Mortgage loans are one of those things that for which you have to do your due diligence thoroughly. However, this mortgage calculator can help you easily compare rates from various lenders, or just get a better idea about ‘how much house you can buy’.
To use this mortgage calculator, begin by entering the loan details. Interest rate, loan term, and property tax rate can be selected from the sliders by moving them left and right. The Mortgage Repayment Summary section on the bottom of the page will give you an overview of your selected scenario. You’re typically going to want to have a Down Payment of about 15-20% to be safe, but of course different lenders have different requirements. In the second part of this section, you can see a full breakdown of your payments and how much you’re going to end up paying.
You can easily try different scenarios by moving the sliders. Comparing different loans will only take a few seconds! Can’t decide whether you should buy or rent? Check out our buy vs. rent calculator.