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Mortgage Calculator
Mortgage calculators are pivotal factors when you’re looking for the
right mortgage that best suits your home buying needs. Below is a
short list of mortgage calculators to help you make your financial
decision.
APR Mortgage Calculator
An APR mortgage calculator helps you calculate and compare the APRs
or Annual Percentage Rates of different types of mortgage loans. To
use an APR mortgage calculator, you need to fill in the loan amount
and the quoted interest rate. Say for example, you take in a 30-year
loan for $20,000 at 4.5% interest rate. Percentage of discount points
is 2.0% with a closing fee of $1,000. When you calculate this using
the APR mortgage calculator, you’ll find that the annual interest
rate of this loan is 5.5275%.
ARM vs. Fixed Mortgage Calculator
Different financial situations require different types of mortgage.
An adjustable rate mortgage is good when the loan term that you want
is short. On the other hand, fixed rate mortgages might give you the
certainty that you need when it looks like interest rates are rising.
Use ARM vs. fixed rate mortgage calculators to find out which mortgage
suits you. An ARM vs. fixed rate mortgage calculator would require
you to fill in the details both mortgages. Once done, the mortgage
calculator will help you determine how much you can save with either
mortgage types.
For example, you decide to take out a loan of $105,000 payable in
30 years. The fixed rate mortgage interest rate is 7.5% while the
ARM interest rate is 4% with an adjustable period of one year. Maximum
cap period of the ARM loan is 0.5% while the lifetime cap is 4%. Once
you put in these details into the mortgage calculator, you can start
estimating your savings on each mortgage. The mortgage calculator
will show you that with a fixed rate loan, you will be paying $734.18
monthly and no savings. On the one hand, the mortgage calculator will
also show you that ARM loan will have you paying up to $663.67 monthly
with cumulative savings up to $11,024.46.
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"Nowadays nothing but money counts: a fortune brings honors, friendships, the poor man everywhere lies low."
- Ovid
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Comparison Mortgage Calculators
As the name itself suggests, this mortgage calculator allows you to
compare several mortgage types and find out what suits you best. You
can put in variables to as much as four loans into this mortgage calculator
and start comparing prices. By providing the number of payments to
be made, interest rates, and principal amount, this mortgage calculator
will calculate for you the projected monthly payment.
30 Year and 15 Year Mortgage Calculator
This mortgage calculator will help you decide which mortgage suits
your needs – 30 year or a 15 year term. For instance, you’re considering
a $100,000 loan. For 15 years, the interest rate is 6.250%. For a
30-year term, the interest will increase slightly to 6.500%. Discount
points for each are equal at 1%.
For more accurate results on this mortgage calculator, let’s put in
a state/federal tax rate of 38%, property tax amount of $2,000, homeowner’s
insurance of $600, and savings rate of 4%. The purchase price of the
home is $125,000. The result generated by the mortgage calculator
will be a total payment of $1,074 for the 15-year term and $849 for
the 30-year term.
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Additional Resources and Latest News:
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Take the Windows 7 calculator to another levelCNET AustraliaThe basic calculator under Windows has always been pretty basic. Most people quickly find themselves working up a basic spreadsheet as soon as they have more than a few simple sums to deal with. Well, don't be so hasty to judge the calculator ...and more » |
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With Rates This Low, Should You Refinance Again?MainStreetTo get a good grip on where you stand refinancing-wise, use BankingMyWay's Refinance Interest Savings calculator. Even in you refinanced in the last year, the calculator can tell you how much interest you can save if you refinance your mortgage again.and more » |
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Mortgage Payoff CalculatorAARP NewsHow much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage!and more » |
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Boomers' $3 trillion nest eggCBS NewsBear in mind: No matter what type of reverse mortgage you get, interest rates are generally higher than conventional mortgage rates. For example, one proprietary calculator shows a fixed reverse mortgage rate with an annual percentage rate (APR) of ...and more » |
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