When you’re considering buying a home, you want to make sure you choose one that you can afford. But how do you know? Integrity First Lending’s mortgage payment calculator can help.
Integrity First Lending has a tool that makes it easy to calculate your mortgage payments. Simply plug in the numbers: the cost of the home, your down payment, the interest rate, the term you are choosing and the type of mortgage you’re applying for. Our mortgage payment calculator then gives you an estimate of what your monthly mortgage payments will be.
This figure is an estimate because several factors can affect the final number:
The beauty of our mortgage payment calculator is that you can play with the numbers and make adjustments to find a way to make buying a house affordable for you.
For instance, if the mortgage payment calculator says your payment will be about $2,000 and that is too much for you, try lengthening the term to see how much it lowers your payments. Or, if you can borrow money from a friend or relative to increase your down payment, this will also decrease your monthly payments.
If you can’t find a way to make the numbers work, consider shopping for a lower-priced house.
As mortgage lenders, we sometimes see homeowners who do not leave themselves enough wiggle room with their mortgage. They take on a large mortgage that they can technically pay, but if something unexpected happens — a job loss, an expensive car repair or another financial setback — it can quickly tip the scales, putting them behind on mortgage payments. This is not only stressful, but it affects your credit too.
It’s better to leave yourself a little cushion when shopping for a home loan in Utah.
Now that you know how our mortgage payment calculator works, play with it for a little while and then come in and see our mortgage lenders. We’ll collect some information from you, such as your income, credit score, debt-to-income ratio, etc., and run the numbers to see what type of mortgage you qualify for and how much house you can afford. Once you are pre-approved, you can start shopping for a home in Utah with confidence!