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Mortgage Calculator
UNLOCK YOUR HOME BUYING POTENTIAL WITH OUR MORTGAGE CALCULATOR
A mortgage calculator (or home loan calculator) can help you as a potential home buyer discover how much you can afford to spend and what your monthly mortgage payments will be -- a crucial step in the home buying process! At Betenbough Homes, we want to make your home buying journey as smooth and stress-free as possible. We've we've provided a mortgage calculator to help you plan your new home purchase.
What is a Mortgage Calculator?
A mortgage calculator is a tool that allows you to estimate your monthly mortgage payments based on a variety of factors such as the loan amount, interest rate, loan term, and down payment. By entering your specific information into the home loan calculator, you can quickly get a rough idea of how much you’ll need to pay each month to pay off your mortgage. This can help you determine what fits within your budget and give you a clearer picture of your financial commitment.
How Does a Mortgage Calculator Work?
A home loan calculator uses the information you provide to calculate your monthly mortgage payments. It factors in:
- Loan Amount: This is the amount of money you borrow from a lender to purchase your home. Generally, it is the purchase price of the home minus your down payment.
- Down Payment: The down payment is the portion of the home’s purchase price that you pay up front. Typically, the larger your down payment, the lower your monthly mortgage payments will be.
- Interest Rate: The interest rate is the percentage the lender charges you for borrowing the money. A lower interest rate can result in lower monthly payments and a lower overall loan
- Loan Term: The loan term is the length of time over which you will repay the mortgage, commonly 15, 20, or 30 years. Longer terms generally result in lower monthly payments but can cost you more in interest over time.
- Property Tax Rate: The property tax rate is the percentage at which a property is taxed by local government authorities such as city, county, and state.
- Homeowners' Insurance: Our mortgage calculator allows you to include estimated homeowners insurance, which is often bundled with your mortgage payment.
By inputting this information into the Betenbough Homes mortgage calculator, you’ll receive an estimate of what your monthly payment could look like, helping you make informed decisions about your home purchase.