In addition to having an expert St. Louis mortgage lender from USA Mortgage at your side through the home buying process, you have access to a plethora of tools to ease the experience. One special tool is a mortgage calculator. Mortgage calculators allow you – the future homeowner – to estimate monthly payments on a fixed mortgage rate. They also help with calculating the total cost of borrowing and approximating the size of the mortgage you can afford.

 

A basic mortgage calculator uses the sale price of a home, the size of the down payment, the length (or term) of the mortgage and the annual interest rate to determine an estimated monthly payment. Keep in mind that not all mortgage calculators are created equally. There are other mortgage calculators that include the basics plus the cost of private mortgage insurance (PMI) for down payments that are less than 20 percent of the home’s sale price.

 

Just as there are multiple types of calculators on the market for students to use in math classes, there are also multiple types of mortgage calculators. Unlike a calculator for a calculus or statistics class, you don’t have to spend a lot of money to use a mortgage calculator. At USA Mortgage, we provide cost-free, accurate calculators to answer all of your financial questions and concerns in regards to (1) qualifying for a loan, (2) actual payment, (3) price comparisons, (4) prepayments, (5) amortization and (6) home loans. What does this really mean? USA Mortgage has six types of calculators that can help answer any and all of your pressing questions.

 

If math classes were never your strength, our St. Louis mortgage lenders at USA Mortgage can walk you through the calculations, button by button. Feel free to reach out to us today to get started. For more information on how mortgage calculators work and for other industry insights, continue checking in with our blog!