The journey of purchasing a new home involves a lot of important financial decisions, with one of them being choosing a suitable mortgage option. In fact, choosing the right mortgage is as important as choosing the right home.
Understanding mortgage payments plays a key role in helping you make more informed decisions. Before you begin the search for your new home, it’s essential to chalk out a plan that involves budgeting, establishing your affordability and comparing interest rates to ensure you are well prepared before getting into a long-term financial commitmenUnderstanding mortgage payments plays a key role in helping you make more informed decisions. Before you begin the search for your new home, it’s essential to chalk out a plan that involves budgeting, establishing your affordability and comparing interest rates to ensure you are well prepared before getting into a long-term financial commitment.
Property valuation is extremely useful for property owners, investors and homebuyers in strategizing their next move. It acts as a guide for property owners on how to accurately price their property or estimate the rental income, and allows homebuyers to assess their mortgage payments.
Oftentimes, first-time buyers have the tendency to overlook other aspects of a mortgage, and calculate only the monthly instalments. It is important to understand that you need to consider everything before moving forward with your mortgage application.
Mortgage application tips:
Compare different mortgage options before settling on one.
Calculate interest amount per month as well as over the entire lifecycle of the loan.
Calculate the payoff amount over the entire lifecycle of the loan against the principal borrowed
To make your investment journey easier, letWizard has designed an intelligent Mortgage Calculator that estimates your mortgage, in a matter of minutes.
letWizard’s mortgage calculator methodology
letWizard’s easy-to-use mortgage calculator is an automated, AI-powered Genie tool that assesses your monthly mortgage payments on a number of things. The calculator computes your monthly payments based on your loan type, purchase price, down payment, interest rate and your loan term. You also have the option to view the complete amortization schedule, to understand your loan lifecycle and compare different options.
What’s the best time to use the Mortgage Calculator?
You can use letWizard’s Mortgage Calculator during your entire investment journey. For e.g., here are a few key stages where you should consider using the calculator:
Budgeting:Use letWizard’s Mortgage Calculator to roughly estimate your overall budget for the new home by assessing your total mortgage payments.
Property-hunting: Assess your monthly principal and interest on different home prices and loan amounts to decide on a property that best fits your budget.
Mortgage Process: Compare options by exploring different interest rates. You can start by using letWizard’s very own Mortgage Rates Genie tool to find the best rates in the market. You can use this rate to refine your results on letWizard’s Mortgage Calculator to get a better estimate.
Please note: The mortgage calculator computes numbers based on your input. These numbers are a ballpark or a starting point. As you move forward in your homebuying process and gather more information, you can refine your calculations to get better results.
