Mortgage calculators are great...as long as you plug in the right facts and figures. They help you make important financial decisions throughout the mortgage process, like which house you can afford, so it’s important to make sure your calculations include all the smaller costs that you might not think about off-hand, and may not be included in all mortgage calculators. But what exactly are these extra facts and figures to consider? First, check these expenses off your list:
Any mortgage calculator you find will show you three things: your principal and interest payment, the total amount you’ll be paying over the life of the loan, and your dropping balance with each month of mortgage payments. While these are all very beneficial facts for a homebuyer to know, there are three important mortgage calculator tricks that may just help homebuyers save more money on mortgage payments. Check out our list.