Mortgage Number includes a dynamic calculator for a consumer to enter any three numbers about their potential home purchase in any of the four fields to find the missing number.
For example, traditionally a homebuyer would enter the loan amount, the term and the interest-rate, then click answer to find out what the payment would be. But this calculator allows the consumer to enter the term, the interest rate and the desired monthly payment, then click answer to determine what the loan amount would be in that scenario.
Using the calculator at Mortgage Number is empowering for an individual. If a potential buyer has a budget of $2000 a month with a current interest rate of 3% and a term of 30 years, the loan amount of $474,000 is revealed. Now, this consumer has an idea of what they can obtain.
Another neat feature of Mortgage Number is how it can total exactly what the consumer will spend on the property over the term of the loan. Consider this scenario, a home is priced at $720,000 with $246,000 in interest but the consumer chooses to enter an extra monthly payment amount to speed up the term to pay off the loan sooner. This consumer will pay 13 payments in a 12-month year and reduce the number of years it will take to achieve full ownership.
The calculator also provides a “zero-balance date” field. By clicking on this feature, the consumer can select a date in the future that they would like to have the loan fully paid off. This is a goal-date for sometime in the future. If the consumer wanted to wholly own the home by 2043 in the month March, by clicking this scenario, the calculator indicates the consumer should add an additional $392, per month, to reach this goal by March 1, 2043, or 22.8 years in the future, with a new total payment amount of $2,392 per month.
Using the calculator in all of these situations provides the consumer with flexibility to understand many different paths to homeownership. It is a powerful prospect to fully understand what it takes to get into a home and build a financial path to that outcome.
to visit the dynamic calculator that helps drive the Mortgage Number.