Mortgage Calculator No More Guesswork

Do away with the​ guesswork on​ your refinance. Use the​ online mortgage calculator to​ see how sums will add up towards a​ 30-year refinance loan term. the​ accuracy of​ the​ mortgage calculator gives you​ the​ edge when deciding if​ you​ can or​ cannot afford a​ refinance at​ this time.

Informed Decision-Making

It used to​ be,​ before the​ advent of​ the​ Internet,​ that calculating mortgage rates was the​ work of​ a​ qualified accountant or​ mortgage specialist. Borrowers had no clear idea about the​ sums involved when they approached a​ lender for home loan or​ a​ refinance. Borrowers were given the​ explanation as​ to​ the​ workings of​ their loans for a​ specified loan term,​ and they were primed what to​ expect when they opt for a​ particular mortgage rate.

Today,​ it’s totally different. Borrowers are now armed with the​ knowledge of​ the​ different mortgage rates before approaching any lender for a​ loan. Like them,​ you​ now have at​ your disposal the​ service of​ the​ online mortgage calculator.

The online mortgage calculator gives a​ detailed summation and explanation of​ your mortgage amortization for the​ different loan terms you​ check out. Right there and then,​ you​ can figure out if​ you​ can afford a​ mortgage. This will save you​ the​ trip to​ the​ lenders to​ make inquiries,​ only to​ discover that you​ can’t afford a​ mortgage at​ present.

What to​ Expect From a​ Mortgage Calculator

An online calculator will give you​ the​ following information after you​ have determined the​ suitable loan term:

1. monthly payment based on​ the​ selling price of​ the​ home.
2. interest rates.
3. downpayment percentage.

The results are often based on​ calculations on​ Private Mortgage Insurance for loans with less than 20% downpayment and town property taxes since these affect monthly payment for the​ mortgage.

The user-friendly mortgage calculator will require you​ to​ input the​ sale price of​ the​ home,​ percentage of​ downpayment,​ length of​ mortgage,​ and annual interest rate. Let’s say you​ are getting a​ mortgage to​ finance the​ purchase of​ a​ $200,​000 home. you​ can only afford a​ $10,​000 downpayment,​ and you​ choose a​ 30-year loan term at​ a​ 7% annual interest rate. the​ calculator will show you​ that the​ amount financed is​ $180,​000 and your monthly payment is​ pegged at​ $1,​197.54 for the​ principal and interest only. Click the​ box for calculation explanation and click calculate.

Immediately you​ will have the​ results. you​ will also be informed that you​ need to​ pay PMI or​ Private Mortgage Insurance. This will add $55 a​ month for every $100,​000 financed. This addition will bloat your monthly payments to​ $1,​296.54.

By this time,​ you’ll know if​ you​ can afford to​ get the​ loan. if​ you​ have the​ 20% cash downpayment for the​ mortgage amount,​ you​ will be saving thousands of​ dollars on​ your mortgage. the​ mortgage calculator will then show a​ detailed summary of​ the​ month number,​ interest paid,​ principal paid,​ and the​ remaining balance from year one to​ the​ present year in​ detailed precision.

Do not hesitate to​ use the​ online mortgage calculator as​ this is​ free,​ so you​ can now stop the​ guesswork.

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