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Should You Continue to Rent or Buy a House?

Aug 17, 2007
Renting a house is a good way of putting a roof over your head, but once you are able to qualify for financing, then it's time to consider purchasing your own home.

Use a mortgage calculator to see how much more economical this is!

The whole idea of a mortgage calculator isn't to give you an exact amount of how much any given property will cost you, but rather to give a guideline of what you can expect to pay a mortgage lender should you decide to buy it.

Waiting to find out the monthly payments for a mortgage on a house can be nerve-wracking, but with a mortgage calculator you can reduce your anxiety levels by having the mortgage calculator give you some idea of the payments you can expect to pay.

If you are considering a home loan, a mortgage calculator will be your best tool for determining the size of the loan you can comfortably afford, estimating your monthly payments, and creating a financial plan to ensure you are able to make all of your mortgage payments in a timely fashion.

The results of using a mortgage calculator will help give you the confidence that buying a home is the best decision for you.So you have decided that you want to buy a house and perhaps have even found the house of your dreams -- now you just need to find the right mortgage to be able to finance it!

If you know how much you need to borrow from a mortgage lender, a mortgage calculator will give you some idea of what the payments are likely to be.

A bi-weekly mortgage allows you to pay your mortgage every two weeks rather than once a month. Check this on a mortgage calculator to see how quickly you will repay your mortgage and save on interest payments.

Although a bi-weekly mortgage may seem a great idea, and the advertisements may seem like you are getting a good deal -- check the figures carefully on a mortgage calculator and read the small print.

It could be that regular payments against your mortgage principal are more financially attractive.

You may have also wondered should I prepay my mortgage? Being in a position to prepay your mortgage is reassuring; however, the penalties and loss of tax breaks, may make it less attractive than opting to invest the money elsewhere.

A prepayment versus investment mortgage calculator can help you start to see where the best alternative may lie.
About the Author
Karen Kirby has 25 years in the computer industry and MS in Computer Science. For information on mortgage calculators see http://mortgagecalculator.eworldresponder.com - Internet Marketer's Guide to Traffic - http://www.aimbright.com/ebook
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