If you’re in the early stages of planning to actually buy a house, chances are, you would be scared to think of how much the mortgage would be. And if you don’t know anyone who knows a lot about real estate and things like that, you would be asking one of your digital best friends: Google Search. The search engine giant has announced that they are now adding a mortgage calculator to help potential homeowners see how much they might have to spend.
On the widget, you simply have to input your mortgage amount, the interest rate, and the mortgage period, and it will give you a calculation of the total cost of your mortgage, as well as what you would need to pay monthly. Conversely, you also have the option to switch the option, and instead input what your preferred monthly payment is in order to calculate the loan that you would be needing that would fit your budget.
On its Google Plus page, it says that questions like ‘ How much can I borrow at $200 a month?’ or ‘At 5% APR how much can I borrow over 10 years?’ can be answered by the mortgage calculator. However, it does not include other factors like downpayment or mortgage taxes.
This new feature is available in both mobile and desktop. Just type mortgage related questions or just search for mortgage calculator and other similar terms. The default loan amount is $100,000 but you can of course tweak it. However, it seems like it’s just working in the U.S region for now. Maybe they are still rolling it out to other countries, so you just have to wait and see in the next few hours or days.
SOURCE: Google +
