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|Mortgage Calculator is an excellent tool to do all math equations and operations quickly and accurately. The decision to buy a home with a new mortgage loan is an important one. You would surely want to know if it is better to own than rent. Try a rent to buy calculator and you will immediately know your next move.
The questions like “how much can I afford” and “what kind of mortgage can I qualify for” might be the first to strike your mind when you decide to buy. The mortgage payment should ideally be under 28 percent of gross monthly income. This is the general working principle of an online affordability calculator found at the website of a lender or a bank.
The mortgage payment calculator can calculate the amount you need to pay each month. On the other hand, an amortization calculator can generate the complete amortization schedule for the entire 15, 30 or any other term you choose. Some online calculators also take into account the charges other than the principal amount and interest rates, such as taxes, insurance, down payment, escrow, PMI and points.
Types of Mortgage Calculators
A variety of mortgage calculators and widgets that can perform online calculation exist to help borrowers with varying needs. You can find one to seek a satisfying answer to questions like:
- How much can I afford?
- How much can I borrow?
- How long to pay off loan?
- How long to pay PMI?
- How much will my payments be?
- How much will I save by refinancing or paying extra, or with a lower interest rate or 15 year loan?
- How much Interest will I pay on my mortgage in one year or during the life of the loan?
- What if I pay extra on my mortgage?
- Should I refinance? When to refinance?
- Is refinancing mortgage worth it?
- Should I pay points?
- Is reverse mortgage a good idea?
Free Mortgage Calculator
We have developed a large variety of online mortgage calculators that have been made available to you absolutely free for personal use. Browse our website to find an appropriate home mortgage calculator with
The mortgage calculator excel template available in 2002 and above versions of the Microsoft spreadsheet software can generate a complete amortization schedule when it is supplied with information like the loan amount, annual interest rate, loan term, the number of payments in a year and the date from which a loan term begins. Java-enabled Karl’s Mortgage Calculator is a popular option for Android mobile phones.
- Taxes and Insurance
- Extra Payments or Additional Principle Payments
- Amortization Table
- Balloon Payment
- Down Payment and Closing Costs
- No Down Payment or One Time Payment
- Escrow and PMI
- Weekly, Biweekly, Monthly Payments
- Bad Credit
- Discount Points
- FHA or VA Loan
- Interest Only
- Early Payoff
- Second Mortgage
Continue exploring our website to know more on this and many other aspects of a mortgage loan calculator.