When it comes to a mortgage calculator, there are various key aspects to consider.
How to calculate for a Purchase Mortgage
When it comes to a purchase mortgage calculator, there are various key aspects to consider, like:
- Price of your home
- Down payment
- Term of the loan
- Interest rate
- Property taxes to be paid each year
- Homeowner’s insurance to be paid each year
- Monthly fees towards homeowners’ association
Down Payment Options
If you pay at least 20% down or more, the interest rate would be lowered. As a result, you have nothing to pay towards your private mortgage insurance. Nonetheless, you could choose any of following down payment options:
- Fixed rate conventional loans
- FHA loans
- VA loans
Which loan (Long term/Short term) is suitable for you?
It depends on individual choice, but the reality is that short-term loans are accompanied by a lower interest rate. If you opt for a long-term loan, usually the lender provides lower monthly payments.
This calculator is intended for illustrative purposes only and are hypothetical. We do not guarantee the accuracy of any calculation results scenarios. The figures displayed do not constitute an offer, quote, or solicitation of a product or service by Tribune Investments and Loans or its affiliates.