Netslovers 
A mortgage calculator helps you determine how much money you need to borrow in order to purchase a house. It also shows you how much you will pay each month on your loan.
Calculate how much house you can afford.
You can use a mortgage calculator to figure out how much house you can comfortably afford. This number is called your “house affordability ratio.” To calculate your house affordability ratio, divide your monthly income by the total cost of your new home (including principal, interest, taxes, insurance, and other fees). If your ratio is less than 1, you can afford more house than you currently own.
Determine whether refinancing makes sense.
Refinancing your mortgage is a common financial decision made by homeowners who want to lower their monthly payments. However, there are several things to consider when deciding whether to refinance. First, make sure you understand the terms of your current loan. Second, determine whether refinancing will save you money. Third, decide whether you need to pay off your existing debt first. Finally, consider whether refinancing will affect your credit score.
Know the difference between fixed and adjustable rates.
Fixed rate mortgages are usually more expensive than adjustable rate mortgages (ARMs). ARMs typically have higher interest rates at the beginning of the loan term, but lower rates later on. This means that the monthly payment is lower during the initial years of the loan, but higher towards the end.
Understand the pros and cons of different loan programs.
There are two main types of loans available to homeowners: fixed rate mortgages and adjustable rate mortgages (ARMS). Both types of loans offer benefits and drawbacks.
Learn about the best time to get a mortgage.
If you plan to stay in your current house for at least five years, then you might consider getting a fixed rate mortgage. This type of loan offers stability because its interest rates will not fluctuate with changes in the market. However, if you plan to move within the next year, then you might want to consider an ARM. With an ARM, your monthly payments will rise as the interest rates go up.
The Best 8 Online Mortgage Calculators
- The zillow.com Mortgage Calculator
- The U.S. Mortgage Calculator Including Taxes, Insurance and PMI
- The Trulia House Affordability Calculator
- The Ramsey solution Mortgage Calculator
- The VA Loan Calculator
- The FHA Load Calculator
- The Bankrate Mortgage Calculator
- The Forbes Mortgage Calculator
