Investors see money and a debt as leverage tools to make more money and build wealth. The everyday person can achieve their version of financial success, too. A healthy attitude toward money is the key. Homeowners are in a favourable position. The Switching Mortgage Calculator is a tool that illustrates why.
Switching Mortgage Calculator
Our Switching Mortgage Calculator requires several inputs, which is must-know home loan information. The algorithm allows the calculator to compare a current mortgage to a potential new loan. The calculator’s purpose is to find out whether or not making the switch leads to a savings.
First, input your current home loan’s terms such as loan amount, loan period and interest rate. Enter the property’s value, monthly fee and termination fee, too. Next, click on the New Loan box. Now, enter the new loan’s terms including loan amount, loan period and interest rate. Every time you click, the new repayment information changes. When you complete the exercise, you see the current repayment amount, new repayment information and the difference between the two. Ideally, the result is a savings because otherwise, the switch does not make financial sense.
Money that could be saved monthly becomes an opportunity cost. Suddenly, there’s $300 tied up in your mortgage payment that could be used more efficiently somewhere else. When the savings becomes a game changer, the switch becomes a financial responsibility and healthy attitude toward money.
Achieving a Healthy Attitude Toward Money
Purchasing a home requires a large investment. The numbers are daunting for some individuals, but they should not be paralysing. Accruing a mountain of debt that spirals out of control is not optimal. Neither is fearing that this outcome could occur. A healthy attitude toward money results from financial literacy and self-control.
In a 30-year time span, finances change. Some homeowners do not explore options years into the mortgage because they believe their terms are already favourable. Others do not believe they qualify for more favourable terms. A healthy attitude toward money means having the confidence that better is out there at regular intervals.
A calculator is not an application. It is a tool. If you explore your options through the calculator, your financial history is not impacted. You simply give yourself an opportunity to explore the current mortgage landscape.
Next Steps
Action is an important component of a healthy attitude toward money. Settling into a financial comfort zone is safe in a space that contains risk. If you want to explore, remember that calculators like the Switching Mortgage Calculator are available online and free to use. There are no strings attached.
Making a home loan switch requires action, and we are here to facilitate the change.
Switching Mortgage Calculator Conclusion
If you are interested in exploring new home loan options, the Mortgage House Switching Mortgage Calculator begins the journey. Our team is here to guide you through the options and help you achieve your financial goals.
