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Mortgage Calculator

Mortgage Length Calculator

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How Much Will My Payments Be?

calcAs you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment. Even the value of your home will affect your payment.... View Details

Mortgage Principal Calculator

 Determining your mortgage loan principal - money you still owe to the bank for your house, can be very beneficial, particularly if you are looking to pay your mortgage off ahead of time. In order to figure out your remaining balance, you only need to know the loan amount, the interest rate on your loan, the length of your loan, and how many months you have already paid. Together, all of these factors will help you figure out the amount of principal you still owe.... View Details

Should I Pay Points to Lower My Interest Rate?

 When applying for a mortgage, you will most likely be presented with the option to pay points to lower your interest rate. In order to determine if this investment is worthwhile for you, you will need to know the amount of your loan, the interest rate before the purchase of points, and the interest rate after the purchase of points. You will also need to know the length of the loan and your savings rate.... View Details

Should I Refinance?

 Deciding whether or not you should refinance your home mortgage depends upon several factors. It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.... View Details

What is Better: take a Second Loan or Pay PMI?

 When you take out your home mortgage loan, you might want to consider taking out an 80/15 loan in order to avoid PMI. By going this route, you could potentially save a great deal of money, though your upfront costs may be a bit more.... View Details

Standard vs. Bi-Weekly

 When you set up your mortgage payment repayment plan, you can choose between a standard repayment plan or a bi-weekly repayment plan. With the standard plan, it would take you 30 years to repay the loan while a biweekly plan will take 25 years and 3 months. This will save you 4 years and 9 months. But, the savings don't end there.... View Details

Buy vs Rent Calculator

 Is it financially better to buy a home or to rent? The answer to this question depends upon how much the home costs, how much you are paying for rent, and how much you will have to pay each year in order to maintain your home.... View Details

How Much Income do I Need in Order to Qualify?

 If you have finally found your dream home and you haven't pre-qualified for a loan yet in order to see how much you can afford when it comes to buying your home, you can work backwards instead. By plugging in certain information, such as the cost of the home, how much the interest rate on the loan is likely to be, and how much you will pay as a down payment, you can determine how much your income will need to be to qualify for the mortgage loan on the home you love.... View Details

Affordability Calculator

 Before you start looking for a new home, you need to have an idea of how much you can afford to pay for a home. To find this out, you will need to take a closer look at your total monthly household income as well as the debts and regular monthly payments you are already making. In addition, you will need to consider how much money you can put in down payment, the loan interest rate, and the length of the loan. You will also need to have an idea of how much the taxes will be, as well as the insurance and PMI costs. Estimated front and back ratios helps you to limit your housing and necessary living spending. Front ratio is a percentage of your gross income that you can spend on all housing related expenses, including property taxes and insurance. Back ratio is a percentage of your gross income that you can spend on your housing expenses plus cost of shelter: food, clothes, gas, etc. Front / back ratios with values of 28-33 / 36-42 considered conservative these days, values bigger than 35 / 45 called aggressive and not recommended for use.... View Details

Which Loan is Better?

 While shopping for a home mortgage loan, you will be presented with different loan options. Plugging this information into the loan comparison calculator will allow you to determine which one is the best option for you.... View Details
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