Watercooler: How to calculate a manageable mortgage
Although mortgage rates continue to reach record lows, the search for a home mortgage to fit the family budget can still prove a challenge.
Several websites offer online calculators with a variety of features designed to help prospective homebuyers gauge monthly mortgage payments:
Bankrate.com • This calculator helps you figure out how much of a mortgage you can afford, at http://bit.ly/XVirD.
Federal Reserve • Supplies basic calculators for determining a fixed-rate or adjustable-rate mortgage, at http://1.usa.gov/OrjCJI.
Homefair.com • Establish the loan amount you can handle using a mortgage affordability calculator, at http://bit.ly/yg0zgb.