Common Mortgage Calculators
- Refinancing Rate Mortgage Calculator
Use the Refinancing Calculator to calculate the cost of refinancing. You will be able to compare your old mortgage with the new one and see how much you can save in interest as well as how long it will take you to break even with the refinancing costs.
- Mortgage Amortization Calculator
Use the mortgage amortization calculator to make your amortization schedule. Calculate how much you are going to pay in Interest and how much towards the Principal every month. Learn how amortization works.
- Basic Rate Mortgage Calculator
This is a basic mortgage calculator in its simplest form. Fill in the amount of mortgage, the rate of interest and the duration of the interest and you will be able to calculate the Monthly Payment along with the Interest payable every month.
- 19 In One Mortgage Calculator
Use this calculator to compute several mortgage and home loan variables like monthly payment, comparison of refinancing, money saved with refinancing, your home loan affordability, HELOC payments and more.
What you can use mortgage calculator for
- Monthly loan payment
- Whether or not to refinance mortgage
- Calculate amortization schedule
- Your Affordability for a home loan
- Calculate ARM interest and APR
- Compare Mortgages
- Renting Vs Buying a Home
- Biweekly Vs Monthly Mortgage and many more.
What are mortgage calculators?
Mortgage calculators can be used to calculate monthly payments on a mortgage rate, the amount paid in interest and the changes that can be brought in to effect by changing any of the given factors like interest rate, term etc.Mortgage calculators can also be used to compare the costs, mortgage interest rates, payment schedules, or help determine the change in the length of the mortgage loan by making added principal payments.
A mortgage calculator is an automated tool that enables the user to quickly determine the financial implications of changes in one or more variables in a mortgage financing arrangement. The major variables include loan principal balance, mortgage rate compound interest, number of payments per year, total number of payments and the regular payment amount.
How to Use a Mortgage Calculator
A mortgage calculator is a simple automated tool. Many simple and free versions of mortgage calculators are available online. To use these calculators to find out your monthly payments, complete amortization schedule as well as the interest paid vs. the principle amount every month, you will need to feed in some basic information about your home loan.
Information Needed To Use A Mortgage Calculator
Depending on what you are trying to calculate for you will require to know the variables of your mortgage to make use the respective mortgage calculator. The following is some basic information that you need to know in order calculate for your mortgage.
• The amount of the mortgage – This is the principle amount that you will be borrowing from the mortgage lender. You can calculate this amount by deducting the down payment from the cost of the house. In case of refinancing a mortgage, this figure can be reached by finding out the amount of payment left on your existing mortgage. So you might have to feed in the numbers of your original mortgage first to find out this figure if you are not sure.
• Mortgage Term – People usually take mortgages for a term that ranges between 15 to 30 years. The term of a mortgage is the duration of the loan by the end of which you are to pay off the entire amount borrowed along with the interest.
• Interest Paid – Most of the online mortgage calculators will provide you will information based on a Fixed Interest Mortgage. If you have not received an interest rate from your mortgage lender, you can check the latest rates in your area with Bankrate.com. There are also some variable rate calculators but these are complex calculations. Usually, the variable rate mortgage calculators take the trend of the market in the past and predict possible scenarios in the future to present a risk associated with different permutations.
• Mortgage start and Closing Date – These are the starting and the closing dates of a mortgage are the dates from which the loan officially commences and the date by which you intent to close the loan by paying it off completely. Once that information is entered into the mortgage calculator and you click “Calculate,” the mortgage calculator instantaneously performs a series of equations and displays your monthly payment.
Clicking “Show/Recalculate Amortization Table” reveals a complete amortization table that displays what you’ve paid versus what you owe month by month through the end of the loan. Want to know what you’ll owe on your mortgage in July 2019? The calculator will show you. Want to find out how much interest you’ll pay on a 15-year versus a 30-year mortgage? You can find that out, too.
You can even find out how much extra payments will cut down on your term and the amount of interest you’ll pay. Just enter a monthly, yearly or one-time payment into the “Extra payment” blanks and click “Show/Recalculate Amortization Table.”
The mortgage calculator then will display the new payoff date and the new total amount of interest you’ll p