Real estate

Mortgage Calculator … Determine Your Monthly Payment

Are you thinking about buying a house? Now might be a good time to do it.

The current average 30-year fixed-rate mortgage on August 11, 2022 was 5.46%, according to BankRate’s analysis. While that percentage is lower than the average rate of 5.73% in July, according to Freddie Mac’s analysis, it remains much higher than the average rate of 2.87% on August 12, 2021.

Higher mortgage rates tend to lower the purchasing power of home buyers. This means that a potential homebuyer may need to consider buying a cheaper home on the same budget than they could afford with a lower mortgage rate.

With an average home price of $416,000, it’s much more expensive to buy a home now than it was a year ago, according to the National Association of Realtors.

And as of August 12, 2022, Freddie Mac predicts that home prices will likely continue to rise slowly through the rest of the summer. The good news is that the housing market is stabilizing, according to the company, so now may be a good time to buy.

If you are considering buying a home, use the mortgage calculator below to calculate how much your monthly payments could be. You only need to enter the mortgage amount, the term in years and the interest rate.

It is important to note that this calculator can only give you an estimate of what your payment on the loan would be and does not include additional costs such as insurance, private mortgage insurance (PMI) and property taxes.

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