EMI Calculator before buying a house – Understand your budget

The average cost of a house in the USA is $350,000**. Before taking a loan, make sure to know this: *“What will be the monthly cost (EMI)?”* For this, Free Mortgage Calculator is the easiest source!

What is a Mortgage Calculator?

This is an online tool which tells you the EMI by entering 3 things:

  1. Loan Amount ($200,000)
  2. Interest Rate (7.5%)
  3. Duration (15 or 30 years)
    Next in 1 second!

4 Benefits for USA

  1. Budget Planning:
    You can plan your home expenses ($5,000/month) by knowing the EMI
  2. Save Interest:
    Compare 15 years vs 30 years ($100,000+ difference!)
  3. Down Payment Estimate:
    20% down payment ($70,000) → EMI $500/month less
  4. Tax/Insurance Calculation:
    You can add property tax ($6,000/year) and homeowners insurance ($1,200) and see it

How to use it? (3 Steps)

  1. Loan Details USA:
  • House price: $400,000
  • Down payment: $80,000 (20%)
  • Interest: 7.2% (average for 2024)
  • Duration: 30 years
  1. Add Extra Costs (If you want):
  • Property tax: $300/month
  • Home insurance: $100/month
  • PMI (if down payment <20%): $150/month
  1. Click “Calculate”:
    Main EMI + Total Interest will be shown

Best Free USA Calculators:

CalculatorSpecial thingLink
ZillowEstimate the value of the housezillow.com/mortgage-calculator
NerdWalletShow the effect of Credit scorenerdwallet.com/mortgages/calculator
BankrateFHA/USDA loans optionsbankrate.com/mortgages/mortgage-calculator
SmartAssetAdd Local tax ratessmartasset.com/mortgage/mortgage-calculator

Expert Tips for USA:

  1. Check your Credit Score:
    740+ score = 6.5% good | 620 score = 8.5% good
  2. Ways to avoid PMI:
    If you give 20% down payment, you won’t have to pay PMI ($100-$300/month)
  3. Buy Points:
    Buy “points” to reduce loan (1 point = 1% extra on loan)
  4. ARM vs Fixed:
Fixed loan (same loan for 30 years) | ARM (less loan for first 5 years)

US Example:

John & Evelyn(Texas):

  • House price: $350,000
  • Down payment: $70,000 (20%)
  • Loan amount: $280,000
  • Interest: 7%
  • Tenure: 30 years
    The result:
  • Main EMI: $1,863
  • Total Interest: $390,000
    Note: Property tax ($500/month) and insurance ($150/month) separately!

Never make these 3 mistakes:

  1. Only looking at the EMI:
    Forgetting the closing costs ($10,000+)
  2. Not taking pre-approval:
    Make sure to take the pre-approval letter from the bank before seeing the house
  3. Put in adjustable rate:
    In ARM loans, interest can increase up to 2x (after 5 years)

What to do now?

  1. Request a Credit Report:
    Get a free report from AnnualCreditReport.com
  2. Try a Calculator:
    Enter your details on the Zillow calculator
  3. Talk to a Local Lender:
    Credit unions (NFCU, PenFed) offer much better rates

“Buying a home is America’s dream – the calculator is the first step to making it a reality!”

Leave a Comment

MeldWP – Premium WordPress Themes & Plugins

Hacklink

Hacklink

Hacklink

Marsbahis

Marsbahis

Hacklink

Marsbahis

Hacklink

Marsbahis

Marsbahis

hacklink panel

hacklink

Marsbahis

Hacklink

Restbet

Marsbahis

Marsbahis

Hacklink

Rank Math Pro Nulled

WP Rocket Nulled

Yoast Seo Premium Nulled

Marsbahis

Marsbahis

Hacklink

Hacklink

Hacklink Panel

Hacklink

Marsbahis

Marsbahis

Hacklink

Nulled WordPress Plugins and Themes

hacklink

Taksimbet

Marsbahis

Hacklink

Marsbahis

Marsbahis

Hacklink

Bahsine

Tipobet

Betmarlo

Hacklink

Hacklink

Hacklink

Hacklink

Hacklink

Nulled WordPress Themes Plugins

Hacklink

Hacklink

Hacklink

Hacklink satın al

링크짱

주소어때

주소깡

betwoon

elementor pro nulled

wp rocket nulled

duplicator pro nulled

wp all import pro nulled

wpml multilingual nulled

rank math pro nulled

yoast seo premium nulled

litespeed cache nulled

Hacklink

padişahbet

youwin

1