If you are already a homeowner or are planning to become on in the near future, here's an adorable li'l fellow I'd like you to meet - the mortgage calculator. A mortgage calculator is an online tool that tells you a lot of information about your mortgage. Using this calculator to determine the amount of interest you have to pay can certainly make things much easier. By using the simple and user-friendly amortization feature of the mortgage calculator, you can view all of your mortgage payments due - no exception! The effect and influence of extra payments on your mortgage can also be determined through this wonderful online tool.
The payment application on your mortgage would normally start out with your initial mortgage payments going against your interest. It is not until the end of your loan that you actually start really paying down the principle balance. A mortgage calculator will help you see exactly where your money will be going before you take out a loan. For those who already have an existing mortgage, they can still use the mortgage calculator to view where their payments go throughout repayment.
You can also use a mortgage calculator to see how making extra payments toward principle will affect your loan. For example: If you have an 8%, 30 year mortgage for $100,000, you will pay back $264,153. A huge chunk of that amount, $164,153, will go toward interest. A mortgage calculator can be used to determine the effect of paying a certain amount, say $50 against principal per month, and your potential savings. By making an extra payment each month of $50, you will save $39,908 in interest. This also helps you pay off your mortgage a little over six years earlier than expected.
What's the hubbub about the mortgage calculator and why should it be a huge help to you? Well, this calculator would enable you to test different repayment stratagems before implementation. So in effect, you can use the mortgage calculator to see the effect of each stratagem at the end of the day. Yet another use of the mortgage calculator would be when you may have to refinance your loan. If you are wondering how much you stand to save by refinancing at a lower rate, the calculator can provide you with such information.
Finally, a mortgage calculator can help you figure out your budget for a home. More often than not, you would qualify for a loan - albeit one that is way above your budget. With a mortgage calculator, the only "given" information you would need would be your budget, then you can simply plug in the basic information to find a feasible loan. How much can you, in realistic circumstances, borrow and pay back without having to tighten the belt? A mortgage calculator can help you figure it out.
When you have the right tools, you can make great decisions. And you should never, EVER take out a mortgage or purchase a home if you are not informed. A mortgage calculator will help you learn all of the details of your potential or existing loan.
The payment application on your mortgage would normally start out with your initial mortgage payments going against your interest. It is not until the end of your loan that you actually start really paying down the principle balance. A mortgage calculator will help you see exactly where your money will be going before you take out a loan. For those who already have an existing mortgage, they can still use the mortgage calculator to view where their payments go throughout repayment.
You can also use a mortgage calculator to see how making extra payments toward principle will affect your loan. For example: If you have an 8%, 30 year mortgage for $100,000, you will pay back $264,153. A huge chunk of that amount, $164,153, will go toward interest. A mortgage calculator can be used to determine the effect of paying a certain amount, say $50 against principal per month, and your potential savings. By making an extra payment each month of $50, you will save $39,908 in interest. This also helps you pay off your mortgage a little over six years earlier than expected.
What's the hubbub about the mortgage calculator and why should it be a huge help to you? Well, this calculator would enable you to test different repayment stratagems before implementation. So in effect, you can use the mortgage calculator to see the effect of each stratagem at the end of the day. Yet another use of the mortgage calculator would be when you may have to refinance your loan. If you are wondering how much you stand to save by refinancing at a lower rate, the calculator can provide you with such information.
Finally, a mortgage calculator can help you figure out your budget for a home. More often than not, you would qualify for a loan - albeit one that is way above your budget. With a mortgage calculator, the only "given" information you would need would be your budget, then you can simply plug in the basic information to find a feasible loan. How much can you, in realistic circumstances, borrow and pay back without having to tighten the belt? A mortgage calculator can help you figure it out.
When you have the right tools, you can make great decisions. And you should never, EVER take out a mortgage or purchase a home if you are not informed. A mortgage calculator will help you learn all of the details of your potential or existing loan.
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