We’ve all seen those commercials for bowflex and 6 minute abs, but have you checked out the recent home mortgage calculator workouts? Intense doesn’t even begin to describe how much financial fat you’ll burn with these bad boys. Unlike 6 minute abs, you can have them all completed and get your home finances ripped in just 5 easy steps.
This is all for 5 easy payments of $0!!! No limited time offer, no limitations apply!!!
If there should be hype in the world about things, they should be things that matter. One of the things that matter is proper analysis of your home before purchase… I know what most of you are thinking (snore), but I’m serious here! Run these numbers correctly and you’re going to have the ability to buy 20 bowflexes or buy your way onto the biggest loser!
So let’s get started and within the next 5 minutes your home crunching core will feel like you’re on the cover of muscle and fitness…
Set 1: The Home affordability calculator:
The home affordability calculator lets you know how much home you can afford in relation to the amount of income you make. It’s like the bench press of calculators because if you put on too much weight, you’re going to get squashed. The home affordability calculator determines the amount you can financially lift. This is done by using your gross income, expenses, and common ratios for housing expenses. Say you want to buy a Milwaukee condo for $1,000,000, the home affordability calculator will probably keep you in line and set your expectations in line with reality.
Set 2: “How much can I borrow” calculator:
The “How much can I borrow” calculator takes your possible mortgage to the max. Your veins will be popping and you may even pop an ulcer if you go beyond the threshold of this calculator. To properly use this calculator enter your monthly income, annual housing costs, debt payments, etc. in order to find out how much you can borrow.
Set 3: ARM-FRM calculator:
Utilizing more of a repetition approach with the ARM-FRM calculator, you can determine your monthly payments as well as the total payment on fixed and adjustable rate mortgages over the life of the loan. It will also help you figure out the total interest and compare payments on FRM and ARM.
Set 4: Monthly mortgage payment calculator:
More reps! To figure out your monthly payments on a fixed rate mortgage, you can check out this calculator. In order to compute your payments, you will have to enter your loan period, interest rate, total mortgage amount, homeowner’s insurance and annual property tax payments. This calculator will also help you determine total monthly payment for the loan term.
Set 5: Payoff early calculator:
Want to cut out of the gym early? This calculator is also known as mortgage prepayment calculator. It helps you determine how much you can save by contributing extra towards your mortgage. You need to enter your current monthly payment, interest rate, loan amount and the extra payment you wish to make. Once you enter these details, you’ll get to know the annual rate of return and the total interest that you save.
Whew, I just worked up a sweat talking about these guys! To be home mortgage ripped you also have to be smart. Take a few minutes to run these numbers and we’ll see you showing off your bod at the beach. No matter if you have a beach shack or a barn home you’ll need to run the mortgage numbers just the same.
Image from mjzitek