According to the National Association of Realtors, 88% of all homebuyers will research online before buying a new home. More now than ever before, shoppers are turning to the internet to arm themselves with tools and resources to become well-informed home buyers. Knowing your purchasing power and the costs associated with buying a home can help target your new home search, make educated decisions, and avoid surprises along the way.
One of the best tools to use throughout your home search are online calculators. Home buying calculators allow you to easily and quickly view cost estimates and comparisons based on home price, monthly payment, mortgage type and much more. To get you started, we’ve rounded up 7 of the most useful online calculator resources for home buyers.
Universal American Mortgage Company: Calculator Library
If you’re looking for a one-stop source for home buying calculators, look no further than UAMC. Lennar’s in-house lender is dedicated to helping you get on the path to homeownership with financing options that best fit your needs and financial situation. UAMC’s calculators can help you estimate your monthly mortgage payment, compare terms, determine your purchasing power and much more. You can even explore refinancing your current loan. {Learn more}
Trulia: Rent vs. buy
If you’re currently renting, this calculator gives you a side-by-side comparison on the cost of renting versus buying a new home over time. But be warned – you may find that owning your dream home can actually save you money! {Learn more}
SmartAsset: Down Payment Calculator
Here’s a great resource for quickly estimating how much you may need for a down payment. This calculator not only considers the home price, but the loan type and your location. The best part? Your down payment is less than you may think! {Learn more}
Lennar.com: Estimate monthly payments
Once you determine your new home price range, you can start narrowing down your home search. I may have a slight bias, but what’s more fun than browsing new homes online? With a myLennar account, you can input and save mortgage information, which allows you to quickly view an estimated monthly payment for any home you see on Lennar.com.
- Log into myLennar, go to MyAccount and click the Mortgage Information tab
- Complete the fields with your information, check the box, and click save. You can update this anytime as your information changes.
- Stay logged into myLennar as you search new homes on Lennar.com and simply click the blue estimated monthly payment link anytime to view an estimated total that includes principal and interest, property tax, and homeowner and mortgage insurance.
CNN Money: Cost of living calculator
Are you considering relocating for a great new job or dreaming of retirement in a new city? This helpful calculator allows you to compare the cost of living in another city based on your salary. Get an idea of how the price of groceries, utilities, housing and healthcare can differ from one location to another. Whether you decide to stay put or take the leap to a new town, seeing how far your salary can go in another metro area can be an eye-opening experience. {Learn more}
Kiplinger: Household budget worksheet
If you’re trying to improve your credit or increase your savings, it’s helpful to plan a detailed household budget. This worksheet is a great way to see where your money is going and stay on track with your goals. It’s also worth taking a look at your budget periodically, especially when moving or experiencing a job or family status change. {Learn more}
TimeAndDate.com: Countdown calculator
Here’s one that’s just for fun! Once you find your dream home, no doubt you’ll be counting the seconds to closing day. This tool does just that. Simply input the date and watch time tick away to your new home!
You can also use this to count down to other celebrations like a wedding, birthday, holidays or any other much-anticipated date. {Learn more}
These calculators are a valuable way to research and gather information and estimates throughout your home buying journey. For more information on your specific financial situation and home buying needs, please speak with a Lennar New Home Consultant, loan officer, or financial advisor.
