This a quick and easy place to calculate your monthly mortgage payment. Say, for example, that you’re borrowing $300,000. Let’s say the interest rate is five percent, and the term is 30 years. Your result? “Your monthly payment for the loan amount of $300,000 at 5% for the term of 30 years is $1,610.46.”
You can also use a mortgage calculator to determine how much you can shorten your mortgage repayment time through making additional payments.
This is a great way to start thinking about—and planning for—your future in a new home. It means that you will have a realistic idea of what you can afford even before you walk into your mortgage specialist’s office. You can even prequalify for your mortgage online for your dream property if you choose to do it that way!