What Factors does a Mortgage Calculator Consider?
The amount you need to pay on a mortgage is difficult to calculate because of the large number of factors involved. A basic mortgage calculator includes the total amount of the home loan, the interest rate, and the number of years over which the loan is spread. More robust mortgage calculators include more complex factors such as the amount that you can put down on the loan (if any) and additional considerations that you will need to work into your financial plans, like the property taxes and insurance premiums you would have to pay on your new home. Some calculators will also help you to find information that you might not know ahead of time, such as the mortgage rate that you can expect to receive based on your credit rating, mortgage type, and federal interest rate levels.
