MORTGAGE EVALUATING CALCULATOR

Finding a mortgage can be a strenuous process. It can seem as though there are dozens of different types with different interest rates, different lengths and other terms. To find the "right" mortgage not only should you consider those items, you should also consider your objectives:

• How long do you expect to live in the home?
• Do you see the mortgage just as a "financing vehicle" or do you have anxiety about being in debt with a desire to pay off the mortgage as fast as possible?
• What is your tolerance for increases in monthly payments?

Your evaluation should include types of mortgages (fixed rate, adjustable variable rate and balloon) along with the lengths and other terms. Here is a calculator that will help you determine monthly mortgage payment levels with different types of mortgages.