If you in the market for your first home or are looking to upsize, the question one must ask is how much home can you afford.  One of the best ways to help you determine this is using a house payment calculator.  You no longer have to wait for your banker or broker to do the math for you.  You can find a house payment calculator on line or you can ask your broker if they have one available on disk.

If you know how much you have for a down payment and you have been pre-approved for a mortgage, you will know exactly how big your mortgage will be.  Using a house payment calculator, you can determine your exact monthly payment to the penny.  This is fantastic information when you are establishing a budget.

When using a house payment calculator, you can run scenario featuring different interest rates.  This may also help you decide if you want to go with a fixed or variable interest rate.  The amortization table will show you exactly how much interest you are paying as well as how much your principal is being paid down.  You can also play with the term of the mortgage to calculate the monthly payment amount.