mortgage loan calculators

PercentagepicThe prime objective of all sorts of mortgage loan calculators is to help you understand your loan. There are various types of mortgage calculators that cater to different kinds of mortgage loans and also to the wide variety of pieces in the mortgage loan process.

These calculators act as an assistant to help you understand exactly what you’re getting into. They would educate you about your loan, save you both time as well as money and even work in your favor to grab the best deal possible in the town.

Different types of mortgage calculators

Here some mortgage calculators that have been described for you to help you understand your mortgage loan better:

  • Loan amortization calculator – This kind of calculator is mainly used to find out how much your mortgage would work on a monthly basis. By running the numbers on such a mortgage calculator, you’d get to know about the amount of interest you’re likely to pay over the term of the loan and how much of its balance you’ve paid back at any given moment.A typical loan amortization calculator will include an amortization table that you can refer to and you may even feed the results into an Excel sheet for future use.
  • APR calculator – APR stands for annual percentage rate. An APR calculator will enable you to derive the APR on your mortgage loan. By the help of some basic data like mortgage rate, its term and closing costs, the APR calculator would help you to figure out the loan that would be the most suitable one for you. You can take advantage of various other online resources to reap maximized benefits out of your APR calculator.A lot of such mortgage calculators are used to determine the APR of fixed-rate loans. In order to get an appropriate result, make sure to include the same closing cost every time you run the calculation for different mortgages.
  • Interest Only mortgage calculator – This calculator can help you to figure out your monthly loan payments, as far as Interest Only mortgage is concerned. You’re simply required to enter the principal loan amount and the rate of interest in the calculator. The goal of this type of calculator is to help you to make judicious choice with respect to your mortgage loans. Out of several unique characteristics, one of the most prominent of them is that the monthly loan repayment amount derived from it would be comparatively low.However, as a borrower, you must bear this fact in mind that you’d just be repaying the interest on the loan and not its principal amount. Moreover, you’re ain’t building any sort of equity on your home. Though initially it might appeal to you as a lucrative option, yet it may not prove to be a cost-effective one in the long run.

Apart from the above options, there are other mortgage calculators like Debt-to-Income Ratio calculator that will help you to understand the amount of mortgage loan you can easily afford to borrow, under your present financial circumstances. Lenders also use this calculator to find out the loan amount that wouldThe prime objective of all sorts of mortgage loan calculators is to help you understand your loan. There are various types of mortgage calculators that cater to different kinds of mortgage loans and also to the wide variety of pieces in the mortgage loan process.

These calculators act as an assistant to help you understand exactly what you’re getting into. They would educate you about your loan, save you both time as well as money and even work in your favor to grab the best deal possible in the town.

For more discussions on mortgage calculators, refinance and other mortgage related topics, you may want to check out MortgageFit on twitter.

Paulina Bennett is a financial writer specializing in mortgage. Immersing herself with the financial sector, she has covered topics including real estate investment, lending and borrowing, managing finances and credit advice.

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