When considering a mortgage, it is very, very important to know how much money you have and will have, and how much you are willing to pay for the loan, including interest and principal. To help you decide how much to predict how much you will pay every two weeks or every month, depending on the payment term you choose, throughout the life of your mortgage, there are various mortgage calculators available.
These mortgage calculators are divided into 15 categories based on the type of mortgage you want and the interest and principal terms you want to apply. These mortgage calculators are categorized as follows.
- a. Mortgage calculators are used to determine a borrower’s ability to purchase a home. This type of calculator can be divided into two categories. One type is a mortgage calculator that determines whether a borrower can afford a home, and the other type helps the borrower determine whether to make a small down payment or no down payment, or to save money and make a large down payment later.
- b. Mortgage calculators for consolidating non-mortgage debt. There are three types of calculators under this heading. The first type is for borrowers who want to consider consolidating their non-mortgage debt into the mortgage they are buying. The second type of mortgage calculator is for those who want to consider refinancing by cashing out or taking out another mortgage. The third type is for borrowers who already have 2 mortgages on a specific loan and are considering other options to help pay off the first mortgage.
- c. A mortgage calculator to determine the monthly payment on their mortgage. The type of mortgage calculator to use will depend on the terms you choose. There is a mortgage calculator for fixed-rate mortgages, adjustable-rate mortgages with no negative amortization, adjustable-rate mortgages with negative amortization, adjustable-rate mortgages with flexible amortization, and mortgage payments with temporary buyouts.
- d. A mortgage calculator to determine how much interest a borrower could save if he decides to pay an additional amount for the principal value over the payment period. Mortgage calculators vary depending on how much the borrower is willing to pay. These are additional monthly payments, bi-weekly payments applied monthly, bi-weekly payments applied bi-weekly, and additional monthly payments paid during a specific period.
- e. A mortgage calculator to determine if refinancing the mortgage will lower its cost. This type of mortgage calculator can be used for borrowers who want to refinance a mortgage or 2 mortgages. Other calculators are used to determine if refinancing one mortgage into two mortgages will reduce their costs, while others are used to determine if a cash-out refinance is better than deciding to assume a second mortgage.
- f. Mortgage calculators are used to determine the length of time a borrower would have to pay the premiums applied to the mortgage.
- g. Mortgage calculator for determining the amortization amount. There are 2 types of this. One is to determine the amount of tax savings the borrower can make on interest, and the second mortgage calculator determines the appreciation in value of the property being mortgaged.
- h. Mortgage calculators are used to compare two types of mortgages. These are different types of calculators that compare various mortgages, including amortizing and non-amortizing, government and non-government loans, fixed rate and adjustable interest.
- i. Mortgage calculator that calculates points and fees in a mortgage. This calculator is used to determine the rate of return on ARMs (adjustable rate mortgages) and FRMs (flexible rate mortgages) and the amount that could be saved or lost by using point payments to reduce interest on FRMs.
- j. Mortgage calculator for determining the amount of mortgage insurance and down payment required; and
- k. Mortgage calculators to determine the feasibility of obtaining a mortgage in a shorter term.
These mortgage calculators and various other mortgage calculators are available on the Internet. Companies such as Freddie Mac, Fannie Mae, Real-Time-Rates.Com, and Mortgage-X have interactive pages on their websites where you can perform calculations online. In addition to these, other websites such as HSH Associates also offer free downloads of their loan calculators.