Post # 1
We are (semi) looking at homes for when our lease is up in the next 6-8 months. A lot of the realty websites have a mortgage calculator built in, but they all have different variables to input and requirements, giving us different numbers!
I know that it is just an estimate of what the cost could be, but is there one you Bees found that you felt was pretty accurate?
Post # 3
They should all be accurate based on the variables you put in. For straight mortgage (principal & interest) I like bankrate’s calculator:
But you also have to figure in real estate taxes, property insurance, and mortgage insurance if you’re putting down less than 20%.
Post # 4
I liked this one for looking at just the mortgage: http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx It will also show you how much paying additional each month will shorten the time to pay off the loan.
I’ll try to find the one I liked that also took taxes, PMI, insurance, etc into account.
ETA: Zillow’s takes PMI, taxes, etc into account: http://www.zillow.com/mortgage-calculator/
And so does this one: http://cgi.money.cnn.com/tools/mortgagecalc/
Post # 5
OP- something we did and I’m glad we did when we were starting to look at houses: we met with a mortgage advisor. We went in and did all the preliminary paperwork and ran the numbers to see what kind of price range we would be comfortable with under the guidance of a professional. We waited until we were actively searching for homes before we did the official application and pre-approval letter though, since it would only be good for like 60 days or something like that. It made our lives easier to meet with someone who could tell us all the extra stuff we’d have to budget for (taxes/homeowner’s ins/mortgage ins/etc…) as well as get a clear picture of what we would be approved for based on our credit & income.
Post # 6
The calculator we used on the brokers website turned out to be the exact amount we’re actually paying every month. Usually the calculators default to the average mortgage rate which is helpful, but we had actually locked in already so we knew exactly what it would be. And we had already decided the down payment which is why it was accurate.