Mortgages- Do the Math Yourself
When considering a mortgage loan, knowing how much money you have and will
have and how much you are willing to pay for the loan including the interest and
principal is very, very important. To help you decide on projecting how much you
will be paying bi-weekly or monthly, depending on the payment term you choose
for the entire loan period of your mortgage, various mortgage calculators are
available.
Mortgage calculators are categorized into 15 classifications depending
on the type of mortgage you want and the terms in interests and principal you
want to apply.
Try the BBC's mortgage
calculator
Classifications for mortgage calculators:
Mortgage calculator to determine a borrowers ability to afford
a house.
This type of calculator can be classified into two. There is a mortgage calculator
that determines if a borrower can afford a house and mortgage calculator to help
the borrower determine if it is better for him to make a small down payment or
no down payment at all or save up first, then make a bigger down payment later
on.
Mortgage calculator for consolidating non-mortgage debt.
There are three types of calculators under these. The first one is used for
borrowers who want to consider merging non-mortgage debt in their bought mortgage.
The second type of mortgage calculator is for those who want to consider refinancing
their mortgage by cash-out or by taking another mortgage. The third kind is for
borrowers who already have 2 mortgages for a particular loan and are considering
other options to help pay off the 1st mortgage.
Mortgage calculator to determine the monthly payments of their mortgage.
The types of mortgage calculator to be used will depend on the terms you choose.
There is a mortgage calculator for fixed rate mortgages, adjustable rate mortgages
without negative amortizations, adjustable rate mortgages with negative amortizations,
adjustable rate mortgages with flexible amortizations and mortgage payments with
temporary buy downs.
Mortgage calculator to determine how much interest borrowers can save
should he decide to pay an additional amount for the principal value during
payment. The mortgage calculator varies depending on the number of payments a
borrower is willing to give. These are extra monthly payments, bi-weekly payments
applied monthly, bi-weekly payments applied bi-weekly and extra monthly payments
to be paid in a specific period.
Mortgage calculator to determine if refinancing a mortgage will reduce its
cost.
This type of mortgage calculator can be applied to a borrower who wants to
refinance a mortgage or 2 mortgages. Other calculators are used to determine if
refinancing one mortgage into two can reduce costs while others are used to determine
if cash-out refinancing is better than deciding to take on a second mortgage.
Mortgage calculator for determining the length of time borrowers have to
pay insurance premiums applied to their mortgage.
Mortgage calculator to determine amortizations.
There are 2 kinds of these. One determines the savings a borrower can have
on his tax on the interests and the second mortgage calculator determines the
appreciation of property being mortgaged.
Mortgage calculator to compare two mortgages.
These are different types of calculators that compare the various mortgages
that include amortizations and non-amortizations, government and non-government
loans, fixed rate and adjustable interests.
Mortgage calculator to compute points and fees in a mortgage.
This calculator is used to determine the rate of return of ARMs (Adjustable
Rate Mortgages) and FRMs (Flexible Rate Mortgages) and the amount that
can be saved or lost by using paying points for interest reduction on FRMs.
Mortgage calculator for determining amounts to be paid for a mortgage insurance
and down payment
Mortgage calculator to determine the feasibility of having
a mortgage loan in a shorter term.
These mortgage calculators and other various mortgage calculators are available
for use in the Internet. Companies such as Freddie Mac, Fannie May, Real-Time-Rates.Com
and Mortgage-X have interactive pages in their websites where you can do your
calculations online. Aside from these, other sites such as HSH Associates give
free downloads of their loan calculators.
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