If you're in the market for a house, you've probably used a mortgage calculator to determine your projected monthly payments. But homeowners and buyers can get a lot of additional information out of calculators, if they know how to use them.
If you choose to pay off your loan early, it makes sense to crunch the numbers before you plunk down the extra money. By using the "extra payments" function on your mortgage calculator, you can figure out how much money you'll save by shortening the life of the loan.
To figure out your savings, enter a hypothetical amount into one of the payment categories......
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Online financial calculators aid homebuyer
Everyone wants to own their own place, but purchasing a home comes with a wealth of financial questions, the answers of which will impact the rest of your financial life. For homeowners having trouble sorting through questions and the data, an online financial calculator can help. Here are a few Web-based tools to help make your biggest financial decision a little easier.
How much can I afford?When it comes to purchasing a home, the amount you can reasonably afford is the million-dollar question, even if your budget is considerably smaller than that. While financial circumstances differ......
Mortgage payment calculator has many uses
A mortgage payment calculator may seem quite simple. And, indeed, a basic calculator is easy to use. Just enter the loan amount, interest rate and term -- and voila, this online tool can figure out the associated monthly mortgage payment. That's helpful information for anyone who is shopping for a loan to purchase a house or refinance an existing mortgage.
More payment calculator variablesBeyond that, mortgage payment calculators can become complicated, but also offer borrowers more information.For example, a calculator might offer a way to add property tax and homeowners insurance expenses......
How to use home loan calculators
If you're in the market for a new or refinanced home loan, you've probably encountered a number of mortgage calculators that ask for inputs and return results. These calculators can be helpful in your search for a loan, if you know how to use them and understand what they do.
Here's a quick snapshot of three calculators.
Mortgage loan payment calculatorA simple mortgage loan payment calculator uses three inputs:Loan amount.
Interest rate.
Term.
The result is the monthly payment on a home loan of that amount with that term and interest rate.
This type of calculator may also offer other variables,......
3 types of a mortgage calculator
While most consumers have probably used a basic mortgage calculator before, few are aware this powerful tool comes in multiple variations designed to answer specific questions. Here's what you need to know.
Should I make extra payments?If you have the extra money, you may be tempted to increase your monthly home loan payments. But to determine whether that strategy makes good financial sense, you'll want to use the basic mortgage calculator. Simply enter the time remaining on the loan, the interest rate, and the length and amount of the mortgage to determine how many years those extra......
Use an amortization schedule calculator
Where does all of the money go when you pay your mortgage each month? A portion of your payment goes toward principal and some is applied to interest. You can use an amortization schedule calculator to learn exactly how your lender divvies up these amounts.
To use Bankrate's amortization schedule calculator, you will need the following information:
Mortgage amount
Mortgage term
Interest rate
Start date
After you plug this information into the calculator, it will provide a schedule that shows how your payments are applied. The schedule will contain the following information:
Month/Year
Payment
Principal......
Use a home loan calculator to avoid errors
Home values have fallen by 30 percent, 40 percent or more in many parts of the country. Such low prices may be tempting you to take the plunge and buy a new home. But is that a wise choice for you? A home loan calculator can help you find out.
It's important to know exactly what you're getting yourself into before you make an offer on a new house, townhouse or condo. A home loan calculator, also called a mortgage calculator, can help you determine your monthly mortgage payments in advance, so you don't become "house poor," or worse -- run the risk of foreclosure.
When you plug some basic......
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