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Are-You-Renting-A-House-Or-Apartment-Because-You-D109

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					   Are you renting a house or apartment
  because you don't think you can afford to
           own your own home?




mortgage calculator
Many people who might be in a situation to buy instead of rent simply don't
know their options and therefore never realize the benefit of home ownership
The first step is finding a good online free mortgage calculator that analyzes
your specific financial situation The basic types of mortgage calculators
needed are: straight amortization, points comparison, 15-30 comparison,
debt-to-income and pre-qualify amount Look for ease of use and simple
reporting in easy to understand terms Let's look at a few Most straight
amortization mortgage calculators require that you input 3 simple variables:
amount you want to borrow, interest rate and length of loan, usually in years
For example, say you are interested in mortgage calculator borrowing
$150,000 at an interest rate of 6% over 30 years
 The basic online amortization mortgage calculator simply takes the data and
returns the payment schedule, in this case: Your total monthly payment will be:
$899 00 for 30 years, which is based on a loan amount of $150,000 at an
interest rate of 6% Your total payments for this loan term are, $323,640 The
total cost of the interest payments for this loan term are $173,640 A good free
online mortgage calculator will, as you see provide more than just the monthly
payment; it lets you know the total interest paid over the life of the loan
Perhaps the most useful mortgage calculator analyzes debt-to-income Let's
look at this calculator
 The debt-to-income calculator is extremely useful because it helps you
understand how much money lenders will let you borrow First you enter your
gross annual Income: salary plus bonus, interest/dividends, child support etc
Next enter all your debt obligations, which is comprised of proposed annual
taxes, annual homeowners insurance Also included in your debt are monthly
credit card payments, car loans, any monthly medical or tuition bills etc
 don't worry about exact tax and insurance cost at this point - just something
close You can always research a specific area for average property tax Lastly
you enter the interest rate you think is reasonable as well as the loan length,
for example 30 years Here's a hypothetical situation Your Income: Gross
annual income (salary plus bonus, interest/dividends, child support ):$45,000
Your Expenses: Annual taxes :$2500 Homeowners insurance: $500 All other
debts (credit card payments, car loans, any monthly medical or tuition
bills):$500 Loan Terms: Interest rate: 6% Term:30 years Based on all these
factors your maximum loan amount will be $125,093 or $750 monthly Varying
the inputs really changes things - Say you have stellar credit and the lender
drops your interest rate by 5 of a point because you have very little debt
  no credit card payments or a car payment - only a measly $100 medical
payment This increases the loan amount available to you to $202,540 or
$1,150 a month! Amazing what lower debt can do to your buying power! The
key is to experiment with the mortgage calculator - you may not qualify right
this minute but it can show you what you need to do to achieve your goal of
owning a home, reduce debt, increase your income etc - it's probably a much
closer a goal than you think Knowledge is the key, you will get there! Below is
an excellent website with all the online mortgage calculators you need, easy to
use and free - plus resources if you need to visit online lenders that will give
you real quotes in minutes Good luck!
mortgage calculator

				
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posted:7/15/2012
language:English
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Description: credit card payments, car loans, any monthly medical or tuition bills etc