What is a Mortgage Calculator?
A mortgage calculator, also known as a mortgage payment calculator is a financial tool used to determine what your estimated mortgage payment will be and is based on certain variables such as home value, loan amount, interest rate...etc.
Who needs a Mortgage Calculator?
This mortgage calculator can be used by real estate professionals as well as potential home buyers. Once a mortgage financing agreement is in place, the mortgage payment calculator may still be utilized by the borrower to determine the impact that a change in interest rate may have on the mortgage payment amount.
Why do I have to put in so much information?
The calculated results are based on several variables. These variables, when applied to a certain formula, return the desired results of your estimated mortgage payment, total cost of the loan, estimated PMI amount as well as your annual or monthly amortization scheduled when those results are queried.
How does the Mortgage Calculator work?
In order to find your estimated mortgage payment, the mortgage payment calculator retrieves all of the user input variables and works the data through a mathematical formula. That being said, we won't bore you with all of the numbers and symbols used to determine your estimated mortgage payment. We'll just calculate the mortgage payment for you.
What other financial tools are available here?
In addition to the Debt to Income Ratio Calculator above, we have created a list of helpful financial tools to assist our users in journey toward successful money management. These calculators include:
Debt to Income Ratio Calculator - or Debt Calculator is a financial tool used to calculate your Debt Ratio amount using a Debt vs. Income formula.
Extra Payments Calculator - used to determine the amount of principal you save on the life of your loan based on the amount of Extra Mortgage Payments you make.
Equity Line of Credit Calculator - an Equity Loan Calculator that you can use to determine the amount of an Equity Loan that you may qualify for based on the amount of Equity you have in your Home.
How Much Can I Afford Calculator - a tool used by people who would like to know How Much House or How Much Mortgage they can afford. Your input into the Home Calculator helps us easily determine How Much House you can afford.
Mortgage Balance Calculator - Find your Mortgage Balance quickly with our Mortgage Balance Calculator. Input your information to display Mortgage Loan Balance.
Refinance Calculator - display a clear comparison between your current loan and a Mortgage Refinance Loan based on your input.