A mortgage calculator is very useful for gaining an insight into just how much a mortgage loan amount will cost per month with different interest rates. It is really important before you ever start looking at homes to know just how much home you can actually afford. There is very little point in looking at $500K homes when all you can afford is a $250K home. This is where a mortgage calculator comes into play. By inserting variable figures for the loan amount and the interest rate into the mortgage calculator you will come to know just how much a mortgage is going to cost you. Armed with this information you can safety go out searching homes.
Mortgage Calculator-Types of Mortgage Calculator
Mortgage calculators come in various types to fit the needs of different types of mortgage seekers. Below is a list of the most popular types of mortgage calculator:
- Refinance Calculator: A refinance mortgage calculator will tell you if you will save money by refinancing.
- Home Affordability Calculator: A home affordability calculator will tell you just how much home you can afford.
- Pre Qualification Calculator: A pre qualification mortgage calculator will help you know how much mortgage loan you will be approved for.
- Amortization Calculator: An Amortization mortgage calculator will give you your monthly mortgage payment and the total amount you will repay including the interest you will be charged.
- Early Pay Off Calculator: An early pay off mortgage calculator will tell you how much you will need to add to your monthly mortgage payment in extra principle payment to pay off your mortgage early.
- Loan Comparison Calculator: A loan comparison calculator will tell you which loan you have been offered is best.
- Interest Only Mortgage Calculator: An interest only payment mortgage calculator will tell you how much lower your monthly mortgage payment will be if you are paying interest only repayments. It should be remembered that when you are paying interest only that you will still owe the principle or price of the home less any down payment.
- APR Calculator: An APR mortgage calculator will combine all your costs and tell you the actual interest rate you will be paying.
- Closing Costs Calculator: A closing costs mortgage calculator will guesstimate the cash you will need on hand to meet your closing costs.
Mortgage Calculator-Mortgage Calculator
The mortgage calculator included below will perform all the above mortgage calculation tasks making your home loan search easy to understand. Please note that this calculator only works with internet explorer: