Different Home Loan Calculators That Might Be Useful For You

Calculator

Mortgage and real estate tools online help borrowers easily determine what their expectations are if ever to decide to get a mortgage. Home loan calculators are some of those tools that, individually, have different purposes but as useful as the other.

And while these would only give you a good estimate, you’d still have to consult your lender to give you a more accurate figure. You can also decide to get a mortgage pre-approval to know how much you can afford.

Here’s a list of the useful home loan calculators that could be of help for you.

Simple Mortgage Qualification Calculator

One of the most basic home loan calculators on the web today is the simple mortgage calculator. This helps you determine the possible amount of mortgage you can qualify based on your income through an assumed loan term and interest rate.

Mortgage Amortization Schedule Calculator

The Mortgage Amortization Schedule Calculator would allow you to input an interest rate, mortgage term, and mortgage amount in order to give you a monthly payment estimate.Other than that, it will show you the amortization schedule for your home loan that will show you the principal amount and the interest amount.

Mortgage Qualification Calculator

This calculator would help you determine if the income you’re getting can qualify for the amount of mortgage you want to have. Through that, you can tell how much lenders would expect you to be making if you want to have that desired home loan that you’re aiming for.

Our lenders can extend their assistance to you.

Rent or Buy Calculator

In this case, the rent or buy calculator would give you a clearer comparison between renting costs and home buying costs.

Mortgage Refinance Calculator

This calculator would tell you if you’re financially ready and qualified to refinance your existing mortgage to a lower interest rate. This would help you see possible mortgage payment, how much you can save, and how long you can break even on closing costs.

Bi-weekly Mortgage Calculator

Through a Bi-weekly Mortgage Calculator, you would be able to see how much you can possibly save if you want to make mortgage payments every two weeks.

Interest Only vs Conventional Mortgage

Unlike other home loan calculators, this one would let you see a comparison of two different elements. By entering the balance and rate of both interest-only mortgage and a conventional mortgage, this calculator lets you see a comparison between your possible monthly due for each mortgage type.

Paydown Mortgage or Invest Calculator

This calculator would help you see what happens if you decide between prepaying your mortgage or investing with the extra money you might have. Keep in mind that your tax situation would be taken into account when you calculate.

Mortgage Rate Comparison Calculator

If you want to see and compare your monthly payment with different rates at one, perhaps a mortgage rate comparison calculator would do the trick for you.

Mortgage Affordability Calculator

True to its name, the mortgage affordability calculator would help you determine the amount of mortgage you can afford. This calculator would let you key in your monthly income and your debts and based on that information and then shows the amount of mortgage you can comfortably pay off.

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