If you have decided to settle for a mortgage, there are several aspects that need to be considered. The most important factor is how you should plan it out? Your affordability, how much you are eligible to borrow, what interest rate should you opt for, what will be the down payment etc. It is very natural that you will have many queries because you cannot build or own a house every now and then. It is an investment of a lifetime and needs to be handled with utmost care. Any mistakes committed in planning out finances can have a damaging effect not just on your finances but it can leave you with a ruined credit rating. And you may not qualify for credit again with favorable terms and conditions. For similar reasons, it is essential that you make optimum use of mortgage calculators as they are important financial tools that can help you to be stable and consistent with your mortgage payments.
There are many different types of mortgage calculators. Some of the widely used calculators are as follows-
1. Required income mortgage calculator
Rate of interest, payments for your existing debts, income etc help you to decide how much you are eligible to borrow. Calculate to find out what should be your income that will help you qualify for mortgage.
2. How much you can afford calculator
When you are in the process of buying a home, how much you can borrow is a vital question that needs to be answered. Find out your affordability with the help of a mortgage calculator.
3. Interest-only calculator
Interest-only calculator helps you in the initial years of your loan term. You can opt for paying only the interest initially and also make some payment for the loan balance. However, if you are opting for this payment mode, you have to pay off the principal amount in a shorter time period. It may increase your final payments to a considerable extent.
4. Calculate to decide whether fixed or adjustable interest rate is suitable
In case of fixed rate mortgage, your monthly payments can be predicted and you know how much you are required to pay for the entire loan term. In case of adjustable-rate mortgage, your interest rates may be low initially but they are not predictable and can be very high in future. Use the ARM or FRM mortgage calculator to settle for the type of interest rate that suits your needs best.
5. Loan term mortgage calculator
If you are opting for 15 year loan term plan, you will be paying less in interest rates but the payments you make every month will be higher. On the other hand if you are opting for 30 year loan term plan, the amount you are shelling out every month is low but the rate of interest will be very high. So, by the time you pay off the entire loan amount, there is a great probability that you will have paid several times more than what you actually availed. In this context, the loan term mortgage calculator can help you to decide.
6. APR calculator
It is important to know the cost of the loan you are availing. To determine the total cost of the loan, the APR or the Annual Percentage Rate mortgage calculator can be of immense help.
Watch the video related to mortgage calculator
Part 2 of tutorial video showing how to use the features of the monthly mortgage calculator found at www.mortgagegizmo.com . Part 1 of the monthly mortgage calculator tutorial is located here www.youtube.com
Help answer the question about mortgage calculator
Where can I find a mortgage calculator that can determine how many years it will take to pay our loan back?…if we enter the interest rate, loan amount and how much we pay each month. I know it will be paid off early, but I want a more specific time frame.
Thanks!
Input your data to calculate your mortgage in Malaysian context.
you can find it in tools on this website
http://www.realestate.com.au
hope this helps
Thanks Bro, You are great teacher. I wish I had you as my good teacher before. Again, thank you very much!!
For calculators on mortgages, try bankrate.com
They have all kinds of calculators and information, including info on how to figure out when it is worth refinancing.
(does "2 yrs left to go" refers to when you don't have to pay a penalty? If you have many years to go on your mortgage, consider getting a fixed rate if you think interest rates may go up in the future…)
You can even comparison shop for mortgages on bankrate.com.
Where can I get the 2nd part to this video? I cant find it or the excel download on the site.
Thanks
go to realtor.com it has a great mortgage calculator
If you are going to need such a specific calculator, you should build your own in Excel.
many thanks for the video, it helps me a lot. I didn’t know about the PMT function before.
I found this mortgage calculator a few months ago. You can even download their mortgage calculator to your desktop. check it out.
I like the calculators on http://www.bankrate.com, but they will not do a search on taxes for you by zip code – there are too many variables for that. If you have a particular property you like often the real estate listing will tell you the taxes for that property, which you could just add on to the mortgage amount. Or else, get the tax rate per $1,000 for the area you want to live in, and use that to bump up the effective cost. For example, if in your area, taxes are $2 per $1,000, and you want to buy a $200,000 house, calculate your mortgage on $200,000 plus an extra payment of $40/month.
You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel.
http://www.openoffice.org/ (version for Windows and version for Linux both are available to download).
There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites of sharks.
The best solution could be also to not taking any loan at all. Saving account with 4.5% per annum, monthly payments and compound interest is your friend!!! In this way, bank gonna pay you, not vice versa. You cannot get loan with 4.5% interest, right?
So, it can get you your home in not so long time and sets you free. Your heart will be filled with joy and your kids will be grateful to you for not having any debts and financial obligations.
Theres one here
http://www.hotels-accommodation-europe.co.uk/mortgages.php
View the source code and look for the javascript file that powers it.