Getting a mortgage is a serious commitment and is usually the largest amount of money the average person will ever borrow. Overpaying for a house or other piece of real estate is never smart and actually can ruin your future.
Use our Mortgage Calculator below to estimate your mortgage payments. To do the mortgage calculation enter Property Price field, which will be the price of the piece of real estate you are buying. Next enter the Down Payment field depending on how much you want to put as a downpayment. Use your lender's website to find out the current interest rates they offer and enter it in the Interest Rate box. Finally enter the number of years you are taking the mortgage loan out for.
When finished with your entries click the Calculate Mortgage button to see your monthly mortgage payment including both principal and interest.
Now that you have an idea what your mortgage payments might be, think hard if you can really afford getting this mortgage loan? Many people look just at the monthly payments, without taking in consideration the actual amount of money they are borrowing and paying for the house. This can lead to very bad financial decisions, especially if interest rates are historically low.