HOW HIGH WILL MY MONTHLY MORTGAGE PAYMENTS BE?
Knowing your affordable price range will bring your house hunting into focus. How much of a house you can afford depends on three things:
- How much you can afford for the monthly mortgage payment
- How much of the down payment you have available
- The amortization, or length of time required to pay off the loan, assuming interest rate does not change
Mortgage Specialist’s can help you determine what you can afford. Mortgage calculators are available to show you what payments to expect, and how you can save money over your repayment period:
Courtesy of: http://www.royallepage.ca/en/realestateguide/financing/organizing/how-much-can-you-afford.aspx