Loaner | Mortgage calculator

💪 LOANER is the new kid on the block of

mortgage calculators

has 4 tabs:

» SETTINGS | set your budget and add your loan's main terms

» EXPENSES | review/change initial expenses/closing costs/fees

» LOAN | review the final loan amount, monthly payment and all key points

» STATS | check your amortization schedule, set different interest rate per year, make extra payments, watch your monthly payments on a graph

This

mortgage calculator

mostly needs

4 things

:

» value of the property you wish to purchase

» your annual income

» your total cash savings amount

» adjust some sliders

And gives you

answers

on:

» What is the

total loan amount

I would need to buy that property?

» Is it gonna get

approved

by the lender? 🤑

» How much is the

total interest

i would pay?

» What is the amount of

monthly payment

?

» How much do I really

stand

to pay for?

» What is the

maximum

loan amount that can be approved?

» What happens when the

interest rate

is not fixed?

» What will happen if rates rise?

» How much do

extra payments

reduce my monthly payment?

» What are the

closing costs

and how do they

affect

my payment/loan-total?

» What is better, many years/low-payment or less years/high-payment?

» What is the total amount of

down payment

i would need to pay?

» What is the percent/amount of paid/remaining principal/interest for each year?

» What is the

total monthly payment

including insurance and taxes?

Is it all about just having

enough cash

for the down payment? 💰

Getting a mortgage isn’t free. Before you get those house keys, you’ll need to sign loan documents and paperwork that transfers homeownership from the seller to you. Throughout your home purchase, third parties, as well as your lender, have performed services.

Closing costs are fees

these professionals charge for these services to finalize the real estate transaction and your home loan.

How Much Are

Closing Costs

?

Closing costs typically range from 2% to 5% of the property’s purchase price. Thus, if you buy a $200,000 house, your closing costs could range from $4,000 to $10,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it’s

important

to pay close attention to these fees.

ℹ️ If you disable all closing costs then typically the savings input field acts like a down payment amount field.

Happy mortgaging! 😀