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Your guide to mortgage payment calculators

When it’s time to apply for your first home loan, one of the most critical steps is determining what size mortgage makes sense within your budget. Seeing your potential monthly payments, as well as the total amount that will have to be repaid over the course of the loan, gives you confidence as you move toward homeownership. A mortgage payment calculator can help you.

Giving such a clear view of potential loan offerings is the purpose of First Centennial Mortgage Corporation’s loan calculator, requiring only a few seconds to offer up helpful and illuminating calculations. This online tool is easy to use, and once you’ve given it a try, you can reach out to a First Centennial Mortgage loan officer with a clearer understanding of the relationship between loan amounts, amortization periods and annual interest rates.

Using the calculator

The First Centennial loan calculator uses three inputs to determine the monthly payment, interest and total repayment amount of a hypothetical loan. The calculations are estimates based on a borrower with excellent credit and they allow you to see how loans of differing amounts, interest rates and lengths compare to one another regarding the total amount that has to be paid back.

The following is a little more information about each of the numbers used by the calculator:

Loan Amount: This is the total value of the mortgage, the base amount you’ll have to pay back, before interest. Enter the value of a home you’re interested in owning to learn what it would take to finance that purchase.

Annual Percentage Rate: This is an annual rate of interest charged when you borrow money. It’s not just the interest rate of the loan itself, as it may rise or fall based on factors such as fees, mortgage insurance and discount points determined when negotiating the loan. Enter a few estimated values into the calculator to see how different APRs will affect affordability.

Amortization Period: This is the term length of the loan, and you can enter the amount into the calculator in either years or months. How long will you take paying off the loan? Standard term lengths include 15- and 30-year periods. Shorter times will require higher payments each month, while greater lengths will be more affordable month-to-month but allow more interest to accumulate. The calculator will show you the difference term lengths can make.

Monthly Payment: If you want to see how adjusting the size, length or APR of a loan will affect your budget on a monthly basis, watch how this number changes when you adjust variables in the mortgage calculator.

Total Interest Payable, Total of Payments and Break-up of Total Payment: There are many ways to think about the total amount of money you’ll repay over the course of a loan. The calculator gives three views: The first is the isolated interest, the second adds that figure to the principal loan amount and the third is a graph, breaking down principal and interest.

Taking the next step

Once you’re done running figures through the loan calculator, it’s time to take one step closer to getting the home of your dreams. Reach out and speak with a First Centennial Mortgage loan officer to determine the exact terms of your mortgage. After working with the calculator, you’ll have a clear picture of the scale of home you can target, and the loan attributes that suit your needs best.

Do you have more questions? Contact the loan officer who shared this blog post or send us a message.

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