Online mortgage calculator
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Quickly calculate essential mortgage related figures with MortgageCalc. Enter the amount to be financed, interest rate, duration and payment frequency of the loan and get the payment amount you will need to pay back each period.
MortgageCalculator.jar (5.36 KB)
MortgageCalc for mobile can be used to help a current or potential real estate owner determine how much they can afford to borrow on a piece of real estateor to compare the costs, interest rates, payment schedules, or help determine the change in the length of the mortgage loan by making added principal payments.
When purchasing a new home most buyers choose to finance a portion of the purchase price via the use of mortgage. Prior to the wide availability of mortgage calculators, those wishing to understand the financial implications of changes to the five main variables in a mortgage transaction were forced to use compound interest rate tables. These tables generally required a working understanding of compound interest mathematics for proper use. In contrast, mortgage calculators make answers to questions regarding the impact of changes in mortgage variables available to everyone.
Mortgage calculators can be used to answer such questions as:
If I borrow $250,000 at a 5% annual interest rate and pay the loan back over thwenty five years, what will my monthly payment be? The answer is $1,461.
You can use an online mortgage calculator to see how much property you can afford. A lender will compare your total monthly income and your total monthly debt load. A mortgage calculator can help you add up all your income sources and compare this to all your monthly debt payments. It can also factor in a potential mortgage payment and other associated housing costs (property taxes, homeownership dues, etc.). You can test different loan sizes and interest rates. Generally speaking, lenders do not like to see all of your debt payments (including your property expense) exceed around 40% of your total monthly pretax income. Some mortgage lenders are known to allow as high as 55%.
Notice: Some of the text above was taken from Mortgage calculator - wikipedia, the free encyclopedia. Text is available under the Creative Commons Attribution-ShareAlike License