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Real Estate Calculators: How Can They Help You?


Using a real estate calculator is a great way to weigh your personal finances vs. a real estate purchase you are looking to make. So how can they help you? Well, there are many different calculators for various purposes, and each one can potentially be beneficial by giving you an idea of how much you will pay over the life of a mortgage or loan.

Getting a mortgage is typically the largest financial move that you will make. It is a move that nobody should go into blindly, due to the magnitude of the purchase. A mortgage calculator is almost like having insider information, as it can help you know the answers that too many people rely on others to provide.

So How Can Real Estate Calculators Help You?

  • One benefit of using a real estate calculator is the freedom to access information immediately. For example, if you are late on locking in a rate, they may change for the better or worse. One way or another, you need to know what the changes will mean to your finances. If you see rates change, all you need to do is pick up your mortgage calculator to see what the rate changes will mean for you.
  • Another big benefit to using a real estate calculator is for refinance loans. Refinancing a mortgage is one way that people who are looking to better their financial situations often use. If you are thinking about refinancing, using a calculator can show you the differences that a refinance could make for you. It is always best to get professional assistance when you are ready to refinance, but using a mortgage calculator can give you a head start.

There are many real estate calculators to choose from. How can they help you in your search for more information about a potential real estate transaction? See the following list:

  • HELOC Calculator: The HELOC Calculator (Home Equity Line of Credit) will help you determine if a HELOC loan is right for you.
  • Rent vs. Buy Calculator: The Rent vs. Buy Calculator will show you the benefits of buying a home in respect to renting an apartment.
  • Refinance Calculator: The Refinance Calculator can help you determine if refinancing is right for you. It will give you a side by side comparison so you can easily see how much you will save. Should I Refinance?
  • Income Requirement Calculator: Use this tool to find out what the required monthly income would be to qualify for a specific loan. How much House can you afford?
  • Affordability Calculator: The Affordability Calculator helps you to find out just how much of a loan you can afford to pay.
  • Interest Only Calculator: The Interest Only Loan Calculator helps you compare interest only loans with fully amortized loans.
  • FHA Loan Limits Calculator: The FHA Loan Limits calculator helps you calculate the size of the loan the FHA is willing to insure.
  • 19 in 1 Calculator: The 19 in 1 Calculator is a single tool with 19 different calculators in 1 place. Use these calculators to calculate payments, figure out how much you need to use for a down payment, find out what the loan is actually costing you and more.
  • Mortgage Payment Calculator: The Mortgage payment calculator is used to calculate the payment based upon the interest rates and loan amount entered. Use this calculator to find out what the monthly payment would be for a given loan.

Using any or all of these real estate calculators is a great way to get a better understanding of how real estate transactions work and what you can afford. Taking the time to really dig into the essential elements of home buying can help you make the best choice when evaluating homes for you and your family.  For more information on interest rates, mortgages, and other house buying factors have a look around Chicago Mortgage Spot today!