The Federal Home Loan Mortgage Corporation (FHFC) has released its latest version of its Home Loan Calculator, a new tool that gives borrowers a better understanding of the monthly cost of their mortgages.
The calculator uses data from the U.S. Census Bureau to show the average cost of a new mortgage over a 10-year period.
The calculator will help borrowers understand their options in case their income increases.
It will also help borrowers see how they will fare if their income falls.
“The calculator is an important tool for consumers who are not ready to take on more mortgage debt,” FHFC CEO Michael Smith said in a statement.
“We’re looking to help consumers understand how much they’re spending on their mortgage, and the amount of time it will take to pay it off.”
By sharing the latest data, we hope to empower borrowers to make informed decisions about their finances and to help the economy.
“The calculator will be available for free through the FHFL website starting Thursday.FHFC will also offer other mortgage calculators, such as the Federal Home Finance Association (FHFA) Calculator, to help borrowers make the right decisions about mortgages.
The bureau plans to release more calculators this summer.
Fannie Mae has released a new calculator for homebuyers that will allow borrowers to see how much mortgage they’ll need to buy in order to qualify for a loan.
The new calculator will show how much a buyer would need to borrow to buy their first home, but will also give them an idea of how much debt they could pay off if they wanted to buy the home.
The FHFA Calculator is available for $24.99.
The Bureau of Labor Statistics released new numbers showing how the number of Americans filing for unemployment benefits in July fell to its lowest level in eight years.
The number of people who received benefits fell from 4.7 million to 4.2 million.
The Bureau also reported that the unemployment rate fell to 6.8 percent.