How to Estimate Monthly Mortgage Payments It is essential to confirm that your monthly

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mortgage payments will be affordable before you buy your home. Only you know how much money you will have available. Nobody wants to lose a home to foreclosure. If you

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still do not get access to the easy-going mortgage calculator on ForeclosureDeals.com, here is a way to estimate monthly payments using a hand-held pocket calculator.

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Step 1 Divide the mortgage interest rate you will be paying by 12 to get a monthly interest rate. An annual interest rate of 6% is 0.5% monthly. Make sure the result that you get makes sense too.

Step 2

Multiply the value of the loan you seek by the result obtained above, to get the interest component of your first monthly payment. For example, the monthly interest on a loan of \$120,000 at 0.5% will be \$600.

Step 3

Whatâ&#x20AC;&#x2122;s does that mean?

Determine how many thousands of dollars there are in your proposed loan. By way of an example, a \$120,000 loan has 120

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of these.

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Now, do your calculation. Add the monthly interest rate component to the number of thousands borrowed (600 + 120) to arrive at a figure of \$720. This is not far off the \$719.46 our mortgage calculator worked out automatically. So far so good. That was not difficult, was it? However, where is the money that you will need to pay your loan going to come from? At ForeclosureDeals.com, we like our clients to succeed, and it matters to us greatly that you successfully pay off the bargain foreclosure home that you found on our site. With discipline and self-control, this is highly possible. If you can afford to pay a bargain that you found here, go for it. There is nothing better than coming home to your own home every day.

How to Estimate Monthly Mortgage Payments

This presentation from ForeclosureDeals.com covers how to estimate monthly mortgage payments. Learn how to do it yourself with the help of a...