No matter if you are a first time home buyer or a long time home owner there is no doubt that you have at more than one occasion been crunching the numbers when working on your monthly finances. Between house, car, kids, gas, insurance, food, etc., it gets overwhelming and frustrating. There just doesn’t always seem to be enough income to cover the outgo. When you are looking at buying your first home, or just moving to a new home you have to take into consideration many things. Can you afford the house you are looking at? Did you know about home owners insurance, taxes, upkeep, utilities, etc. There are many things that come into play just to own a home. This is where an online mortgage calculator can help you figure out what type of mortgage or home you can afford. When you input your numbers into a mortgage calculator it helps you know if you will be able to afford your home, and all that goes with being a homeowner.
I know that for hubby and I when we bought the house we are in now we used a mortgage calculator to figure out if we would be stretched to the max. We had been looking at homes on a lake for a while, but everything we looked at was a bit over what we knew we could afford. We had a nice house, just wanted to live on a lake. We had our house mortgage, a brand new truck loan, misc credit cards and other loans, as well as just money for daily living. All budgeted nicely and not much wiggle room. Well, sad to say I was in a bad accident with our truck and even though I was ok, the truck was not. Our brand new truck had many boo boo’s and was a total loss. So, all of a sudden we had no truck payment which at that time was $440.00 a month (plus insurance). About a month after my accident hubby called from work and said there is a house on Pequaywan Lake for sale so we made an appointment to look at it. Well, since we had no truck payment, and we vowed to never own a new vehicle again, that money we were paying on a truck added to the money we already had for our current mortgage equaled what our new house payment was going to be. Even though it was more than we wanted to spend for a home, we just took the chance. So, now 10 years later we are still here and still, have not bought a new vehicle. We are happy with used vehicles, and a bigger house payment. But, if it had not been for a mortgage calculator I would have never known what we could afford.
Are you looking at buying a new home? Or maybe getting ready to move and need to know what fits into your finances. Check out the mortgage calculators so you can be sure to not strap yourself for years to come.