Homeowners have a lot of expenses to consider, especially before buying a new home. From your mortgage to affordability, you should consider taking advantage of the best financial calculators available online.
That way, you can make sure you are on track to pay off your mortgage or if you should refinance it. And if you’re looking to buy a new home, you can make sure to choose one that you can afford.
Read on to learn about the best mortgage calculator and other home financing calculators.
Best Mortgage Calculator: SmartAsset
SmartAsset has the best mortgage calculator, and it has many features you can use to calculate the cost of your mortgage. You can input your home price, down payment, interest rate, and loan type.
You can then get an overview of how much you will owe in mortgage payments, home insurance, taxes, and other fees. The calculator will show you a breakdown of your monthly payment, and you can view your mortgage progression over time.
The calculator will reveal how much of your mortgage will go toward the principal and interest, and you can track your remaining mortgage balance. SmartAsset’s calculator also shows you how much you should have in savings. You can also see their recommended minimum income.
You can see how much you’ll need to pay just to buy the house and how that factors into your savings. And if you have other forms of debt, you can include that to see if you can afford a particular house.
The SmartAsset calculator is great for people buying a house or considering a purchase. You can also use the calculator to find loans at the best rates when deciding to buy a home.
Best Refinance Calculator: Bankrate
The best finance calculator for refinancing your home comes from Bankrate. This calculator lets you put in your current monthly payment and the balance left on your mortgage. It also has a space for your remaining loan term and your current interest rate.
You can then add in the new interest rate and new loan term that you want or know you can get. The calculator also tells you how much the refinancing can cost. You can estimate application fees, attorney fees, and inspections.
Once you add all that information, you can calculate your new monthly payment. The calculator will also show how much you can save each month and what you’ll save in interest over time.
You can see the total cost once you add up any fees, and you can see how long it will take to make up the costs. You can then decide if it’s worth applying to refinance your home or if the fees will be just as much as your overall savings.
Best Affordability Calculator: Money Under 30
When buying a house, you should consider how much you can afford. The Money Under 30 Home Affordability Calculator can help you determine this. First, you can enter your monthly income before taxes and expenses.
If you have any other debt, you can enter your monthly payment amount for credit cards, student loans, and other mortgages. Next, you’ll need to input the interest rate on your mortgage loan and the length of that loan.
You can also add the amount you put as a down payment. The calculator will show you the maximum amount you can afford to spend on a house and estimate your monthly payment.
This calculator recommends that you don’t spend more than 28 percent of your entire income on your mortgage. It also considers that you shouldn’t spend more than 40 percent of your income on overall debt.
It’s a simple calculator, but it can give you an idea of what you can buy. You can use the mortgage calculator to learn more details about your future payments afterward.
Best Home Ownership Cost Calculator: NerdWallet
Another thing to consider is how much owning the house will cost. This includes more than the cost of your mortgage. It can cover your monthly bills, insurance, homeowner associations, and property taxes.
You can also use the calculator for home maintenance expenses. Be sure to fill out as many fields as possible, and you can estimate the costs if you aren’t sure. That way, you can get some idea of how much owning a home will cost.
The calculator then asks for your annual household income before taxes, your home’s size, and your ZIP code. After that, you can get an estimate on your total monthly spending and the percentage of your income you can expect to spend on home expenses.
This calculator will also show you the monthly costs per square foot of your home. That can be helpful if you’re trying to decide if a larger home is worth it.
In some cases, it may be worth it if your costs per square foot don’t go up. But you may find you don’t need the extra space.
Best Expense Calculator: Quicken
The best expense calculator for homeowners is from Quicken. This is a full-budget calculator, so it can cover more than just your home expenses. That can help if you’re trying to decide if a house or apartment is better for your budget.
You can start by adding your monthly salary and any other income you get. Next, it will ask for your current mortgage or rent payments. You can also include your insurance, maintenance, and other bills. You can then input your car payment, insurance, and gas costs.
If you have educational expenses, like tuition, supplies, or loans, you can add those. The next section covers your food and personal expenses. You can add up groceries, clothing, and entertainment. Lastly, you can enter the amount you have in savings, retirement, and investments.
The calculator can give you an idea of if you’re doing well based on your income. You can then decide if it’s worth buying a house or if you may need to save or make more money first.
Using a Calculator
The best financial calculator can help you set and meet your financial goals. Luckily for us, there are various kinds of calculators we can pick for specific usages.
If you want to buy a house, you can use the best mortgage calculator. And if you want to refinance your current home, you can find a special calculator for that.
We can also start using them quite effortlessly. Just think about your current situation and what you may want to learn more about. That way, you can choose the best financial calculator for your needs.