![]() Time to pick the right mortgage term for you This is where a monthly mortgage calculator can come in handy. Overall, do what will allow you to live your desired lifestyle, save for the future, and pay other expenses while still being able to afford your mortgage payment. It’s important to keep building up a savings account, retirement funds and other goals while financing your home, so this should be considered when planning your mortgage payments. ![]() The most common mortgage calculators are for 15-year mortgages and 30-year mortgages however there are other types of products available that can be explored through the mortgage calculator. Factoring in your monthly mortgage with other expenses (credit cards, car loans, utilities, food and dining out, entertainment, etc.) before buying a home provides room to plan for short-term and long-term financial goals. The calculator will break down an estimate of what your mortgage would be on a monthly basis. This ultimately narrows down your search and makes the house hunting process easier. It will help you be realistic about what you can afford. How a monthly mortgage calculator can help you decideĪ mortgage calculator is one of the first suggested steps in the homebuying journey.
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