# Mortgage Calculator, Calculate Your House Payment

Mortgage amount: \$
Mortgage term:
years or months
Interest rate:
% per year
Mortgage start date:

## Ready to buy a home, this calculator to get an idea what the home you will be moving into will cost monthly.

Remember to add yearly taxes and insurance premium divided by 12 to the payment.

### Also Use the calculator to see what a 2% interest rate change does. You will be amazed how it changes the buying power of the home you are considering moving to.

The results will surely amaze you, When you play with this you will get a real idea of impact a rate increase has on your buying power. Something the average consumer does not hear correctly is the news about interest rates. The news only tells what the Feds are offering the banks. The reality is that has nothing to do with what  consumers pay for a mortgage. Be careful not to be complacent thinking you have time before rates go up, because once they do in effect you will have missed the boat.

Example: Take a home priced at \$250,000 at an interest rate of 5.5% not including taxes and insurance would be approximately \$1,420.00 per month for 30 years. Take the same home priced at \$250,000 at an interest rate of 7.5% without taxes and insurance, It would now cost approximately \$1,748.00 per month for 30 years. The exact same house priced at \$250,000 changed in affordability by \$328.00 per month with a 2% change in rate. For years home rates were much higher then they are right now. Ask your parents if they remember home mortgage rates in the 12 – 18% range. They probably will and it still made more sense then renting. Every day people whip out a charge card and buy dinner, shoes, electronics, gifts etc. and pay interest on stuff that is no longer to be found in a year or two. Usually at a much higher rate of interest then a home which lasts for years and years to come. Eventually being paid off. That’s like the landlord telling you to stop paying rent.

Not likely to happen so the best option might be to click on the link below  for the free home buyer class and learn about the home buying process. Ask at class if you might qualify for a no money down program.

Do the math and you will see moving from a rental to a home you own makes sense. Take our free home buyer class and start shopping for a home today. If you are a Veteran Connect with a Lender who can help you with a VA Home Loan.

Don Maclary Realtor with the Howard Hanna William E Wood’s Choose A Home Team.

Have someone from the Choose A Home Team Contact You Today.

##### Note: If you are even remotely considering moving in the near future take a little time out of your busy schedule and sit down with a Realtor and or a Mortgage Lender to explore your options. It is amazing how much information is out there for the public to see today from the comfort of home. However opportunities are missed because it take the working knowledge of the industry to help guide in selecting the best possible option that suits your families specific needs.

One thing a Realtor way more often then they should is “Oh I Wish I Would Have Bought A Home Years Ago” When people look back in time and realize how much of their hard earned money was wasted by paying someone else’s mortgage for them in the way of rent. Landlords for the most part have to pay less as a mortgage payment then a renter pays in rent. Example if someone pays rent for 15 years and a mortgage is for 30 years, They purchased one half of a home for someone else. Make a home part of your retirement portfolio as soon as you are able. Take the Free Home Buyer Class and find out what programs might be available to assist you with the down payment.