Mortgage Calculator
How to Calculate Mortgage Payments
Mortgage payments can be tricky to calculate accurately, which is why a mortgage calculator is so handy.
Here’s a quick guide to using the mortgage calculator:
- Purchase Price: Enter the home’s total purchase price or project cost. The total project cost would include the base price of the house, property, and development cost.
- Down Payment: Enter the amount of the money you plan on paying towards the home mortgage.
- Term in Years: This is the length of your loan based on years. Traditionally, this would be a 30-year mortgage. However, a shorter term is becoming more popular. This calculator will adjust the payment based on the number of years you select.
- Interest Rate: Learn how your interest rate will affect your overall mortgage.
How a Mortgage Payment Calculator Helps
A mortgage calculator helps you budget for what is most people’s largest investment and monthly expense while making informed decisions:
- How much to put down: Traditionally, with an existing home, 20% is considered the standard down payment for a house, but it isn’t a requirement. However, with HiLine Home’s unique building program coupled with our a Approved Lenders, you can receive up to 100% financing on your entire custom home project based on approved credit.
- Budgeting: Developing a monthly budget is a great way to know where your money is going, save money, and have better financial security. Utilizing a mortgage calculator can help you see how much you can expect to pay monthly.
- Select Your Term: Compare how a 30-year fixed-rate mortgage versus a 15-year mortgage affects your monthly payment. This insight provides the necessary information to select the appropriate loan term for your circumstances.
Monthly Mortgage Payment Found: What’s Next?
HiLine Homes assists our homeowners in making informed & confident decisions in building their dream home. While a mortgage calculator is a handy little guide, there are additional steps to attaining home ownership. We are with you in taking the next steps. When you are comfortable, learn more:
- Connect with a Home Consultant: A guide to breaking down responsibilities and locating the best plan to accomplish your dream of building a home is a click or phone call away. Our knowledgeable Home Consultants are your go-to resource with the on your lot home building steps.
- Get pre-approved: HiLine Homes has developed an Approved Lenders list with industry leaders to find a competitive construction loan. Each lender is familiar with our on your lot building program. Start the process today by completing a pre-qualification form.
Ask an expert about building a custom home on your land.
We’ll connect you with a Home Consultant in your region to schedule your consultation.