Mortgage Calculator

Mortgage Fast Facts:

  • Most home buyers require a mortgage to secure a home or another type of real estate. As with any other type of loan, the amount is amortized over a number of years. Most mortgages carry either 15 or 30 year terms.

  • Two basic types are FRM fixed rate mortgages and ARM adjustable rate mortgages.(The mortgage calculator to your left calculates fixed rate mortgages).

  • Many economists recommend spending roughly about 25% of your monthly income on housing. If you make $6,000 per month, your mortgage payment should be around $1,500 per month. This can vary greatly, depending on your circumstances.

  • Usually new houses are easier to finance because the lender tends to bear less risk.

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