Are you are thinking about making the big move and buying a house?
Are you wondering how to figure out how much your payments will be?
The Savvy Budget Boss calculators are designed to help you make sound financial decisions.
Our mortgage calculator will help you get an idea of how much you can borrow and what your payments will be. Simply plug the numbers in to your Free Budget Template.
Mortgage Calculator Instructions
It’s easy to use:
Step 1: Input the expected home purchase price
Step 2: Input your Down Payment (Typically 10-20%)
Step 3: Select the Loan Term
Step 4: Input the expected interest rate
Optional: Select Include Taxes & Fees for additional options
The amounts will automatically update and show you a calculate an amount based on your selections.
We highly recommend using this tool to understand what your monthly payments will be and put them into your budget.
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What is a Mortgage
A mortgage is a loan used to purchase real estate, such as a home or an investment property. The borrower agrees to pay the loan, plus interest over a period of time, usually 15-30 years.
The property being purchased is used as collateral for the loan, which means that if the borrower doe not make the required payments, the lender may repossess the property.
Mortgage payments typically consist of principal, the amount borrowed, and interest, the cost to borrow. These loans can be fixed or variable depending on the type of mortgage.