Tag Archives: finance

How to Calculate Mortgage Payments

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How to Calculate Mortgage Payments

It is important to calculate your mortgage payments to understand exactly what you owe and how your loan is being paid down. The easiest and least time consuming is to use a Mortgage Calculator. Ask your Realtor if they have one available or check out the option below.

You can use the mortgage calculator to help determine how much you can afford and to even see the the effects of adding extra payments and how it will effect the payoff date! This is a convenient tool to help you pay off your loans.

Just click on the link here and enter in your mortgage amount, the term or length of your loan, the interest rate, and the date your mortgage starts.

The calculator then shows you what your monthly payments would be.

To determine what it would look like to add extra payments a month, a year, or even as a one time extra payment you can add them in the next section.

By calculating the one time payments on top of your regular calculated monthly payment you will be able to see how your pay-off date can change.

Check out the mortgage calculator to find out what you can afford and to help you determine if making extra payments can change your payoff date!

How Do Interest Rates Affect my Ability to Buy a Home?

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How Do Interest Rates Affect my Ability to Buy a Home? Many factors can affect your ability to buy a new home, it just depends on each individual home buyer and situation. Interest rates can have an immense effect on any given person’s ability to buy a home, and home loan interest rates have been increasing recently. Here are some ways you might be affected by interest rates, and some ways you can act on it.

Home loan interest rates have been rising in the recent past, and this can affect the home loan you can qualify for. You might not be able to take out as significant of a loan if the interest rates are higher than you expected. This, in turn, can affect the type of home you can afford.

The higher cost of money, or interest rates, leaves you with several options when you’re searching for your new home. If you’re a homebuyer, you can alter your search terms, and look for houses that will be less expensive and more affordable for you in this situation. If you’re a home seller, you might consider lowering the cost of your home, or the buyer will have to pay higher monthly payments. If the buyer cannot make higher monthly payments, they ultimately will not be able to afford this particular home.

Due to these rising interest rates, more buyers are being forced out of the market because they cannot afford the cost. What does this mean for sellers in this market? Well, they won’t be able to sell their homes at this cost. With little competition, you will either need to take your home off the market, or sell your home at a significantly lower value.

If you are serious about buying a home, there will be no stopping you. Interest rates affect everyone and each situation is different; however, there is often a solution if you work with your real estate professional, who has knowledge of the area and market..

To learn more about how interest rates affect your ability to buy a new home, visit here.