{"id":11576,"date":"2019-01-09T08:30:30","date_gmt":"2019-01-09T15:30:30","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=11576"},"modified":"2024-01-08T12:38:05","modified_gmt":"2024-01-08T19:38:05","slug":"how-to-use-a-mortgage-calculator","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/how-to-use-a-mortgage-calculator\/","title":{"rendered":"How to Use a Mortgage Calculator"},"content":{"rendered":"

Mortgage calculators are an underappreciated example of how the web has made home shopping easier, smarter and flashier. OK, maybe not flashier, but definitely <\/em>easier and smarter, as they can provide quick insights into whether you’re able to afford a mortgage, and if so, what you’ll want or need for a down payment, monthly payment, etc. Check your borrower profile below to see which mortgage calculators you might find useful. Keep in mind, however, that while these will give you good ballpark figures, they won\u2019t necessarily factor in every possible home cost\u2014like HOA fees, for example.<\/p>\n

Renter thinking of buying<\/h2>\n

To someone who\u2019s only ever rented, jumping into the world of home finance can seem daunting. You go from a fixed monthly lease payment to\u2026 principal, interest, taxes and insurance? Huh<\/a>? Luckily, a good mortgage calculator can help break down each financial component, walking you through different numbers to see how they\u2019ll impact your estimated mortgage payment. Here are a few mortgage calculators that can be helpful in deciding whether you\u2019re ready to bid adieu to the landlord.<\/p>\n

Rent vs. Own Calculator<\/a><\/strong>
Calculate the difference between renting and buying a home by entering in current rental costs and contrasting them against the hypothetical cost of a home plus the amount you\u2019d need to finance it.<\/p>\n

Payment\/Amortization Calculator<\/a><\/strong>
Calculate your monthly mortgage payment based on loan type, amount, interest rate and term. This calculator also gives you the option of generating an amortization table, offering a deeper dive into the amount of principal and interest you\u2019ll pay each month or year.<\/p>\n

Owner thinking of buying again<\/h2>\n

If you purchased your current home when mortgage rates were lower, you may be weighing changing housing needs versus a potentially higher interest rate. An APR calculator<\/a> could help you put a number to that. Depending on the price point you\u2019re shopping and how much equity you\u2019re bringing to the table, you may be pleasantly surprised.<\/p>\n

Owner thinking of refinancing<\/h2>\n

Wondering if refinancing your home loan<\/a> will save you money? There are mortgage calculators for that, too! Here\u2019s a couple you might find insightful.<\/p>\n

Refinance Break-Event Point Calculator
<\/a><\/strong>Contrast your current mortgage payment against the amount, interest rate, term and closing costs of a new home loan, and then see how many months it\u2019d take for you to break even.<\/p>\n

Debt Consolidation Calculator
<\/a><\/strong>Your mortgage lender might offer the option of consolidating other debts into your home loan, such as credit card balances and auto loans. Whether you should do so is another matter, and this mortgage calculator is here to help you answer that question by showing what your monthly payment would be if you rolled all those debts together.<\/p>\n

Owner thinking of paying off mortgage sooner<\/h2>\n

Everyone wants the sweet spot of paying down your mortgage as quickly as possible without feeling strapped for cash, but sometimes we need the right data to show us the best way to achieve that. <\/p>\n

Early Payoff Calculator<\/strong>
<\/a>Decide how much sooner you\u2019d like to pay off your mortgage and calculate how much more you\u2019ll need to pay each month to achieve it. See how much you\u2019d save in interest by paying a little more on your mortgage each month. The results might surprise you.<\/p>\n

Once you\u2019re done having fun with mortgage calculators, check out our other financing and insuring<\/a> tips!<\/em><\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage calculators are an underappreciated example of how the web has made home shopping easier, smarter and flashier. OK, maybe not flashier, but definitely easier and smarter, as they can provide quick insights into whether you’re able to afford a mortgage, and if so, what you’ll want or need for a down payment, monthly payment, […]<\/p>\n","protected":false},"author":8,"featured_media":11578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[4],"tags":[382,158,206,227],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2019\/01\/HowToUseMortgageCalculater-1.jpg","author_info":{"display_name":"Brian Metzger","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/bmetzger2\/"},"yoast_head":"\r\nHow to Use a Mortgage Calculator - Richmond American Homes Blog<\/title>\r\n<meta name=\"description\" content=\"If you need to estimate the cost of purchasing a home or refinancing one you already own, a mortgage calculator is the tool for you.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.richmondamerican.com\/blog\/how-to-use-a-mortgage-calculator\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"How to Use a Mortgage Calculator - 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