Question:

How to figure mortgage payment?

Answer:

The smartest way to figure mortgage payment is via mortgage web calculators. True, you can't rely only on these numbers, but using them is a very good way to estimate your monthly mortgage loan payment very accurately. The home loan monthly payment is called a PITI payment - principal, interest, taxes and insurance.

Estimating Your Mortgage Payment on Your Own

To calculate mortgage PITI payment you should know:

  • how much of a loan amount you qualify for;
  • if your loan is fixed or adjustable rate;
  • how much you pay for taxes and insurance;
  • if your loan's LTV is going to be 80% or more;
  • if you are going to make extra payments to the principal;
  • the term and rate of the loan.

Mortgage online calculators may not be perfect but they do help figure how much your mortgage payment will be.

Also, lenders will have to calculate how much mortgage payment you can afford, so once you arrive at your own numbers, compare how much the lender figured your monthly mortgage premium would be.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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