# Mortgage calculator that works

LOANER is the new kid on the block of **mortgage calculators**

has 4 tabs:

- SETTINGS | set your budget and add your loan's main terms
- EXPENSES | review/change initial expenses/closing costs/fees
- LOAN | review the final loan amount, monthly payment and all key points
- STATS | check your amortization schedule, set different interest rate per year, make extra payments, watch your monthly payments on a graph

This **mortgage calculator** mostly needs **4 things**:

- value of the property you wish to purchase
- your annual income
- your total cash savings amount
- adjust some sliders

And gives you **answers** on:

- What is the
**total loan amount** I would need to buy that property? - Is it gonna get
**approved** by the lender? 🤑 - How much is the
**total interest** i would pay? - What is the amount of
**monthly payment**? - How much do I really
**stand** to pay for? - What is the
**maximum** loan amount that can be approved? - What happens when the
**interest rate** is not fixed? - What will happen if rates rise?
- How much do
**extra payments** reduce my monthly payment? - What are the
**closing costs** and how do they **affect** my payment/loan-total? - What is better, many years/low-payment or less years/high-payment?
- What is the total amount of
**down payment** i would need to pay? - What is the percent/amount of paid/remaining principal/interest for each year?
- What is the
**total monthly payment** including insurance and taxes?

## Is it all about just having __enough cash__ for the down payment? 💰

Getting a mortgage isn’t free. Before you get those house keys, you’ll need to sign loan documents and paperwork that transfers homeownership from the seller to you. Throughout your home purchase, third parties, as well as your lender, have performed services. **Closing costs are fees** these professionals charge for these services to finalize the real estate transaction and your home loan.

### How Much Are __Closing Costs__?

Closing costs typically range from 2% to 5% of the property’s purchase price. Thus, if you buy a $200,000 house, your closing costs could range from $4,000 to $10,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it’s **important** to pay close attention to these fees.

ℹ️ If you disable all closing costs then typically the savings input field acts like a down payment amount field.

### Happy mortgaging! 😀