Financial Calculators: Mortgage Affordability Calculator

The main objective of anyone that owns a property on a mortgage should be to pay it off as quickly as possible. With so many other expenses that one has to pay on a regular basis, many people tend to defer their mortgage payments over a long period of time. Even though this does result in small monthly mortgage payments, in actual fact it is costing you much more than you had initially thought. The longer you take to pay off your mortgage, the more interest you will be incurring. A recent survey showed that over 78% of the American public that have mortgage payments can afford to pay higher monthly returns. This in effect would reduce the time period of the mortgage payments and save you a lot of money in the process.

To gain such information, it was previously necessary for one to visit a financial advisor that would roughly cost $300 per hour. This however is no longer the case thanks to the Mortgage Affordability Calculator. Using the affordability calculator, everything is taken care for you. All you have to do is go through a four-step procedure of entering information about your income, mortgage, national insurance contributions, etc. Upon successful completion of entering all the data, the calculator will tell you how much you can afford to pay on your current mortgage and in effect the amount of money that you can also save. The results are available in both written text and numerical form as well.

The Calculator is copyrighted by ®: ML.