may not be everyone else’s idea of “Home, Sweet Home,” but it’s going to be all yours.
Now if you can just figure out how to finance that bit of real estate. Not wanting to leave any stone unturned, you’re on this site to get some background for your decision.
One kind of mortgage calculator (“how much house can I afford” type) takes a look at your budget and, with your input, works out how much you can afford to pay, either monthly or annually. Some are not comprehensive enough to take into account taxes, insurance and the increased costs of homeownership.
It’s worth your extra time to pull up several of these mortgage calculators and run your numbers through them for comparison. Then you’re ready for the next step.
The fixed rate mortgage gives you the same monthly payment for the life of your mortgage. That’s what you just worked through. This means you can set up your household budget more precisely and have greater control over how your money is spent.
A “how much can I borrow” mortgage calculator helps you work out how much you can afford to pay for...
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