Do you wish to calculate payments and compare loans? Or do you want to find out whether you’re eligible for a loan? Use mortgage calculator, a financial tool which will help you work out the figures prior to taking a financial decision or at every step of the mortgage transaction. While you figure out the maximum you can afford to pay, it helps you avoid financial problems in future.
Apart from Purchase Mortgage Calculator, there are Refinance as well as Amortization Calculators that help you work out the figures while you refinance or when you determine amortized payments on your loan. Here’s a list of the financial calculators you may require when you’re buying a home or managing a mortgage.
Home Affordability Calculators: These include tools which help you to determine whether it’s better to buy or rent what mortgage amount you can afford and how much you should borrow.
Purchase Mortgage Calculators: Using these tools, you can calculate:
APR on different loans for comparison
Down payment on your new home
How much to earn by extra loan payment
Loan payments at different rates for comparing offers
Payments on loans having different terms
Besides, you can determine your debt-to-income ratio and compare between a fixed rate mortgage and an adjustable rate loan.
Refinance Calculators: These are tools using which you can find out whether it’s wise to go for a cash-out refinance or second loan. You can also calculate interest savings in a refinance.
Amortization Calculators: Such tools help you figure out payments throughout the loan period and provide you with a printable amortization sheet for fixed rate as well as adjustable rate loans.
Mortgage calculators are easy-to-use tools to help you with simple calculations for your home buying and home financing needs. The best way to make the right choice is to evaluate and compare and this is where mortgage calculator can help you the most.