How to Estimate Monthly Mortgage Payments

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This presentation from ForeclosureDeals.com covers how to estimate monthly mortgage payments. Learn how to do it yourself with the help of a simple hand-held calculator.

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How to Estimate Monthly Mortgage Payments

  1. 1. How to EstimateMonthlyMortgagePayments ContentsIt is essential to confirm that your monthly Introduction ..……………………………1mortgage payments will be affordable before Step 1……...………………….…………….2you buy your home. Only you know howmuch money you will have available. Nobody Step 2....…………………….………...…...2wants to lose a home to foreclosure. If you Step 3..……..………………………….…...2still do not get access to the easy-going Step 4…………………………………….…..3mortgage calculator on ForeclosureDeals.com,here is a way to estimate monthly paymentsusing a hand-held pocket calculator.
  2. 2. 2Step 1Divide the mortgage interest rate you will be paying by 12 toget a monthly interest rate. An annual interest rate of 6% is0.5% monthly. Make sure the result that you get makessense too. Step 2 Multiply the value of the loan you seek by the result obtained above, to get the interest component of your first monthly payment. For example, the monthly interest on a loan of $120,000 at 0.5% will be $600. Step 3What’s does that mean? Determine how many thousands of dollars there are in your proposed loan. By way of an example, a $120,000 loan has 120For more terms and definitions,check out ForeclosureDeals.com’s of these.glossary page:http://www.foreclosuredeals.com/Glossary.php
  3. 3. 3 Step 4Foreclosure Deals12550 Biscayne Blvd, Suite 306 Now, do your calculation. Add the monthly interest rateMiami, FL 33181FAX: 1-347-402-6620 component to the number of thousands borrowed (600 +Contact@foreclosuredeals.com 120) to arrive at a figure of $720. This is not far off theIf it’s not a deal, we won’t list it here! $719.46 our mortgage calculator worked outFind us on the Web:http://www.ForeclosureDeals.com/ automatically. So far so good. That was not difficult, was it? However, where is the money that you will need to pay your loan going to come from? At ForeclosureDeals.com, we like our clients to succeed, and it matters to us greatly that you successfully pay off the bargain foreclosure home that you found on our site. With discipline and self-control, this is highly possible. If you can afford to pay a bargain that you found here, go for it. There is nothing better than coming home to your own home every day.

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