Home Much Loan Can You Afford?
You can use our Advanced Mortgage Calculator to make sure your ideal property is within your budget. You can estimate your monthly payments using this mortgage calculator based on the property price you're interested in.
What's the difference between interest and principal?
The principal is the money you borrowed and must repay, and the interest is the fee the lender charges for lending you the money.
When will the majority of my payments go to my principal?
As you pay down the principal, you pay less interest each month because your loan balance decreases. As a result, a larger portion of your monthly payment goes toward principal reduction. Near the end of the loan, you owe much less interest, and the majority of your payments go toward paying off the remaining principal.
Are taxes included in my monthly payments?
Your taxes will almost certainly be included in your monthly mortgage payments. While this will increase your payments, it will allow you to avoid paying a thousand dollars (or more) all at once. And, with the assistance of your lender, you can ensure that your property tax payments are made in full and on time.