October 6th, 2019 9:11 AM by Jackie A. Graves, President
What's the real cost of owning a home? It's more than just your
monthly mortgage payment.
To help you navigate what you can afford, we've compiled a list
of calculators to evaluate the various financial factors that go into buying a
home. Use these tools to compare costs and create a budget for your path to
Start crunching numbers!
Rent vs. Buy
Map out the financial differences between renting and homeownership. This
calculator will show you not only the difference in payments, but also the
total cost of each option.
How Much Can
Calculate how much home you may be able to afford with a set down payment
and your monthly mortgage payment budget combined with a specific interest
How Much Can
Learn how much you might be able to qualify for by inputting income, monthly
debt payments and responsibilities, and desired home loan information.
Understand the financial differences between the fixed- and adjustable-rate mortgage by
calculating a monthly mortgage payment for each of the FRM/ARM loan terms.
Determine which term makes the most sense for your
lifestyle by learning how a different term affects your monthly mortgage
payment and overall cost of the loan.
This tool estimates your monthly payment for private mortgage insurance over a range
of down payments and can help you understand how to reduce mortgage
Estimate your mortgage closing costs for a given set of loan
Consider the cost of your monthly homeownership payment by comparing different
down payment options.
Find out how paying extra points in exchange for a lower interest rate can
impact your monthly mortgage payment.
Remember, these calculators are intended to provide guidance and
help you determine the best option for you personally and financially. Be sure
to contact a trusted real estate professional – including a lender, financial
advisor, and housing counselor – for precise calculations related to your
specific situation. For our full list of calculators and more information on
buying a home visit My Home by Freddie Mac®.
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