One of the biggest questions home buyers must ask themselves - this answer will make a whole lot of difference and perhaps re-direct their home hunting.
There's many ways to estimate how much to borrow - first way is to contact a lender and get pre-approved. But perhaps, you can't wait for the banks and want to explore your options now. There's online tools for that. The John Bailey Team is happy to offer a mortgage calculator, too.
Things to consider when using an online mortgage calculator:
- Break down the mortgage into monthly payments. AND don't forget to factor in the interest— the extra fees you pay your lender for borrowing all that cash. Then, on top of that, you will also have to pay property taxes and home insurance.