Mortgage Brokers & Lenders
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago, 02/10/2020
How do you estimate your monthly mortgage payment?
I'm looking at running a Facebook ad on buying vs renting. Are there any mortgage payment calculators out there that you all have found more accurate than others? A formula to use?
I want the prospect to essentially tell me how much they're paying in rent and I'll send them some houses that are on the market they can buy for what they're paying in rent. What I'm running into is all of the calculators out there I've seen vary widely and I don't want to bug my lenders every time I get a lead. This will be for the Birmingham AL market. Any insight or tips into this would be much appreciated. Thanks!
@Trey Crusey
I use the Zillow mortgage calculator religiously, which seems to work really well. There is even app to download. The problem you are going to run into is finding what interest rate to use for the calculation, since the buyers financial situation and choice of loan products vary significantly.
- Ryan Hoover
- [email protected]
- 602-820-3674
Not sure how savvy you are with excel but there's a mortgage equation that is spot on. What do you mean the calculators vary? You should get the same answer on every calculator if the variables are the same across the board
#1 Questions About BiggerPockets & Official Site Announcements Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
- 18,858
- Votes |
- 27,785
- Posts
#1 Questions About BiggerPockets & Official Site Announcements Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Originally posted by @Trey Crusey:
I'm looking at running a Facebook ad on buying vs renting. Are there any mortgage payment calculators out there that you all have found more accurate than others? A formula to use?
I want the prospect to essentially tell me how much they're paying in rent and I'll send them some houses that are on the market they can buy for what they're paying in rent. What I'm running into is all of the calculators out there I've seen vary widely and I don't want to bug my lenders every time I get a lead. This will be for the Birmingham AL market. Any insight or tips into this would be much appreciated. Thanks!
There are countless mortgage calculators out there. Most every real estate brokerage has one on their website. Many apps available on Android and IOS as well.