Use a Mortgage Calculator to Save Money
by Beth77
Securing a mortgage can present a confusion of sorts when trying to sort out what are all the fees charged in your monthly repayments. Using a mortgage calculator can help lessen this confusion while saving a good deal of money as well.
Reasons to Use
Even people who already have a loan can put a mortgage calculator to good use when trying to determine a faster payoff period of time if making greater repayments. The mortgage calculator can determine the amount of repayment needed to meet loan requirements for a certain fixed period of time. Through use of a mortgage calculator, a consumer can perform these necessary computations without the need of a finance counsellor or other professional. Use of the mortgage calculator allows a consumer the opportunity to insert various loan details and their substituted changes to create different monthly payments and different repayment lengths to compare several costs for obtaining a mortgage.
Insert Loan Factors for Detailed Results
A mortgage calculator can use several loan factors such as monthly repayment amounts, interest rates, points, overfall loan costs and repayment duration. Through altering these factors in several computations, a consumer can examine various repayment options, looking at monthly amounts to determine how much a specific loan amount is going to cost. A mortgage calculator can also determine how a monthly repayment can vary depending upon decreasing or increasing the repayment time period.
Find an Affordable Loan
Some mortgage calculators can help determine what amount of mortgage a consumer can afford. This is accomplished entering personal details into the mortgage calculator such as personal income, down payment amount, recurring debt and other present financial obligations and the loan cost details. The mortgage calculator then provides results showing a consumer the loan amount for which a borrower may qualify based on the information entered. The mortgage calculator will also show what monthly repayment amount would also be affordable based on the information entered.
Mortgage Calculators Readily Available
The great news is that any consumer with Internet access can find a variety of mortgage calculators by simply entering the phrase, “mortgage calculator,” in a favourite search engine. The results will lead a consumer to quite a few websites where free use of mortgage calculators can be found. Many of these sites are also lenders, or brokers, seeking consumer applications so therefore looking to attract mortgage seekers to the site’s services. Many of the mortgage calculators found are very user-friendly with explicit instructions detailing how to use and what results/information is provided.
Types of Mortgage Calculators Available
A good website will provide several online choices providing detailed information from use of specific mortgage calculators that include:
Basic Mortgage Calculator that reveals introductory monthly repayment, ongoing repayments, interest paid and total loan costs. Interest-only Mortgage Calculator which can calculate weekly, fortnightly and monthly repayments calculating costs per term selected. Affordability Mortgage Calculator determines how much a prospective applicant can borrow realistically affording to make a repayment based on a monthly established budget; Budget Calculator helps determine a weekly, monthly or yearly budget where results are inserted into the Affordability Mortgage Calculator.
Online mortgage calculator tools help consumers learn various aspects about borrowing money.
www.TeachMsOffice.com This video tutorial will show you how to make a fixed rate loan or mortgage calculator in excel. It is actually quite easy to do and after watching this step-by-step example and walk-through, you will be able to make your own also. This tutorial uses the PMT() function to calculate the required payments and it is also explained in the tutorial. To follow along with the spreadsheet seen in the tutorial or to get some free excel macros or tips & tricks, go to the website www.TeachMsOffice.com
Recommended Products :
Calculated Industries 3405 Real Estate Master IIIX Real Estate Finance Calculator
- Financial calculator designed for real estate and mortgage professionals
- Complete taxes and insurance for PITI payments; automatic sales price and down payment calculations; more
- Plastic back, aluminum front, soft rubbed buttons
- Includes 2 3-volt lithium batteries, pocket user guide, quick reference guide, protective slide cover
- 5-1/2 by 3 by 0-1/2 inches; display dimensions 0.86 by 2-1/2 inches; 3.2 ounces; 1-year warranty
The Real Estate Master calculates mortgage payments, terms, interest, PITI payments, future value, as well as purchase price, and down payment figures. Permanently store local property tax and property insurance rates for customized calculations that
List Price: $ 44.95
Price:
Calculated Industries 3415 Qualifier Plus IIIX Real Estate Finance Calculator
- Versatile buyer pre-qualifying for conventional and FHA/VA loans to show homes within price range
- Complete PITI payment solutions to demonstrate interest only and other “What If” scenarios
- Amortization with remaining balances
- Calculate combo loans (80:10:10 and 80:15:05), bi-weekly loans, ARMs provide flexible payment options
- Easy rent vs. buy comparisons and estimated tax savings show benefits of ownership
Let the Qualifier Plus IIIx put answers to all your financing problems at your fingertips! Gain instant access to PITI and Interest-Only Payments or figure out the Blended Rate and Payment for Combo Loans. Carry it with you on appointments with clien
List Price: $ 64.95
Price:
Find More Mortgage Calculator Articles
@lichandler Replied via personal message on here.
I really like this spreadsheet. Thanks for posting.
Here is my situation…hope you can help. These are for my school loans and I have started making payments before they are due (2016). I would like to incorporate these payments showing what was applied to the principal and interest and how much is left to pay.
@altha2008 A lot lol. I’m sorry but I can’t do your homework for you. Though, If you have a real problem that you need to calculate you can private message me.
thanks for the post sir.
question
if a person got a 30 year loan say for $100,000 payments around $600
If a person makes the next prinipal payment each month.
also, if a person makes an extra whole payment at the first of each year.
also, if a person can set it up on a bi-weekly plan
how far will that reduce the loan.
Where can I get the 2nd part to this video? I cant find it or the excel download on the site.
Thanks
Thanks Bro, You are great teacher. I wish I had you as my good teacher before. Again, thank you very much!!
many thanks for the video, it helps me a lot. I didn’t know about the PMT function before.