Make sure your credit is looking good. Mortgage companies will be checking all 3 major credit reporting agencies, so be sure to clean up any blemishes before getting a quote.

Ask about group coverage rates. Businesses, schools and community associations often negotiate better rates for their members. Check to see if you qualify through your alma mater or community organization.

Ask for non-smoker and senior discounts. These are based on insurance companies’ findings that smokers and younger working adults are more likely to have insurance claims.

Set up electronic payments. Additional fees per payment are now common with most insurance companies, but are typically waived if you elect to have your premium automatically deducted from a debit or credit account.

Look into Replacement-cost coverage. Initially this is a more expensive coverage option, but one that pays you the replacement amount instead of the actual value of an item in the event of a loss.

Skip land insurance. Consider omitting the value of the land your home sits on when shopping for quotes since the land around your house isn’t at as much risk of damage from theft, fire, windstorms, etc.

Improve home security. Insurers often give steep discounts for installing smoke alarms, CO2 detectors, deadbolt locks and burglar alarms.

Buy a newer home. Modern plumbing and electrical systems are likely to be in better condition and less prone to breakdown than those found in older, non-renovated homes.

Opt for a higher deductible. A higher deductible means the insurance company pays out less in the event of a claim, but can mean significant long-term savings for the homeowner.

The first step is to determine the principal amount of the loan. This is the amount you will have borrowed from the bank and does not include your down payment, and the amount you will be paying interest on for the life of the loan. Enter your principal amount into the online calculator’s “Principal” or “Mortgage” box.

Next, select the number of years your loan is to be amortized over. A typical mortgage is amortized, or paid off in installments, over a 30 year period but your time frame may be different depending on the terms of your loan agreement. If you aren’t sure, enter 30 years into the calculator to be on the safe side.

The calculator will ask for your interest rate. You can call your bank, your buyer’s agent or search online for the day’s average interest rates. Press “Calculate” or “Submit”, and the calculator will take the information you provided and give you an estimate of your future monthly payments.

While online mortgage interest calculators are wonderful tools for helping you design and stick to a homeowner budget, it’s important to remember that they do not include compulsory fees such as property taxes, utilities, homeowner’s insurance, or incidental expenses like appliance replacements, landscaping and structural repairs.

For more information on Home Loans, visit JMA Properties Home Loan FAQ.