News Column

On The Money: Calculating a Manageable Mortgage

Oct. 8, 2012

Chuck Myers

mortgage

Although mortgage rates continue to reach new record lows, the search for a home mortgage to fit the family budget can still prove a challenge.

Several websites offer online calculators with a variety of features designed to help prospective homebuyers gauge monthly mortgage payments.

Here are just a few:

-Bankrate.com: Offers calculators to gauge mortgage payment amounts and how much you can afford. http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

-Federal Reserve: Supplies basic calculators for determining a fixed-rate or adjustable-rate mortgage. http://www.federalreserve.gov/apps/mortcalc/

-Homefair.com: Establish the loan amount you can handle using a mortgage affordability calculator. http://www.homefair.com/tools/mortgage-affordability-calculator/index.asp

-Interest.com: Provides calculators for a variety of borrowing scenarios. http://www.interest.com/mortgage/calculators/mortgage-calculator/

-Mortgage Calculators: Features mortgage calculators, as well as others for borrowing and credit-related topics. http://www.mortgage-calculators.org/calculators/calculators.html

Distributed by MCT Information Services


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