America Mortgage Calculator The first step to owning a home on a mortgage loan is to know how much you can afford to pay each month. This amount varies significantly for people with different levels of income and expenditure. Affordability is certainly the most important criteria that you need to consider before opting for a home loan program being provided by a lender. At the same time, it is also necessary to get an estimate of the down payment, closing costs and the interest you would be paying for the life of the loan. Homeowners who want to refinance or take a home equity loan should also base their decision on solid financial ground.

Bank of America Mortgage Calculator is a tool that helps you take your decision correctly and according to your exact financial standing. Depending on your requirements, you can choose a tool or option that B of A provides online for free. Note that Countrywide Financial is now a part of BAC Home Loans, so its existing customers looking for Countrywide Home Loans Calculator should go to the website of Bank of America only. Here is a brief description of various calculators and other tools that one can find at this website.

• Mortgage Payment Calculator: Also known as Affordability calculator, this will help you know the monthly payment for any loan amount. You can try different combinations of loan amount, interest rate and loan term to obtain a figure that you can affordably pay for the life of the mortgage.
• Down Payment Calculator: This is yet another tool to check your affordability level. The more the amount you put down at closing the less will be your debt burden. You pay less interest and your payment will be lower. You can purchase points to do so but remember buying more points will increase your closing costs significantly.
• Closing Costs Estimator: For any kind of home loan you need to get an estimate of the closing costs to settle down the deal comfortably. This calculator helps you do the same by providing details of purchase price, down payment, loan type, term and points.
• Refinance Calculator: Refinancing usually helps to streamline your financial obligation but not always. Your decision whether to take a BOA refinance loan should always be based on factual analysis and proper calculation and not merely on assumptions. This tool is meant for the same. Estimate the cost of refinancing your mortgage with the one available at a lower rate.
• Home Equity Calculator: Get an estimation of the payment and applicable rates for a BofA home equity loan or line of credit you are considering. You can also call 1.800.782.9022 to get more detailed information.
• Mortgage Rates Calculator: This tool helps you find the current interest rates being offered by the company. Just enter the type of home loan, such as purchase, refinance or home equity, zip code and loan amount and you will see the rates for your location.

For more information and to use any of the calculators and tools described above, you need to visit the website of Bank of America. Here is the link.