Using a Monthly Mortgage Calculator [mortgageloan-processor.blogspot.com]

6:01 PM  Unknown  

Using a Monthly Mortgage Calculator [mortgageloan-processor.blogspot.com]

People often use a monthly mortgage calculator in order to find out how much money they can afford to spend on a home, and also how much their monthly payments would be. This type of tool is to be used for educational purposes. It is the lender who will end up deciding how much they are willing to give you, and on what term. If you use a monthly mortgage calculator, it will allow you to enter in the interest rate, dollar amount for the loan, and the term of the loan in years or months. It will then calculate how much your monthly payments would be.

These types of calculators are very useful in finding out what you can afford and what term you should use. Mortgage calculators are extremely easy to use and can be found everywhere online by simply typing "mortgage calculator" into any search engine. These are free tools for you to use when you are planning a mortgage.

The term of the mortgage is how many years you will have to pay it back.

If you can pay it back early you can save a lot of money on interest charges. "Mortgage Cycling Revealed" is a method that can be used to significantly decrease the amount of time it takes you to repay a loan. Be aware of the terms of your mortgage agreement though, because there may be fees associated with paying it off early.

If you want to apply for a mortgage or have been looking at homes wondering if you can afford it, then you should try a monthly mortgage calculator. Not only will you be able to see what you can afford, but it will tell you how long you would have to pay it back and what your monthly payments would be.

Suggest Using a Monthly Mortgage Calculator Topics

Question by Mr.Ed: Where can I find a Mortgage calculator that I input different monthly changes? I pay different amounts monthly on the principal, and wondered if anyone knows a calculator that would show an amortization chart while calculating the extra amounts I pay monthly. I would think an Excel chart would be the best, but I'm not that computer savvy. Thanks! Best answer for Where can I find a Mortgage calculator that I input different monthly changes?:

Answer by Howard L
http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx

Answer by STEVEN F
What you want is NOT a calculator. You want a spreadsheet template. There are several templates for Excel available. Most can be downloaded free, and you can search from inside Excel. If you make the SAME amount of extra payments every month, most online calculators will do the math. If your extra payments vary, you will probably have to customize a template. Find an Excel template for ANY loan with extra payments, and manually change the extra payment amount for each month. Note: The math is actually exactly the same for a car loan as for a mortgage.

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