If you click “Mortgage Calculator” located on the right sidebar, a simple-to-use mortgage app pops up allowing you to figure out monthly payments. In the example below the mortgage amount is $150,000, 30 year fixed at a 4% interest rate with the first payment made in October.
This calculator doesn’t allow for you to add the estimated costs for property taxes and insurance- something most lenders require as part of an escrow account. Hit calculate and a payment schedule and amortization table appear.
It’s important for buyers to remember their credit scores, down payment and loan type impact actual payments- but the calculator is one way to start the buying process. Some new home buyers really need feel better about talking to a loan officer or lender first to ensure credit ratings and required documentation are good to go…and that is a smart way to get questions answered.