Mortgage Decision Lab
Stop looking at one mortgage number at a time. Compare three home-buying scenarios side by side and see how changes in price, down payment, interest rate and property expenses can affect your monthly housing payment.
Start With Your Comfortable Monthly Housing Budget
Enter the maximum monthly housing payment you would personally feel comfortable considering.
Scenario A
Scenario B
Scenario C
Look Beyond the Interest Rate
A mortgage decision can change when you look at the entire housing payment instead of focusing on one advertised rate.
Property Taxes Matter
Two homes with the same purchase price can have very different monthly payments because of property taxes.
Down Payment Changes the Equation
A larger down payment can reduce the loan amount, but keeping sufficient savings after closing may also be important.
Stress-Test the Payment
The Decision Lab shows what happens if the mortgage rate is one percentage point higher so you can see how sensitive the payment is.
The Question Is Not Just "What Rate Can I Get?"
A more useful question is: "How does the entire financing structure fit my homeownership goals?"
Scenario 1
Lower purchase price with more money down.
Scenario 2
Higher purchase price while keeping more cash available.
Scenario 3
Different rate, loan term, taxes or monthly property expenses.
Your Mortgage Is a Strategy, Not Just a Rate
The numbers above are educational estimates. When you want to compare actual mortgage options based on your income, credit, assets, property and financial goals, contact David Braun.
Call 312-656-0220 Text David DavidBraunMLO.comEqual Housing Opportunity.