The SCOOP! Blog by ChangeMyRate.com®

Make Sure Your Mortgage Calculator Shows You Costs Beyond Principal and Interest

March 13th, 2017 7:05 AM by Jackie A. Graves, President

Consumers go out of their way to look for deals and cut costs, but when it comes to home buying, we often assume it’s a smart purchase without looking at the extra costs. Those costs can add up to tens of thousands of dollars over the life of your loan. Use a mortgage calculator that crunches these numbers.

These are also known as PITI calculators. PITI stands for principal, interest, taxes, and insurance. Beyond loan payments, these calculators tell you how much you’ll pay in property taxes over time and how much insurance will cost you over time. (If you have mortgage insurance, make sure to add that to your insurance costs when you use the calculator.) Here are a few tools, including a PITI calculator, that will give you a better overall financial picture when you’re thinking about buying a home:

Your research should include tools like these but not be limited to them. For more info on mortgage shopping with calculators, head to the CFPB’s full post on the matter at the link below.

Your mortgage calculator may be setting you up for a surprise | CFPB

 

By Kristin Wong - To view the original click here

Posted by Jackie A. Graves, President on March 13th, 2017 7:05 AM

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