Understanding what a home may cost each month is an important part of preparing to buy. Your mortgage payment can be affected by the purchase price, down payment, interest rate, loan type, property taxes, homeowners insurance, HOA fees and other costs.

The mortgage calculator below can help you estimate a monthly payment and see how changes in price, down payment or interest rate may affect your budget. It's a helpful starting point, but it isn't a loan approval or a substitute for talking with a lender about your specific financial situation.

Your actual mortgage rate and loan options will depend on factors such as your credit, income, debt, down payment, loan program and the property you're purchasing.

I believe it's always a great time to buy, especially when considering long-term goals. Interest rates matter, but they're only one part of the equation.

People often focus on whether mortgage rates are 5%, 6%, 7% or higher. I believe, and it's a fact~ Rent is still equivalent to  100% interest. When you rent, your monthly housing payment provides you with a place to live, but it doesn't build ownership in the property. When you buy, you're working toward owning an asset of your own.

Higher interest rates can also change the housing market in ways that may create opportunities for buyers. There may be less competition, more negotiating room, seller-paid concessions or opportunities that weren't available when buyers were competing aggressively for every home.

And if interest rates decline in the future, refinancing may be an option. There are never guarantees, which is why I don't believe in trying to perfectly time the housing market or mortgage rates.

The better question isn't simply, “Are interest rates high?” It's “Does buying make sense for you right now?”

Your finances, goals, expected time in the home, available inventory and overall cost of ownership all matter. That's where a good lender and an experienced real estate professional can help you look at the entire picture.

Use the calculator below to experiment with different purchase prices, down payments and interest rates to get an idea of how those changes may affect your estimated monthly payment.

Remember that a mortgage calculator is an estimate. Depending on the calculator, your actual payment may also include property taxes, homeowners insurance, mortgage insurance, HOA dues or other expenses associated with the property.

Before we start seriously looking at homes, I recommend talking with a lender about your financing options and purchasing power.

A good lender can help you understand different loan programs, down-payment options, estimated closing costs and how changes in interest rates or purchase price may affect your monthly payment.

I work with experienced local lenders and I'm happy to make an introduction if you need one.

 
NEED AN AMAZING LENDER? REACH OUT TO DANIELLE! 

Mortgage rates change frequently and can vary based on the borrower, loan program, property and other factors. Historical rate information can provide useful perspective, but today's advertised rate may not be the rate available for your particular situation.

Use the information below as a general reference, and talk with a mortgage professional when you're ready for current rates and loan options specific to you.

Once you have an idea of your purchasing power and comfortable monthly payment, we can start looking at what that means in the Kansas City housing market.

You don't have to know exactly which neighborhood you want, have every detail figured out or be ready to make an offer tomorrow. We can start with a conversation about your goals, timeline and what you're hoping to find.