A mortgage calculator is a tool that everyone should use before they buy a home. It should be used before you even go to the bank to understand your own financial situation better before discussing it with your lender.
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If you're thinking about buying your first home then a mortgage calculator should be the first thing on your mind. Look up the current interest rates online and calculate the amount you want to borrow. The calculator will give you your monthly payment amount over any amount over years your choose to amortize.
Once you know how to use it you can play around with different loan amounts and shorter terms to weigh your options. The best idea is to have the most affordable payment for your budget along with the most principal within your payment. You can use the amortization schedule option on most calculators to see the amount of principal and interest in each payment.
You can also use the "added principal" option on the mortgage calculator to calculate the amount of money you will save if you add a small amount of extra principal each month. It will tell you how much interest you save and the amount of years you cut off your mortgage.
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Finding and negotiating the best interest rate can save you a lot of money in the long run. The lower your interest rate, the lower your monthly mortgage payment. All of the interest in your payment goes to the bank so go after the lowest rate possible to make sure you save the most money.
