Mortgage calculators can be a great tool for perspective buyers figuring out monthly payments or current homeowner’s trying to determine if a refinance is in their best interests or not. All too often though borrower’s exclude important portions of their monthly mortgage payment without even knowing it.
Simple mortgage calculators only calculate principal and interest payments based on amount borrowed, years and interest rate. Errors occur due to that fact that there are other components included in your monthly payment that go unaccounted for with a simple mortgage calculator: Homeowner’s Insurance, Property Taxes and Mortgage Insurance. I have seen time and time again, potential buyers figuring out their purchase price range based on monthly payments worked up with these simple calculators. Payments can go up by 50% or more just by adding Insurance and Tax figures on top of the principal and interest payment. You can view this website and find more information here.
It is important to work with a mortgage professional to work up monthly payment scenarios for you. There is no obligation to you and the peace of mind is well worth it!
Private Mortgage Banker “Where your American Dream starts” 3077 E. 98th Street, Suite 150 Indianapolis, IN 46280
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