Why it’s Invaluable for You to Use a Mortgage Calculator

A mortgage calculator is an excellent way for a homeowner – or potential homeowner – to figure out how affordable a desired property is, and to calculate the total costs of taking out a mortgage for such a property. They are very useful when it comes to comparing the costs and interest rates of many different mortgage deals and also can be used to work out what the effect on a home loan would be if the mortgage-holder began making extra payments, or paying them more regularly.

In short, a mortgage calculator enables the homeowner or potential homeowner either to calculate the costs of a new mortgage, or to swiftly assess what the effect would be on their finances of making changes to their current arrangement. Such changes can occur to the principal balance of the mortgage, the compound interest rate of the loan, the number of mortgage payments that are required over a 12-month period, and the number of payments in total, plus the amount to be paid when they are due.

The simplest forms of mortgage calculator ask the user to just enter the amount that they are considering borrowing, the length of time that they would like to repay it, and the interest rates at which this would occur. Clicking on the “calculate†button then gives the answer.
One can find a mortgage calculator on most financial calculators, or on most office and financial software – such as Microsoft Excel for example. Additionally, there are scores of mortgage calculators available on the Internet, some of which can be found on the websites of financial companies and lenders, and others which are to be found on independent financial advisors’ web pages or consumer sites.

The growth of mortgage calculators has been a very positive thing for the home loan market, especially from the point of view of the mortgage-holder. Before they were readily available, people had to pore over complicated tables detailing the various rates of compound interest in order to consider the implications of altering any of the main variables present in a mortgage deal. This was not only a laborious and mind-numbing process, but an educated choice required the homeowner to acquire a working knowledge of how compound interest operates – itself a branch of mathematics.

Nowadays, such esoteric knowledge is unnecessary as mortgage calculators ask simple questions and require the operator to enter specific financial details, and then do the difficult number-crunching themselves.

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The Pocket Mortgage Guide $6.74 The Mortgage Professor answers critical homemortgage questions This value-packed consumer reference by a nationally syndicated mortgage columnist is indispensable for anyone looking to secure a home mortgage. The Pocket Mortgage Guide answers 50 of the most commonly asked mortgage questions, including: How can I find the lowest-cost lender? Should I choose a 15-year loan or a 30-year loan? What is PMI and how can I cancel it? How large a mortgage will I be able to afford? What will my monthly mortgage payment be? What is a debt ratio used for and how is it calculated? What is a home equity line of credit and what should it be used for? The book also provides valuable interest amortization tables and is the perfect resource for home buyers.