Hi-tech mortgage calculator
No Batteries required
Find the rate - then move your finger to the right to find the monthly factor
under the number of years (i.e. 15, 20, 25, or 30 years)
Example - a 6% loan for 30 years has a factor of $6.00 per $1,000
thus the MONTHLY amortized principal and interest
for a $100,000 loan is $600 per month.
($6 times 100)
then add MONTHLY property taxes
(annual rate is approx 2.85 % per YEAR times the value of the investment property)
(approx 2.5% for a residential homestead you live in on Jan 1st)
Then add MONTHLY rate for home hazard insurance.
The next best method is to call your loan broker.
Get pre-approved.
If you find a really good deal, you will not be the only person making an offer.
If you are pre-approved, then the seller may take your offer,
even if the other person's offer is higher $ than your offer.
Get ready to pull the trigger in case we find a good deal.
Your real estate agent pays more attention to buyers
who pass the financial smell test.
Be sure to study this hi-tech gadget
to learn this method of determining monthly payments.
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