CalculatorWhen you are considering buying a home, it’s important to carefully consider your budget. It also is important to consider mortgage options—the length of the loan, percentage, and how much you will be putting down. You might already have an idea of what you’d like to do, but you aren’t sure what changes to your plan will mean in terms of monthly payments. If you are figuring out what you can afford, it’s a great idea to use a mortgage calculator. Standard Pacific Homes offers a great calculator on their website.

  1. If you have a house in mind (or at least a price range you think you can afford), enter that into the calculator.
  2. Then decide how much you think you can afford to put as a down payment.
  3. Choose different lengths of the loan—15 years to see what a higher monthly payment would be if you want to finish paying your mortgage more quickly, or 20 or 30 years for lower payments that will last longer.
  4. Select an interest rate to see what a payment would be at that level. Choose a higher rate for a more conservative estimate.
  5. To give an idea of what taxes could be, approximate property taxes in Wesley Chapel, FL would be $2,500 for a home costing $220,000.
  6. Estimate monthly home insurance for your new home. A conservative estimate would be $100.
  7. Enter homeowner association fees. The fee at WaterGrass is $70 per year, so you can enter $6 in this field.

This will give you a great starting point and options for your mortgage! If you’d like to take a look at new available homes, set up an appointment.

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