How do home loan calculators work?
There are different types of mortgage calculators, and they work in different ways. As a home buyer, you can stick with the basic calculators that give you monthly payment estimates. In order to use them, you will need to know the home loan amount and the interest rate (at a minimum). The rate calculator would then show you how much your monthly payments would be. Of course, this is just an estimate. Your actual payment may be more or less than what the calculator shows you, depending on the property taxes and insurance costs.
