Mortgage calculators are tools that can help estimate your monthly mortgage payments. There are many different types of mortgage calculators available, but we are going to focus on 3 of the most popular calculators: Mortgage Payment Calculator, Affordable House Calculator, and Refinance Calculator.
Mortgage Payment Calculator
All you need is the estimated amount of your total mortgage, your mortgage term in years, and your interest rate. Once you input these numbers you will get a principle and interest payment based on those numbers—on NFM, Inc.’s website you can get emailed the results and get a quote as well. For example, if your total mortgage is for $250,000 for a Conventional 30-year loan with a 5% interest rate, your principle and interest monthly payment would be $1,342.05.
Affordable House Calculator
This calculator predicts how much you can afford to spend on your house. You will need to input your monthly wages, dividends, and any other relevant income information. You also need to enter your new home information which includes your down payment, mortgage term in years, interest rate, annual home owner’s insurance, and annual real estate taxes. Finally, you will need to type in your other monthly expenses like your car and credit card payments. When you are finished, this will calculate your suggested new home value, mortgage amount, and affordable monthly payment. This will give you an idea of how much you can afford to spend on a home.
For this calculator you need to input some data about your current mortgage. Input your principal and interest monthly payment, your remaining balance, your remaining mortgage term in years, and your interest rate. Next, you need to type information about your new mortgage which includes your new mortgage term in years, your new interest rate, and closing cost. The calculator will then tell you what your estimated new monthly payment is, your monthly savings, interest savings, closing costs, and the amount of time it will take for you to recoup your costs.
Please go here to use our mortgage calculators.
Remember, these calculators are for your convenience, and the figures input on these calculators are only estimates and not 100% accurate. Always talk to your Mortgage Loan Originator about exact costs.