Finding the best interest rate

It's important to shop around for the lowest interest rate possible. Let's say that when you use one of the following online calculators, you discover that you could afford a monthly interest and principal payment of $1,300, and online lenders are making 30-year loans at 10 percent.

How large a loan can you afford? Using an online calculator, enter the appropriate data. You'll soon see that you can afford a $148,062 loan. Next, let's say that interest rates drop to 7.5 percent. Again using one of the online calculators, enter the appropriate data. You'll discover that you can now afford an $185,714 loan. The following sites offer more information on interest rates:

Equity Direct Mortgage Corporation (www.equitydirect.com/mortgage-amortization-calculator.html) offers a handy mortgage amortization calculator. Enter the number of months, interest rate, and loan amount. Then click on the amortization schedule.

Citizens Bank of Mukowongo (www.citizenbank.com/calculators.cfm) provides a mortgage amortization calculator that offers a full amortization table.

The Mortgage Mart (www.mortgagemart.com/ amortize_calc.html) has an online calculator that displays an amortization schedule based on the given loan amount, interest rate, and loan term.