How To Calculate Your Mortgage Debt

If you want a new car but you don't have money to buy one, you can always secure a mortgage loan for that. Of course, before you finally affix your signature on the paper, you need first to know what will be your mortgage debt. This can be a tricky thing to do, especially if you're a math-hater. But actually, calculating your mortgage debt can be easy depending on what debt calculator option you choose. All these calculators abide by the mortgage law, so you can be sure that the result is exact or almost exactly your expected payoff debt and mortgage payoff.

Instant Debt Calculator

If you want the fast and no-hassle way of calculating your mortgage debt, then opt for an instant debt calculator. You can find some of these debt calculators online. You may even install debt calculator programs on your mobile phone if you want a handy way of calculating ratio, outstanding, etc.

Web sites like,, and have their own versions of debt calculators. You simply need to supply them with the necessary information and the results for the ratio, outstanding, payoff debt, mortgage payoff and property debt will be revealed.

However, the kind of mortgage computation you will be allowed to do will depend on the Web site. For instance, the Mortgage Calculator has the simple loan payment calculator while the MortgageFit offers a calculator for mortgage debt to income ratio and others.

Let the Real Estate Agent Calculate

The problem with an instant mortgage calculator is that you can't get the accurate mortgage debt you need to pay. Fortunately, you can always ask the real estate agent to calculate the mortgage debt for you. The real estate agent will only ask you some data like the amount of your house, your annual income, your monthly expenses, etc. He needs all these to accurately calculate your mortgage debts.

However, the real estate agent might only give you the estimates of your mortgage debt since there are still some factors needed to consider for the calculation. Unfortunately, these factors like your ability to pay will depend upon how the lender sees it.

Ask the Lender for the Calculation

If possible, get only the calculations from the lender since he will be the one who will be asking you to pay for the loan. The lender's calculation will probably be the most accurate.

In fact, even if you don't ask for it, the lender will always inform you about your possible mortgage debt so that you can always ask for some adjustments in case you can't pay the loan every month.

By knowing how to calculate your mortgage debt, you'll be prepared for your possible financial obligation. You will also be able to determine the factors that may affect the approval of your loan or the amount of money you can loan. This way you can adjust your financial statements so that the financial data about you will work for your benefits.


Share this article!

Follow us!

Find more helpful articles: