I am going to share something a little different with you all today. If you’re like me, then you probably have a hard time calculating your mortgage payments. Especially when you are in the process of buying a new house or anything like that. That’s why when I stumbled across the best mortgage calculators online, I had to share them with you! I remember what a tricky process it was trying to figure out how much we could afford in a new home. These calculators make it a breeze and definitely help simplify the process for you!
The Different Basic Mortgage Calculators
- Monthly Payment Calculator
- See monthly payment estimates for a given price using this tool. It does not however calculate PMI or property taxes.
- Minimum Income Requirement
- If you see a house you want to buy, you can use this tool to calculate the minimum income you need to be able to afford it.
- Home Loan Limit
- This calculator will show you just how much home you can afford.
- DTI
- See your debt to income ratios with this specific calculator
Other Advance Calculators
This site offers even more in depth calculating options such as showing you the home value, principal, interest rate, loan term, start date, property tax, HOA dues, homeowner’s insurance, and PMI. You can use the advanced mortgage calculator here if you are serious about starting the home buying process.
Other cool options include a Rent vs. Buy calculator. This one is a fun tool if you are weighing out your options and don’t know whether or not buying a home right now is the best choice for you. For us, we always knew we wanted to buy a home versus rent a home. In our area, the rent is usually more expensive than an actual mortgage payment on a home you own. So the choice was very simple for us. But, if you want more information on the based off of where you live, be sure to check this calculator out too.
Why I Like Using This Site
I like using the Mortgage Calculator site because they have been online and trusted since 2008 and they have many user friendly options. You are able to find exactly what you are looking for, without any unnecessary clutter and/or distractions like some other similar sites. Since they offer a wide range of calculators, you can choose which one is best suited for your current needs.
It really makes the home buying and loan process much simpler and helps you to be better prepared when applying. That way, you don’t have any unexpected fees or payments coming out of your pocket. If you are currently looking for a home to buy, then I highly recommend you check out this site first just to see what your options are and exactly how much home you can afford with your salary! I hope you have found this post both beneficial and informative and will check out Mortgage Calculators soon if you are in the need!
This is a super helpful post and such an interesting read! x
Lucy | http://www.lucymary.co.uk
Thank you so much Lucy. I am so glad you think so!
This is a great resource! There is so much to consider when you are preparing to buy a house and budget is a HUGE part of that. That being said, how are you going to know if a house is going to be in your budget if you’re not aware of how that overall purchase price will break down in terms of a mortgage. Right?
I’m yet to buy a house but I can imagine how difficult it is to calculate. These seem great and interesting. Will consider them when we will do. Thank you for sharing!
No problem! It’s definitely a good resource for when you do purchase one!
This was an interesting read – while we are yet to plan on a house, it’s always great to know that there are services like this available! x
Yes! They are definitely a great resource for when the time comes!
I’m not sure if these same calculators would be available in the UK but I’m sure there are similar things here. I’m not at the point of buying a house yet but I know these will come in really handy when I am! x
Oh yes! This is the perfect thing to keep in reference for the future when the time comes!
This is so helpful. I’m not at that stage yet but I’ll definitely know where to look when I need help/
Yes! Definitely keep it in mind for future reference!
Love this! I’m hoping to purchase in the next 2-5 years so this is something I need to start tracking. Thanks for sharing x
http://www.lynnmumbingmejia.com
No problem! This will definitely be a great resource for you in the future then!
This is a very informative post which I’m sure will help a lot of different people – thanks for sharing x
Thank you. I am so glad you thought so as well.