Florida Mortgage Calculator
- Interest rate: The interest rate is the percentage of your loan amount we charge you to borrow money.
- Discount points: One point equals 1% of your mortgage amount. Points may lower your interest rate.
- Origination charge: All charges, other than discount points, that all loan originators (lenders and brokers) involved receive such as fees, document preparation, and underwriting.
- Loan term: Your loan term is the amount of time you have to pay off your mortgage balance. Shorter loan terms typically mean higher monthly mortgage payments, but often have lower interest rates and thereby end up costing you less money overall.
Understanding Our Mortgage Calculator
When you’re calculating your home mortgage budget, it’s very important that you have a set budget and search for a mortgage that fits within your financial guidelines. While you may find a bank or financial institution that’s willing to give you a loan for your home, the amount of interest they charge can make your payment jump significantly. The importance of knowing your mortgage rate and how it will affect your overall payment is imperative.
Our mortgage calculator is here to help simplify the process of choosing the best mortgage for you. It helps you understand what factors affect your mortgage payment so that you can be confident in your choice of mortgage. It will help you understand how large of a home you can afford or how a mortgage refinance will affect your budget.
Using our calculator could not be easier. You simply need to input your information into each section of the calculator, and the Calculator does the work. It is as simple as that!
You will need to input the following information when using the mortgage calculator:
- The Purchase Price of the house you are wanting to buy
- The Down Payment amount or percentage you are estimating on putting down initially
- How many years you are wanting to pay on the mortgage – the term
- The interest rate
You can mix and match different variables based on the loan options you are considering. You can use this calculator as often as you need in order to get the most accurate idea of what your mortgage interest is going to cost. It couldn’t be easier!