It’s very important to know what your mortgage payment will be before you purchase a home so it fits comfortably in your budget.
So, we’ve added this mortgage calculator page to help you with your numbers. Note, this calculator applies an interest rate over the loan period and reports only the Principal and Interest payment (P+I) totals. Your actual mortgage payment may also include the Property Taxes and Hazard Insurance (T+I) payments. All together your monthly payment not including utilities is (P+I+T+I) Principal, Interest, Taxes and Insurance.
That’s why it’s important to ‘shop’ a variety of lenders before selecting shopping for a home. Many large consumer banks, mortgage banks/brokers and lenders offer a wide variety of lien packages designed for specific consumer profiles with respect to credit scores, employment history, income, savings and military status.
You’ll benefit from visiting with at least 2-3 different mortgage lenders to determine what loan best fits your budget for payment and avoids unnecessary fees or origination costs.
Before you buy, make sure you have your entire payment (PITI) completely understood and within your budget.