Using the Mortgage Payment Calculator
The mortgage payment calculator shows you how different factors affect your payment. You can plug in different property prices, amortization periods, down payments, and payment frequencies.
You likely already have a budget in mind; see how different factors affect how well your payment fits in your budget. For example, if you already found a house you love, the property price won’t change, but you can change other factors, such as the down payment, payment frequency, or amortization period.
Maybe you have down payment options. Are you deciding whether you should put your entire savings down or if you should save some in reserves? Plug in different percentages up to the amount you have saved and see how the payments change.
Change the loan’s term and payment frequency too so you see how it affects your payment. Plug as many different scenarios into the calculator as possible to choose the best payment option.