Figuring out your budget may not be the most exciting step in the home buying process, but it just might be the most important. Knowing exactly how much house you can afford allows you to purchase a home confidently without worrying about the financial strain down the road.
Unfortunately, planning for a home mortgage isn’t exactly as easy as dividing a purchase price by the number of months you plan to take to pay it off. Thanks to interest and amortization schedules, the calculations are a little more complicated. This home loan calculator can help you with the heavy lifting and give you a better idea of what your financing situation may look like.
Start your home search off on the right foot by looking within your budget. For more information about the terms used on the calculator, refer to the list of definitions below the tool.