• Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact
    • Facebook
    • Instagram
    • Twitter

When Parents Text

When Parents Text

3 Ways to Take the Headache Out of Calculating Your Mortgage

August 9, 2020 by Annie

Whether you are a first time homeowner or a seasoned veteran, one of the biggest headaches of purchasing a new house can be calculating your mortgage, making sure you pay it properly, consistently, and on time. Luckily for you, you’ve just stumbled upon 3 simple ways to calculate your new mortgage!

Online Calculators

Nowadays with a simple internet search, there are plenty of online mortgage calculators available. Many of them are even free of charge. The thing to remember when using these types of calculators is that they will not always be completely accurate.

They will however give you a rough estimate of what your mortgage will come out to be, which may be all you need. Just don’t go placing any bets on them!

Doing the Math

If you don’t trust an online calculator to do the math for you, you can take a little extra time to do it yourself. Luckily the math involved in calculating a mortgage is actually pretty simple.

One of the first things you need to know about is PITI, which stands for: Principle (the amount you borrowed and how much of that you’re scheduled to pay off each month), Interest (how much it costs to use your loan), Taxes (referring to the property taxes), and Insurance (the amount of the loan that goes towards fire/hazard insurance).

Essentially, for every $100,000 you borrow, your monthly mortgage payment, or PITI, will be very close to $725. You can also add half of $750 to calculate for an extra $50,000 borrowed. Do that math on your exact borrowed amount and you should come pretty close to what your mortgage will be.

Hire a Professional

Of course, if you don’t mind spending a little extra and don’t really care sharing this type of personal information, you can hire a professional to calculate your monthly mortgage payment for you.

Most real estate agents and brokers should be able to help you out and give you a very close estimate. Keep in mind though that they will likely use the simple formula above or something very similar, so you may opt to just save the money and do it yourself.

Overall, buying a new house is a very exciting endeavor, but it doesn’t come without a bit of work and stress. If you know what your income is, it should be pretty easy for you to recognize whether or not you’ll be able to afford your mortgage.

If you’ve calculated it are worried it may be too much, but you have extra money in savings, you can lower your mortgage by increasing your down payment. Either way, congratulations and good luck!

 

About Me

Hi! I'm Annie and I have 3 kids (all in their teens - yikes!). My mommy blog isn't all about lunches and DIY - it's also about humour. Like how my kids make fun of my texts as if I don't know how to use emojis (I DO!). Now that I have a bit more time - since my kids don't want to hang out with me (teenagers), I have taken up blogging.

5 Children’s Eye Problems You Should Never Ignore

March 1, 2021 By Annie

Starting Early: How to Handle Finances for Retirement

February 28, 2021 By Annie

Common Mistakes When Buying a Water Filter

February 25, 2021 By Annie

plumbing-costs-.jpg

2021 Plumbing Cost Estimates: Pipe Repair Prices, Installation Prices

February 23, 2021 By Annie

These Smartphone Apps Can Help Prevent Distracted Driving

February 23, 2021 By Annie

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Facebook
  • Google+
  • Twitter

5 Children’s Eye Problems You Should Never Ignore
  • Health

5 Children’s Eye Problems You Should Never Ignore

By Annie  / March 1, 2021
Nearly 7% of children in the United States suffer from an eye or vision condition. Children's eye problems cause several...
Read More
Starting Early: How to Handle Finances for Retirement
  • Life Style

Starting Early: How to Handle Finances for Retirement

By Annie  / February 28, 2021
No matter the situation, it is always ideal to consider saving up for a rainy day. It might be easier...
Read More
Common Mistakes When Buying a Water Filter
  • Health

Common Mistakes When Buying a Water Filter

By Annie  / February 25, 2021
These days, many people are much more conscious regarding their well-being. However, not many are aware that wellness starts at...
Read More
2021 Plumbing Cost Estimates: Pipe Repair Prices, Installation Prices
  • Business

2021 Plumbing Cost Estimates: Pipe Repair Prices, Installation Prices

By Annie  / February 23, 2021
When it comes to the plumbing in your home, you probably won’t pay it much attention until there’s an issue....
Read More
These Smartphone Apps Can Help Prevent Distracted Driving
  • Life Style

These Smartphone Apps Can Help Prevent Distracted Driving

By Annie  / February 23, 2021
Smartphone apps, such as Mojo, DriveScribe, Cellcontrol, LifeSaver, and DriveSafe.ly, are instrumental in preventing distracted driving. Drivers can download and...
Read More
Excellent back to school tech for remote students in 2021
  • Life Style

Excellent back to school tech for remote students in 2021

By Annie  / February 23, 2021
The new wave of lockdown that has been imposed in the wake of the new year was least expected. Now...
Read More
Planning to Move Your Office? Here’s What You Need to Know
  • Business

Planning to Move Your Office? Here’s What You Need to Know

By Annie  / February 18, 2021
The pandemic is still out there. Although the vaccine is invented and distributed, it’ll still be long before life can...
Read More
How to get your clothes cleaner
  • Tips

How to get your clothes cleaner

By Annie  / February 18, 2021
These days, many of us are buying fewer clothes. The CoVid crisis is partly responsible for this. None of us...
Read More
6 Essential Items for Expecting Parents
  • Family

6 Essential Items for Expecting Parents

By Annie  / February 17, 2021
Expecting your first child is as nerve-racking as it is exciting. The truth is, you aren't going to know how...
Read More
9 Essential Things to do Before Moving in 2021
  • Family

9 Essential Things to do Before Moving in 2021

By Annie  / February 15, 2021
    Moving into a new house seems like an epic adventure. However, the day demands daring exploits, meticulous planning,...
Read More

About Us

Hi! I’m Annie and I have 3 kids (all in their teens – yikes!). My mommy blog isn’t all about lunches and DIY – it’s also about humour. Like how my kids make fun of my texts as if I don’t know how to use emojis (I DO!)... Read More…

When Parents Text

  • Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact

© 2021 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design