If you are thinking about selling, buying or possibly refinancing your home, you have probably been doing a little research into current home mortgage rates. While finding the best rate is extremely important it is also just as important to make sure the monthly payment fits into your price range. Mortgage rates vary based on loan programs, down payments & credit scores. But there is great tool that is available to borrowers to help them get an idea of what there future payments would look like before they start applying for mortgages. 

Here is a brief description of how mortgage calculators work: 

A mortgage calculator is a simple way to determine how much the monthly payments would be, thereby providing a base leading to the fulfillment of dreams. However, there is a word of caution here. Mortgage calculators follow the standard ratio of total debt to income; which means that debt can be taken only up to 32 percent of the income. Lenders like ZFG Mortgage allow borrowers to go up to 55% total debt to income on some of there products, so it is always important to check with the your lender after you use a mortgage calculator on there max debt to income ratio guidelines.

Also, there are a variety of mortgage calculators available. Basic mortgage calculators determine how much your payment will be. In such calculators, a number is received by inputting the amount of the loan, the term and the interest rate. Mortgage calculators can also calculate how much you can afford for a home. In return for supplying data of your income and any other additional payments that you may have to incur, the mortgage calculator helps you ascertain the amount of money you need to take out. However, this type of mortgage calculator does not take into account the amount of down payment that is being made. Mortgage calculators of higher utility take into consideration the amount of earning needed, and allows the input of all that information in addition to the amount of savings being made for the down payment.

Best of all many mortgage websites offer potential borrowers to use there mortgage calculator tools for FREE!. One excellent online resource is http://www.zfgmortgage.com Their website has an electronic mortgage calculator that not only gives you an estimation of your monthly payment based on current mortgage rates and loan amounts, but offers a total of six different ways to make this determination. Based on how you would like to pay your loan, you can calculate what the payment will be based on points, percentage rates and length of the loan. You can alter any of those numbers to get different estimations and ultimately, a really good idea of what to expect in terms of financing options. By utilizing the Monthly Payment calculator, you can enter information about your property such as value, taxes and insurance requirements to receive an even more accurate estimation of what your payment might be.

Take advantage of mortgage calculators. They are a free and easy way to get a good idea of what you can expect to pay for your new home or business property. Getting this information in advance might be one way to cut down on the stress of trying to figure out the best way to finance, and give you a little peace of mind knowing, up front, what you can or cannot afford to pay.

 If you are interested in applying for a mortgage or using one of our many mortgage calculators, log onto our website calculators page below:

 http://www.zfgmortgage.com/calculators.php