Calculating Mortgage Payments

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When you are thinking about buying a home, the first question most people ask is, how much can I afford? Understanding your finances and knowing what you have available in your budget for a monthly payment will be helpful. Once you have a dollar amount in mind, using a mortgage calculator can assist you with figuring out just how much house you can buy with those funds.

Most mortgage calculators provide you with an estimated monthly payment based on factors such as purchase price, interest rate, down payment and term. In addition to helping you estimate a monthly mortgage payment, mortgage calculators can assist you in making decisions regarding refinances, payoffs and amortization.

Mortgage calculators are a good place to start when you are considering buying, refinancing or paying off a mortgage but understanding your financial situation is key to making informed decisions regarding mortgages. We recommend discussing your finances with a finance professional.

There are many free mortgage calculators available online to assist you!

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