Navigating the Costs of Home Buying

Home Buying

When it comes to purchasing a home, navigating the home buying process and understanding the costs involved, as well as looking five or even 10 years down the line, can be tricky.

We’ve tried to make it easier with a few resources and calculators to help you as you think about your homeownership and financial goals. Here are a few resources to consider:

Payment/Amortization

Amortization is the gradual reduction of a debt over a given period. Unlike other repayment models, an amortization repayment covers both principal and interest in a fixed monthly payment.

If you’re negotiating the price of a home, debating the length of a mortgage, or wondering if your interest rate is too high, our Payment/Amortization calculator can help break down your mortgage debt over the life of the loan and show you exactly what you pay each month.

Rent vs. Own

For many, renting a home seems like the only option. However, owning a home is often more in reach than you might expect.

Our Rent vs. Own calculator will help you compare the costs over time of renting versus buying a home and will provide a suggestion on which option makes sense for you.

 Debt Consolidation

Debt consolidation combines multiple debts into a single payment to make your payment process easier. It works best when your debt is not excessive and if you have good credit you plan to keep in check. If your total debt, excluding your mortgage, is less than 40% of your gross income and you consistently have cash flow to cover your debt payments, you may be in a good place to consolidate.

To see what you would pay if you were to consolidate, try our Debt Consolidation calculator.

Prepayment Savings

If you’re financially stable and able to make additional mortgage payments each month or year, you could decrease your interest costs by shortening the life of your loan. Use our Prepayment Savings calculator to see how much you could save by simply paying a little more each month.

Early Payoff

Similar to the Prepayment Savings calculator, our Early Payoff calculator can help existing homeowners determine how much they need to pay toward their mortgage each month to pay it off by a certain time.

Refinance Break-Even Point

If making additional payments toward your mortgage doesn’t seem like the best fit for you, consider refinancing your loan. This could change the lifespan of or interest on your current loan and save you money over time. Our Refinance Break-Even Point calculator will show you the number of months required to break even should you refinance.

No matter where you are in your homeownership journey, our handy home loan mortgage calculators can help you keep your finances in check.

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