How Do You Calculate Mortgage Payments Online?
If you are thinking about purchasing a home and want to get an idea of what your mortgage payment will be as well as if the payment fits your budget, it is a great idea to calculate your potential mortgage payment online. Before you get started, you should know how much of a loan you plan to take out to purchase a home and what type of interest rate you will receive based on your credit rating. Go to Bankrate.com to use the mortgage calculator. Enter the mortgage amount in the first form. The mortgage amount is the dollar amount of your loan. Don’t include the down payment at this time; only include the total loan amount. Enter the mortgage term in the next form. For example, many mortgages are for 15 or 30 years. Type the annual interest rate for your mortgage in the next form. For example, if your annual interest rate is 5.5 percent each year, you would enter “5.5” in the form. Enter the date your mortgage will begin, then click the “Calculate” button to see your monthly mortgage pay
