Things You'll Need:
- The amount of your mortgage
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Step 1
Mortgage rates have several moving parts: amount financed, interest rate, and loan term. All of this information together will be calculated to determine your monthly payment.
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Step 2
How much does the home you want to purchase cost? Subtract your down payment (if any) from the purchase price and this is the amount you want to finance.
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Step 3
Take the amount you want to finance and plug it into the handy mortgage calculator provided in the link below.
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Step 4
How long do you want to finance your home for? You'll want to plug this information into the calculator as well.
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Step 5
Research interest rates in your area. This can easily be done through looking at the Real Estate section of your local newspaper or through sites such as Bankrate.com.
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Step 6
Plug in the appropriate interest rate into the calculator.
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Step 7
You've just calculated your mortgage! Try changing some of the variables to see how it impacts your monthly payment and time required to pay-off your mortgage. Interesting information!
Comments
iamageniuster said
on 10/16/2008 Great article. Thanks for sharing.
Alisiane said
on 9/24/2008 This kind of information isn't always the most riveting or exciting, but it's important to know. Thanks for the tips!
ashiflett said
on 9/24/2008 Awesome article! Thanks for sharing!
GreenGardenChic said
on 9/22/2008 This is the just info I was looking for, thanks.
AmyJaine said
on 3/12/2008 Very interesting thanks.