How Much Mortgage Can I Afford?
Are you curious about how much of a mortgage you can afford? Our free mortgage calculator helps you estimate your monthly payments, giving you a clearer picture of your home financing options. Simply input your loan amount, interest rate, and loan term to see your potential payment breakdown. This tool empowers you to plan your budget effectively and make informed decisions on your home-buying journey. What questions do you have about how much mortgage you can afford? Contact Joel today!
What Is Included in A Monthly House Payment?
- Principal – The amount of money borrowed for a home loan.
- Interest – The cost of borrowing the money.
- Taxes – Property taxes charged by the local government.
- Homeowners Insurance – Homeowners insurance to protect against disaster.
- Mortgage Insurance – Lowers the risk to the lender so you can qualify for a home loan that you might not otherwise be able to get. (Note: Not all loan programs require mortgage insurance.)
What is Amortization in Simple Terms?
Amortization, in simple terms, is the result of paying down the principal and interest on the home loan over time. In other words, it is the process of paying off debt with regular payments. This is a tool to help you as a homebuyer understand how much of each payment goes toward interest and principal, and when the loan will be paid off. For more definitions of mortgage terms, visit our Mortgage Glossary. Contact us today with any questions!
