How to use the mortgage calculator on the right hand side

Another question I have ever since I started thinking of buying a home, also the one I am mostly frequently asked is "How much can I afford"? well, $500k, $800k or $1M sounds like an unreachable number. How much do I really have to pay on a monthly basis?

This is when the mortgage calculator comes in handy. It is on the lower right hand side of this page:

• Total Amount: Type in the house price you are thinking of
• Interest Rate: The annual interest rate of your mortgage (maybe around 5% now for excellent credit scores and over 20% down payment)
• Down Payment: How much you are paying down right now (typically 20% of the house price are recommended)
• Loan Term: How long you are going to pay for the loan (30 or 15 years, mostly 30 years)

Fill in these information and then click on "Calculate", the calculator will then tell you how much you have to pay per month. For example, for a $600k house, 5% interest rate and $150k down, 30-yr mortgage monthly payment is $2415.96. Don't you feel much better now? Just keep in mind this has not included closing cost, etc, which will be relatively small.


Questions or comments? Email cahomebuyer@gmail.com or Visit CA Home Buyer

Where to find real properties for sale?

Like many first-time home buyers, this is one of my first questions -- how/where to find real properties for sale? And I have asked this question to so many of my friends that in return of their favor, I am going to share these valuable resources here.

Where to find real properties for sale?

Most realtors will tell you simply to talk to them. That's definitely a good idea -- they do offer brick and motar office in some cases. But it's digital age now and who wouldn't want to shop online and look around before making an offer? So here are some sites that I have found useful

• Redfin -- highly recommended, has the most comprehensive real property listings and some of the best tools. Most valuable information and easily consumable
  
• Movoto -- mainly focused on California properties, als pretty popular
  
• Trulia -- this one may be the most popular one nation wide, descent coverage for most places in the country. But I find the interface a bit too distractive and confusing
• First Time Home Buyer Blog -- Awesome site documenting the fun and exploratory experience of a first time home buyer. Great site to get started!
  
• Zip Realty -- this is a good one for finding either real properties or agents. The website is kind of ugly and I am not sure if its listing are all biased towards their own listings. Please let me know if you have experience with their agents

Questions or comments? Email cahomebuyer@gmail.com or visit CA Home Buyer