Using a Monthly Mortgage Calculator [mortgage-solutions.blogspot.com]
Part 1 of tutorial video showing how to use the features of the monthly mortgage calculator found at www.mortgagegizmo.com . Part 2 of the monthly mortgage calculator tutorial is located here www.youtube.com
mortgage-solutions.blogspot.com using monthly mortgage calculator part 1
People often use a monthly mortgage calculator in order to find out how much money they can afford to spend on a home, and also how much their monthly payments would be. This type of tool is to be used for educational purposes. It is the lender who will end up deciding how much they are willing to give you, and on what term. If you use a monthly mortgage calculator, it will allow you to enter in the interest rate, dollar amount for the loan, and the term of the loan in years or months. It will then calculate how much your monthly payments would be.
These types of calculators are very useful in finding out what you can afford and what term you should use. Mortgage calculators are extremely easy to use and can be found everywhere online by simply typing "mortgage calculator" into any search engine. These are free tools for you to use when you are planning a mortgage.
The term of the mortgage is how many years you will have to pay it back.
If you can pay it back early you can save a lot of money on interest charges. "Mortgage Cycling Revealed" is a method that can be used to significantly decrease the amount of time it takes you to repay a loan. Be aware of the terms of your mortgage agreement though, because there may be fees associated with paying it off early.If you want to apply for a mortgage or have been looking at homes wondering if you can afford it, then you should try a monthly mortgage calculator. Not only will you be able to see what you can afford, but it will tell you how long you would have to pay it back and what your monthly payments would be.
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