OK, class is in session. Two plus two equals four. Three plus three equals six. Now who can tell me what is the monthly payment on a 30yr amortized mortgage with a 15yr balloon, a buyer with a middle credit score of 620, and is putting a 5% down payment on the house. Oh yeah, they're also paying two points on the loan. What is their monthly payment likely to be? Don't forget to include principle, interest, and taxes as your final payment amount.
To the uninitiated, figuring a mortgage payment is about the same as understanding Einstein's theory of relativity. Lucky for us mathematically challenged people, there is a fairly simple solution. The online mortgage calculator. This tool makes is quick and easy for someone to input different variables that determine one's monthly payment.
Now, you can play around with different variables to determine what will be your best option according to your budget. Maybe you could afford more principle with a lower interest rate. Should you apply more to your down payment to lower your payments, or maybe extra funds would be better served by paying extra points at the beginning of the mortgage. What about the term of the mortgage? What's your flavor? A 30yr fixed rate mortgage, or a mortgage with an initial 2yr ARM? The possibilities are bountiful.
The miracle of technology allows you to do in minutes what would have taken a broker hours to do by hand held calculator. The 'American Dream' of home ownership is just that for a lot of people, a dream. It doesn't have to be. Don't put off what you can do today for tomorrow.
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