Online mortgage calculators will help you in planning and acquiring a home loan for your dream home. These loan mortgage calculators are user-friendly tools which will help you in knowing your monthly payments, interest rates, pay-off dates, amortization schedule, etc. Have a look at the top 5 mortgage calculators:
- Home affordability calculator: This loan mortgage calculator will give you an idea about the loan amount that you can afford to buy a house. You’ll have to mention the required loan amount, interest rate, time period, etc to determine your monthly payments and required income.
- APR calculator: You will be able to calculate the annual percentage rate on your mortgage and get an amortization sheet of your monthly payments by using this calculator. You need to enter your interest rate, loan term, mortgage amount and additional costs to calculate APR. The additional costs would include the fees that you pay at the closing.
- Refinance calculator: You can use this calculator to find out how much you can save by refinancing your mortgage at a lower rate. This calculator will let you know your payment after refinance, break-even period, interest that you save, etc. Thus, you’ll be able to know the minimum time-period that you need to stay in the property to recover the closing costs.
- Bi-weekly monthly payment calculator: This calculator will let you know the amount that you’ll save on interest if you make bi-weekly payments and not monthly payment. You’ll have to enter the loan amount, monthly payment and mortgage rates to get a comparison of the two.
- Qualifying loan calculator: If you want to know the maximum amount for which you can qualify, check out this calculator. Here, you’ll get an amortization sheet showing your entire payment schedule. It will help you know the qualifying loan amount, property tax payments, private mortgage insurance, etc.
Using the online loan mortgage calculators will help you make the right decision regarding your home loan. These calculators will make it easier for you to calculate your payments thereby helping you know whether or not you can afford a loan. You can use the following for some of the calculation.
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