Thursday

A Mortgage Calculator, A Move and A New Adventure!

­čĆíToday's post is sponsored by Mortage Calculator UK

It's been a very busy few months for me. Actually, that's an understatement! It's been quite adventurous, to say the least!

Over the Summer I listed my home in Ontario for sale and in less than two months had moved across the country to PEI. The move was both exciting and scary as there were so many variables to consider and prepare for. 

As this was not my first time buying or selling, I did have some tools in my repertoire that helped to make the process smooth. Aside from pairing yourself with a great Realtor, a mortgage calculator is incredibly important to utilize.
Mortgage Calculator UK

Mortgage calculators like Mortage Calculator UK will help you figure out how to make your budget work when house hunting. Do you have to use one to purchase a home? No, but without one, you could be lacking a proper understanding of your financial capabilities and that could very well be a downfall.

So what is a mortgage calculator exactly?

A mortgage calculator helps estimate your monthly payment due along with other financial costs associated with home ownership. There are options to include overpayments (to pay off your debt quicker) as well as learn about amortization and a remortgage calculator. 

This particular calculator is mainly intended for use by UK residents. Take a look at the payment calculator. This handy tool helps calculate what you can afford based on your income, with both high and low-end options.

Over the last few years, the needs of home buyers have really changed. I noticed this myself while on the hunt for a new home. I had to consider the needs of myself, my husband, and our son - three very different personalities with some very specific wants in a new home. Those wants and needs for us included a home office, game room, and a large open-concept kitchen.

I needed to find a home that we could afford but one that also suited our individual tastes and needs. This is where a mortgage calculator is so helpful! Using one allowed us to pinpoint a max home price we could make work all the while setting the right plan in place to pay off our debt sooner than later.

I'm a big planner and seeing the monthly payments BEFORE purchasing a home really put my mind at ease. It also allowed me to make room in the budget for things you need when traveling by car for a move across the country - like hotel stays in multiple Provinces, gas, and new furniture.

Have YOU used a mortgage calculator when buying a home? 
Let me know in the comments.

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