Remember that not all mortgages are created equal. While these tools are available free for your use, please consult your mortgage lender (in fact, get quotes from a few) to discover a loan option that works best for you. Don’t know where to start? Contact one of our real estate professionals today and they’ll be more than happy to direct you to some smart, suitable options.

While calculating your monthly principal and interest payment based upon the present annual percentage rate (APR) is a great starting point, keep in mind you shouldn’t make the mistake of choosing a mortgage solely based upon this. There are multiple alternatives to choose from. Most people will use a mortgage calculator to estimate the payment on the amount of money they need to borrow for a home purchase. You can also use them to understand if an adjustable-rate mortgage (ARM) is a option worth taking or how your installments will be affected if you make extra payments on your loan. Of course, there are other reasons why you might want to use these tools as well.

Access Karl’s Mortgage Calculator: click here.