With current mortgage rates still under 5%, do the math, an accurate mortgage payment calculator can help you calculate an affordable mortgage payment for your Sonoma County home loan.

Taking out a mortgage is a careful step that requires meticulous consideration. You should always be working with current mortgage rates when using a mortgage payment calculator. The best mortgage payment calculator is located here . The mortgage payment should consider all factors regarding PITI, in other words principle, interest, taxes, and in some cases mortgage insurance,these need to be counted for when computing the full mortgage payment. A mortgage loan doesn’t just go away or change the way rent can. The fixed rate mortgage payment will also not change for the life of the loan. This means the mortgage payment needs to be affordable.

In order to make the mortgage payment affordable, current mortgage rates must be used otherwise the payments will not be indicative of the real house payment.

For example if you are looking at a house for $300,000 and you’re putting 20% down, following is the way your house payment should break down if you’re using an accurate mortgage payment calculator $300,000 purchase price, $60,000 down payment equals eight $240,000 loan amount, this translates to a monthly payment of principal and interest of $1251.96. This monthly payment is based on current mortgage rates of 4.75% for a 30 year fixed rate mortgage payment. The next component of the total mortgage payment we need to look at is fire insurance and property taxes. We can estimate fire insurance will be somewhere around $60 a month for $240,000 home loan.property taxes are based upon 1.25% of the purchase price divided by 12 to compute the monthly payment. $300,000 sale because $3750 per year or $312.50 per month.

The mortgage payment will be used in factoring a preapproval to purchase that $300,000 house. The mortgage payment in the above scenario should be $1624.46 per month. Remember this house payment is based on three factors.

#1 use current mortgage rates
#2 using accurate mortgage payment calculator
#3 compute the mortgage payment

By doing the three steps listed above you will be guaranteed an accurate mortgage payment for the house you are purchasing. The Sonoma County mortgage broker or Sonoma County local lender you are working with can easily compute these payments for you because they have access to current mortgage rates with your qualifying ability. Remember current mortgage rates will not do you any bit of good if you cannot qualify for them with your mortgage payment. This is going to boil down to making sure you use an accurate mortgage payment calculator or let your loan officer run the numbers for you.

Using a mortgage payment calculator on your own will enable you to accurately compute the numbers needed for your mortgage payment.You will also want to consider a savings calculator as a result of doing a refinance loan or a purchase loan in Sonoma County. The savings calculator can be used in conjunction with the mortgage payment calculator to figure out when breaking even on the loan costs will be. For example if you are refinancing a mortgage and the closing costs associated with getting the loan are $5000 and you are saving 300 hours per month by refinancing your Sonoma County mortgage loan you will break even and 16.67 months, in other words one year and four months. If you plan to live in the property for that long it makes sense especially if you can take the monthly savings that you will receive in your mortgage payment and apply them towards your principal balance you can build equity faster and save hundreds of thousands of dollars in mortgage interest.

A recommended mortgage payment calculator can be bookmarked in your web browser when looking for the best current mortgage rates.

So while getting the best mortgage interest rate is the first objective, it is really in second position to getting in an affordable mortgage payment that you can handle for the next 30 years. I have access to the most accurate mortgage payment calculator as well as current mortgage rates. Selecting The Right Mortgage Company is very important.You can always reach out to me Scott Sheldon Sonoma County mortgage loan lender via email scott@sononomacountymortgages.com.