With interest rates at historically low levels, many people are now evaluating new home loans. In many cases, these loans are associated with new home purchases by individuals entering the housing market. For others, they may be related to a trade up to a larger home, or a refinance of an existing home loan, both of which can be more attractive with these lower mortgage rates.
VisualCalc’s Home Loan Calculator helps potential home purchasers or refinancers with their decision. The calculator helps them determine the affordability of a new home loan, highlighting the maximum monthly payment they can afford, the maximum total loan amount they can afford, the interest rate required to make the loan affordable, and the loan payoff period.
