Here’s one calculation that even the most avid calculus student doesn’t want to do by hand!
Figuring out mortgage details accurately is extremely important, though. A detailed analysis of your options and careful financial planning can save you many thousands of dollars in interest and penalties.
It can also help you to know when the right time is to buy your first home or investment property.
For example, did you realize that there are times when a higher-interest mortgage rate is actually less expensive than a lower-interest one?
Can you ballpark the savings from using your pre-payment privileges with your lender?
How will your amortization period affect the amount you actually end up paying?
Use our handy calculator to compare some options and see if it helps you with your real estate planning!