MORTGAGE CALCULATOR

Calculating mortgage payments may seem complex, but with Haliburton Gold Group's Mortgage Calculator, it's a breeze.

1. Home Price
   Start by entering the price of your prospective home (if you're buying) or the current value of your home (if you're refinancing) in the "Home Price" field.
   
   
2. Down Payment or Equity
   In the "Down Payment" section, input the amount of your down payment (if you're purchasing a home) or the amount of equity you currently have (if you're refinancing). A down payment is the initial cash you invest in your home purchase, while home equity is your home's value minus your outstanding debt. You can enter either a dollar amount or a percentage of the purchase price you plan to put down.
   
   
3. Length of Loan
   Select the loan term, which is typically 30 years but can also be 20, 15, or 10 years. Our calculator will instantly adjust the repayment schedule accordingly.
   
   
4. Interest Rate
   Enter the expected interest rate in the "Interest Rate" box. Our calculator provides a default current average rate, but you can customize it based on your circumstances. Keep in mind that your rate may vary depending on whether you're buying or refinancing.

As you input these details, you'll see a real-time calculation of your principal and interest payments on the right-hand side. Additionally, Bankrate's calculator offers estimates for property taxes, homeowners insurance, and homeowners association fees. While shopping for a loan, you can adjust or disregard these figures as they may be included in your escrow payment, but they won't impact your principal and interest calculations as you explore your financing options.

Let's break it down:

M: This is your total monthly mortgage payment.

P: Represents the principal loan amount.

r: This is your monthly interest rate. Lenders typically provide an annual interest rate, so you'll want to divide it by 12 (the number of months in a year) to get your monthly rate. For instance, if your annual interest rate is 5 percent, your monthly rate would be 0.004167 (0.05/12 = 0.004167).

n: Denotes the number of payments over the loan's lifetime. To find this, simply multiply the number of years in your loan term by 12 (the number of months in a year). For example, a 30-year fixed mortgage would result in 360 payments (30 x 12 = 360).

Using this formula, you can easily determine how much house you can afford. But if you prefer a hassle-free experience, consider using the Haliburton Gold Group's mortgage calculator. It takes the guesswork out of the equation and helps you decide whether you should adjust your down payment or loan term. Remember, it's always a wise idea to shop around with different lenders to ensure you secure the best possible deal for your mortgage.