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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
This is a question that keeps coming up when customers start
looking at purchasing or refinancing their home. If you look at
the average 30 or 15 year mortgage, it seems that the better
mortgage depends on the type of customer. The best mortgage is
one that fits in your long term budget, won’t use up too much of
your monthly income, and gives you a sense of control over your
home so you don’t end up house rich and cash poor. Let’s look at
the basics.
A fixed rate mortgage gives you sense of control because you
know what your interest rate will be for the next 30 years. The
only concern is that the market rate might go down at some point
in the future and you will end up paying more than the current
interest rate. You can change this by refinancing the loan to
lower your payments and get a lower interest rate.
An adjustable rate mortgage allows you to play with the market
rate knowing that sometimes you will be more than the market
interest rate, and other times you will be paying slightly less.
Overall, if the economy stays healthy you should feel like you
made the best decision and did not overpay for your home.
So which one really is better? If you’re going to stay in your
home for 30 years or more then the fixed rate loan will usually
give you a better deal. As your income increases, you won’t have
to worry about fluctuating payments so you can put any extra
cash towards savings accounts and retirement funds. Otherwise,
it depends on how you feel about your monthly payments. If you
think that you can get a better deal by playing against the
market rate in the hope that you’ll end up with much lower
payments at some point, then you should get an adjustable rate
loan.
Talk to a financial advisor or a loan officer about your
concerns before decide to get the most up to date options on
both types of loans.
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