By John Marsett
Mortgage calculators are great tools for first time hom buyers because they can determine several things that are important. You will be able to tell the length of your loan, how much you will pay monthly and in total, how much of a down payment you might need, how much of a house you can afford, and many other things. One of the helpful benefits is a calculator can be useful before you even decide on a mortgage, by showing you the total you would be spending over the course of your home loan. They can also come in handy once you have your mortgage, by giving you a detailed amortization schedule.
Mortgage calculators are free on most good home load web sites. You can click on one of the links on this page, or simply do a Google search for one. First, you will have to decide what you need to calculate. If you want to figure out how much longer you will be paying off your current loan, you can use a calculator to do this. Just enter the details of the loan. The calculator will quickly compute all of these
Illinois and Wisconsin Mortgage Rates as of 09/05/2008 9:59 AM CST : Current Mortgage Rate Trend: improving
30 Year fixed: 6.250% (6.314% APR)
15 Year Fixed: 5.875% (5.979% APR)
3/1 Jumbo ARM: 6.875% (6.948% APR)
5/1 Jumbo ARM: 7.250% (7.324% APR)
5/1 ARM: 6.250% (6.313% APR)
3/1 ARM: 6.250% (6.313% APR)
30 Year FHA and VA: 6.500% (6.564% APR)
30 Year Rural Housing: 6.500% (6.564% APR)
3/1 ARM Lot Loan: 6.875% (7.034% APR)
1/1 ARM Lot Loan: 6.725% (6.882% APR)
things and make a projection for the future of your loan. Almost all of the information that you could ask for will be on the end page, without any further instruction. This can help you see how much you are paying in interest and how much of the principle you are paying.
As we just mentioned, you can do an internet search (Google or Yahoo) for a calculator to meet your needs. Not every one will have the same features, so you may need to try a couple different ones. But at least they are free to use. I don't suggest getting out your own calculator or pencil and paper. Interest rates, balloon payments, etc. can make figuring out the details almost impossible. Figuring out the payments on a home loan is difficult for anyone who is not fully familiar with it. Even the professionals use these calculators in the early stages.
The bottom line is to take the time to use a free calculator to help you assess what is best for you. Your next step would be to speak to a professional broker or home lender.
John is a real estate investor and has helped many individuals get into their first home. He has helped people through lease options and finding qualified lending through mortgage brokers.
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