Here's a really useful mortgage calculator you should bookmark and refer to when necessary.
If you're wondering what mortgage calculators are, they're used to calculate an estimate of how much you'll need to pay monthly for the cost of a property (or any loan for that matter) with an estimated interest rate over the loan period.
Remember most loans come with a floating or fixed rate for the first few years and after that return to the board rate so when calculating a loan period of let's say 20 years, give an average amount of the first 5 years, assuming you plan to refinance your loan (which is generally a good idea if the economy is down or stable).
This particular loan calculator is especially useful because it allows you to take into account the property tax and PMI as well, which are often overlooked when calculating your budget for the year. Alternatively if you do not wish to use them, you can leave them as 0% and you'll get your monthly outlay for only the mortgage repayment.
This post is kindly sponsored by Mortgage Calculator Plus.
Technorati: finance, budget, mortgage, refinancing, calculator, rates
