“Owning a home is a keystone of wealth both financial affluence and emotional security”- Suze Orman
So true. Buying a home is dream of everyone. It is something that we all want to achieve in our lives. But on practical side, it is one of the biggest decisions that we shall ever make.
This summer, we are planning to moving in that direction. After spending more than 5 years in USA, we are willing to take that biggest financial decision of our life, as “buying our own home”
Recently, we (me and my husband) had a conversation regarding doing a proper planning before taking that big step. While conversation, he told me to do some ground work regarding the home buying process. He has suggested me to do an in-depth research to educate ourselves about different important aspects of buying a home.
As I strongly believe in concept of “Financial literacy for women” . So, I had accepted this responsibility wholeheartedly. And decided to help him with an in-depth research.
When I had started my research for this responsibility, there were few questions that came first in my mind. I had listed them all and decided to find a proper answer for each of these quarries. These were the factors that I had considered to decide whether buying a home is a right choice for us or not?
- How much home can I afford?
- Rent VS buying (which one will be better option as per our current rent and income)
- What is minimum requirements of income before planning to buying a home?
- What are the factors that help in selecting right mortgage?
For getting the answers of these questions, I had explored various online resources.
While researching, I had learnt that use of mortgage calculators are one of the best things that can help us a lot in solving different quarries related to buying a home and other finance related issues. Mortage calculators help you with the numbers to check how different home prices affect your overall mortgage payment.
Even reputed finance resources like consumerfinance.gov. strongly advocate the use of mortgage calculators to know how much home you can afford?
With ongoing research, I came across one of the most informative resources that provide exclusive information on mortgage calculators. This resource (website) provides an extensive list of calculators and we can select any one as per our needs.
The name of this amazing personal finance website is “Mortgage calculators.info”.
Mortgagecalculators.info has been online since 2008 and is well reputed for its clean and fast user experience. The website offers free tools which help people figure out their mortgage payments.
I had spent a great amount of time on this website and got really impressed with a comprehensive collection of different mortgage and money saving calculators. Along with basic tools, this website also offers advanced calculators which lets people see the full cost of ownership inclusive of PMI (Private mortgage insurance), HOA (Home owner association) insurance and other costs of ownership.
What are types of these calculators? And what are some unique impressive feature of this website? Read the post to know more!
Types of calculators (at Mortgagecalculators.info)
Mortagagecalculator.info website has an Impressive collection of different varieties of calculators. These calculators are so helpful in solving your different quarries related to home buying process. Such as:
This section contains:
- Monthly payment calculators – this helps you to get monthly payment estimate for a given price.
- Minimum income requirement calculator– this calculator helps you to calculate the minimum income requirement to afford or buy a house.
- Home loan limit calculator- help you to know how much house you can afford.
- DTI calculator- help you to see your front-end and back-end debt-to-income ratio.
As the name suggested, these calculators have some advance features and also allow you to input home value, principal, interest rate, loan term, start date, property tax, HOA dues, home owner’s insurance and PMI. Its output features include loan breakdown graphs, repayment chart, loan summary, discount points, bi-weekly savings, a balance graph and many others!
Money saving calculators
Money saving calculators are really impressive and help you solve various quarries related to home buying process. Such as:
- Rent Vs buy calculator: help you determine what is better option for you, whether buying or renting a home.
- Tax-saving benefits estimator: this estimator helps you to learn how much you can save on your income taxes by deducting home loan related expenses like mortgage interest and discount points.
- Bi-weekly payment calculator: help you learn how much time and money you will save by paying off your loan on a bi-weekly payment plan.
- Refinance calculator: it helps you in comparing new loan offers to your old loan to help you decide which one is better option for you.
I had used many of these calculators to solve my different finance and home buying related quarries, and had a great satisfactory experience. here I am sharing one of these to get an idea how these calculator’s work.
I had tried “Rent Vs buy money saving calculator” .This calculator has two options, first a basic and second an advance one.
Basic one allows you to calculate how much you can afford while paying a monthly payment equivalent to your current rental payment. This tool is more useful if you know you will live in the home for an extended period of time and have no intent to sell it anytime soon.
Second advance tool includes more advance features like impact of inflation, real-estate appreciation and real-estate transection. This tool is more useful if you think you are likely to sell the home in few years.
For using this calculator, you need to share some information as input like monthly rent payment, mortgage in years, annual property, monthly HOA fee and property mortgage insurance (PMI). After putting all these inputs, this calculator estimates the size of a mortgage you could afford based on the size of your monthly payment, the down payment you could afford and on the anticipated property taxes and home owners.
Check this screen shot to get an idea how it works.
I had a satisfactory experience with this calculator and this has given me a much-needed information.
Additional impressive features of this website
- This website is clean and ad free and give you a fast user experience. All sections are well-organized and easy to navigate.
- All sections have appropriate and well-explanatory images and graphics. These graphics give us a proper idea about the whole process.
- Each calculator contains a good length and well-described description about “How to use that particular calculator?”. This instruction helps you in easy and proper use of these calculators.
- The website also includes information about current mortgage rates (from third party landers). This information helps you in taking wise decision regarding loan options.
- Last but not the least this website also includes a separate section on “Useful resources guide for current and prospective home owners”. This guide help you manage major financial issues related to home ownership process.
Though these calculators are working fine for making all needed calculations, except one problem. While using this, the default value disappears whenever you click on text box with default value. This creates a problem in calculation and you have to re-start the whole application from scratch.
As a conclusion I would say, “buying a home is a complicated process that requires a good set of pre-planning and understanding of various important aspects. If you are someone who want to educate yourself with mortgage calculations and other money saving aspects of home buying, then you should must check out the mortagaecaculator.info website. This website contains useful and trustworthy information along with amazing collection of mortage calculators. These calculators will help you in making an easy calculation for your various finance related need. and I am sure, you will have a great and satisfactory user experience like me.
What are your thoughts? Please share with me!