# Mortgage Calculator, Calculate Your House Payment

## Use this calculator to get an idea what your home loan will be monthly.

**Remember to add yearly taxes and insurance premium divided by 12 to the payment. **

**Remember to add yearly taxes and insurance premium divided by 12 to the payment.**

### Also Use the calculator to see what a 2% interest rate change does to the affordability of a home.

* Example:* Take a home priced at $250,000 at an interest rate of 5.5% not including taxes and insurance would be approximately $1,420.00 per month for 30 years. Take the same home priced at $250,000 at an interest rate of 7.5% without taxes and insurance, It would now cost approximately $1,748.00 per month for 30 years. The exact same house priced at $250,000 changed in affordability by $328.00 per month with a 2% change in rate. For years home rates were much

higher then they are right now. Ask your parents if they remember home mortgage rates in the 12 – 18% range. They probably will and it still made more sense then renting. Every day people whip out a charge card and buy dinner, shoes, electronics, gifts etc. and pay interest on stuff that is no longer to be found in a year or two. Usually at a much higher rate of interest then a home which lasts for years and years to come. Eventually being paid off. That’s like the landlord telling you to stop paying rent.

**Do the math and start shopping for a home.**

**Do the math and start shopping for a home.**

#### Don Maclary Realtor with Howard Hanna William E Wood

#### Have someone from the Choose A Home Team Contact You Today

Source: chooseahomenow.com

Category: Credit

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