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Are you the "spreadsheet type"? Do your own mortgage math within Microsoft Excel, Mac Numbers and/or Google Docs. Take these built-in formulas and just add mortgage rates.
Wanting to buy a home and having the ability to afford a home are two different things. You can use your lender's DTI math as a guideline.
Mortgage rates are down more than 1% in the last year and mortgage payments are down 13%. The "break-even point" on today's mortgages comes relatively quickly -- even after accounting for closing costs.
Record-low mortgage rates draw refinancing households away from 30-year fixed-rate mortgages into shorter-term products such as the 15-year fixed-rate mortgage.
With a 15-year fixed rate loan, you can save $47,000 per $100,000 borrowed. And, at today's rates, the payments aren't even so bad.
Teaching you how to calculate your mortgage payment using Microsoft Excel, Numbers for Macintosh, or Google Docs -- complete with formulas and graphics. (1) How to calculate the monthly mortgage payment on a Principal + Interest loan, (2) How to calculate the monthly mortgage payment on an Interest Only loan, (3) How to calculate the principal paid to the mortgage in a given month, and (4) How to calculate the principal paid to the mortgage in a given year.
