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Using a Monthly Mortgage Calculator
By Annika Thomas

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.

Tired of debt? Let Annika Thomas help! Once buried up to her eyeballs in loans, Annika now runs the popular website DebtAndRefinancingHub.Com as an online resource for those who need help managing their finances. Get free tips on using monthly mortgage calculator and more when you check out the site today!

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A Mortgage Calculator Will Tell the Truth About Interest-Only Loans
By Chris G Bell

There’s a lot said on television and in newspapers about interest only loans being a horrible mortgage to acquire. In most cases they are, but they were created for a reason. Some people need an interest only loan to get the borrowing power needed to afford more than one loan.

It’s targeted more to the real estate investors, or handy man trying to turn a quick profit by fixing up a home. Let’s assume that an investor has an extra $2,000 per month that the bank thinks they can afford for a monthly payment. I’m going to exclude taxes, insurance and condo fees from this example because it will be easier to prove my point.

Investor – $2,000/mo available – He wants to buy and fix up two properties for $200,000 each because he will be able to flip them when finished for $250,000 each. Use a mortgage calculator that has an amortization schedule to see the monthly payment with principal and interest.

200,000 = 1075/month
200,000 = 1075/month

The bank said the investor could only afford $2,000 per month or it would be denied. He’s at $2,150 so what does he do? Take another look at the amortization schedule and notice that if you got an interest only loan, which means you don’t pay any principal, then it would lower the monthly payment by $240 each.

200,000 = 835/month
200,000 = 835/month

Now the investor has the borrowing power to afford both homes with an interest only loan. He doesn’t care about paying down the principal because he only wants the $50,000 in profit from each home. If you’re buying a home for the long term then paying down principal is very important, but if you’re flipping a home then there’s no point. The reason there’s no point is because all the principal you put into the home you get back when you sell it, and the investor wants to sell it right away, so why put money into the home that he could use fixing it up?

I very much agree that an interest only loan should not be used on a regular basis. It definitely shouldn’t be used to “afford” a home that you want to live in for the next 10 years. You’re better off renting at the point, because it will be cheaper and less of a hassle. If you pay the bank interest, and pay taxes, insurance and condo fees without paying principal then what’s the point of owning a home?

I have a Free Mortgage Calculator on my website that you can use to figure out situations just like this one. There are many interest rates and mortgages available, so you should take advantage of the accordingly to make sure you get the best Monthly Payment.

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How To Figure Out Mortgage Payments Without a Mortgage Calculator
By Edward Lathrop

In today’s world, taking out a mortgage is necessary for anyone who wants to invest in real estate or simply wants to put a roof over his head. Usually, to find out what a mortgage payment will be on a particular property, a potential buyer needs to contact a realtor or bank to get a quote.

By contacting either one, the buyer risks harassment from a realtor who won’t let go of a qualified buyer, or a lender who needs to lend mortgage money to stay in business. Any buyer in his right mind will only go to one of these salespeople when he is ready to go full speed ahead toward a closing.

So, what does a person who is in the early thinking stages of buying a home do? How do you know what the payment will be on a house a seller is asking $250,000 for when the bank is advertising 30-year mortgages at 7%?

By the end of this article you will be making such a calculation in your head. You will be sprouting out the answer to complicated home buying scenarios just as fast as you can find the terms on the mortgage and the price on the house.

$66.53 a Month

First, remember this: $10,000 borrowed for 30 years at 7% will require a monthly payment of $66.53. So, it stands to reason $100,000 for 30 years at 7% requires a monthly payment of $665.30. Also take note you could figure out on a piece of paper with a pencil, $50,000 for 30 years at 7% is $332.65.

Knowing these figures, you automatically know a $250,000 mortgage at 7% for 30 years will require a payment of $665.30 (for $100,000) and another $665.30 (for the next $100,000) and $332.65 (for $50,000). This means the payment will be $1,663.25, or really, really close. A mortgage calculator gives the answer as $1,663.26, but for a wild guess, I’ll take it.

A 6% or an 8% Mortgage

Of course, here you ask, “What if I find a mortgage with a lower interest rate?” Well in that case, remember this, $10,000 borrowed for 30 years at 6% costs the borrower $59.96 a month. This means a $1,000,000 mortgage for 30 years at 6% will be 100 times $59.96 or, a monthly payment of $5,996.00. Now, certainly that was easy. All we had to do was add 2 zeros!

Okay, what about if the interest rate is 8%? Here, a 30-year mortgage for $10,000 is $73.38 each month. So a $300,000 mortgage will come at a cost of 30 times that or, $2,201.40 a month.

How About a 7 1/4% Mortgage?

In reality, most times interest rates will not be exactly 6 or 7, or 8%. Even when this is the case, you still don’t need a mortgage calculator. If you read about a 30-year $260,000 mortgage at 7 1/4%, for instance, and you want to know what the monthly payment will be, here’s what you do. Are you ready? Guess!

That’s right! Just guess! You know 7% will cost you $66.53 per $10,000 a month and 8% will cost $73.38 per $10,000 a month. You also know 7 1/4 is somewhere on the lower side between 7 and 8 so take a guess how much 7 1/4% will cost per $10,000 a month. My guess would be maybe, $68.50?

I’ll go with that. So, since it is a $260,000 mortgage we’re trying to figure the payment for, we will multiply 26 (260,000 / 10,000) X $68.50. The answer is: $1,781.

When I run $260,000 at 7 1/4% for 30 years through a mortgage payment calculator the answer comes out $1,773.66. So, our answer wasn’t precisely right, but it was pretty close.

In a case like this, even if we came out with an answer that is $20-$30 off, who cares? Before the real mortgage payment is determined, the cost of a homeowner’s insurance policy and property taxes will have to be calculated anyway. So, the best anybody can do at this point is guess.

There you have it. Now, you’re a human calculator! As long as you’re only concerned with 30-year mortgages, and today’s going interest rates, which are 6% to 8%, you can figure out mortgage payments in your head, or maybe with just a little help from a pocket calculator. Congratulations!

Ed Lathrop is a successful Real Estate investor. He has developed a Website where you can print out a mortgage payment table showing monthly payments for hundreds of different combinations of interest rates and borrowed amounts. Get your free printout at : House Payment Chart. Also, find out how to get your amortization schedule and use it to save big money at: Amortization Schedules Free. These sites are not owned by any lender, so no one will harass you for visiting!

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Mortgage Calculator – What Are the Types and How Does it Help?
By Samantha T

Do you wish to calculate payments and compare loans? Or do you want to find out whether you’re eligible for a loan? Use mortgage calculator , a financial tool which will help you work out the figures prior to taking a financial decision or at every step of the mortgage transaction. While you figure out the maximum you can afford to pay, it helps you avoid financial problems in future.

Apart from Purchase Mortgage Calculator , there are Refinance as well as Amortization Calculators that help you work out the figures while you refinance or when you determine amortized payments on your loan. Here’s a list of the financial calculators you may require when you’re buying a home or managing a mortgage.

Home Affordability Calculators: These include tools which help you to determine whether it’s better to buy or rent, what mortgage amount you can afford and how much you should borrow.

Purchase Mortgage Calculators: Using these tools, you can calculate:

• APR on different loans for comparison
• Down payment on your new home
• How much to earn by extra loan payment
• Loan payments at different rates for comparing offers
• Payments on loans having different terms

Besides, you can determine your debt-to-income ratio and compare between a fixed rate mortgage and an adjustable rate loan.

Refinance Calculators: These are tools using which you can find out whether it’s wise to go for a cash-out refinance or second loan. You can also calculate interest savings in a refinance.

Amortization Calculators: Such tools help you figure out payments throughout the loan period and provide you with a printable amortization sheet for fixed rate as well as adjustable rate loans.

Mortgage calculators are easy-to-use tools to help you with simple calculations for your home buying and home financing needs. The best way to make the right choice is to evaluate and compare and this is where mortgage calculator can help you the most.

Summary: Mortgage calculator provides for quick and easy calculations when you’re buying a home or paying off debts with a mortgage. Such tools help you to evaluate your financial situation thereby helping you with calculations specific to your own situation.

Samantha Taylor is a contributing Financial Writer, Moderator and Community Mentor of Mortgagefit (World Largest Mortgage Community). She specializes in mortgage and real estate field. You can ask any mortgage/ real estate related problems to her in Mortgage Community Forums.

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Free Mortgage Calculator – Use It To Attract Return Visitors To Your Site
By Carrie Reeder

Whether you have a payday loan site, a mortgage website, or a realty site, consider posting a free mortgage or loan calculator on your website. Often visitors will use your calculator and then bookmark the page and come back to it any time they need to do a calculation. This can get visitors to remember your name and get used to visiting their site. Whether you are promoting loans, real estate or mortgage loans, any useful web tool will bring visitors back to your website. Return visitors are valuable to your business.

Search The Internet For Free Loan Calculators – Often, companies will create free tools for you to post on your website in exchange for a small link back to them. This will save you time and money in creating your own web tools or calculators, which can often be expensive.

Put a Prominent Link To The Calculator On The Home Page Of Your Site – Let your visitors know you have tools and resources to give them a reason to come back to your website.

Place Your Product or Biggest Selling Point Around The Calculator – Your visitor may come back to your site several times just to run numbers through your calculator, make sure you get your sales message across, while the visitor is on your calculator page.

There are many ways to build up interesting content on your website by adding free web tools and calculators and keep your visitors coming back to your site.

Visit this page for a
Free Mortgage
Calculator.

Visit this page for a
Free Payday Loan
Calculator.

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Using a Home Mortgage Calculator Brings A Technological Advancement All Over The World
By David Faulkner

If you are thinking about purchasing a new home, the first question you will undoubtedly ask is how much house you can afford. It is a good idea to have a price range in mind before you call a realtor and begin browsing the Internet and classified ads for homes for sale. It is also wise to know how much you can afford before you visit the office of a builder in your area. Because home buying can be an emotionally taxing process as well as a time consuming one, the ability to narrow down your scope of choices at the beginning of your house search will be beneficial to you. The good news is that you can calculate the numbers on your own with the assistance of a home mortgage calculator.

Advantages of Home Mortgage Calculator:

Home mortgage calculators are easy to find and easier to use. There are any numbers of websites on the Internet that will provide this service for you, and a number of calculators that you can purchase that will provide this functionality. A calculator can come in quite handy, since you can take it with you to meetings with your realtor or builder, to crunch the numbers as you go through the purchasing process. The Internet will provide the easiest use of a home mortgage calculator, since you can simply punch in the information necessary, and the computer will do all of the hard work for you.

How the Home Mortgage calculator Works:

To use a home mortgage calculator, you simply need to know the approximate purchase price of the home that you are interested in, and the current rate of interest available for a loan in that amount. You can find out how much your monthly mortgage payment will be, which will give you an idea of how much house you can afford. You can also use a mortgage calculator to determine the annual income that will be required to purchase a home in a particular price range. To utilize this type of mortgage loan calculator, you will need to know the amount of your monthly expenses, as well as the purchase price of the loan and the interest rate.

Other types of mortgage calculators that you might find handy in your search for a new home include a method to calculate the amount of a monthly payment on an interest only loan, or a comparison on what it would cost to rent versus buy a particular piece of property. These mortgage calculators can help arm you with plenty of good information that will prove to be valuable in your search for a new home.

You can also find more info on lower interest rate and refinance manufactured home. Mortgagerefinanceloanhelp.com is a comprehensive resource to get help in Mortgage refinance Loan.

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How To Build A Mortgage Calculator For Free in Microsoft Excel!
By Chris Le Roy

One of the really cool parts aspects of Microsoft Excel is the functions Microsoft has created for you to use. This means that rather than have to develop a function from scratch you can use pre-built ones to do a plethora of tasks like Building your own Mortgage Calculator. The Mortgage Calculator or PMT function is just one of many Financial Functions available.

Okay, so how to build a mortgage calculator…

The first thing we have to do is to start by setting up a few basic headings. So lets begin by starting a new workbook and clicking in the first cell A1. Enter into cell address A1 the heading – Monthly Loan Repayments. Next off, enter into cell address A2 – Amount of Loan, cell address A3 – Interest Rate, cell address A4 – Length of Loan and then in A6 – Monthly Repayment.

In example mortgage calculator, we will take the Loan Amount, Interest Rate and Length of Loan and calculate your Monthly Repayment. Okay so in the corresponding field B1 enter the value of $200,000 and make sure you format the field as a currency. In cell B2 enter a value of 9.25% and format the field as a percentage and then finally enter in a value for the Length of the Loan as 25. The value you enter into the Length of the Loan field is in years.

Now its time to create the formula that will do your calculation for the Monthly Repayment. The function we will use for this calculation is called the PMT function. The PMT function always returns a negative number so one of the things we will need to do is to convert it into a positive number, but a little on that later.

There are three arguments we will use for this formula and they are -

= PMT(Monthly Interest Rate, Number of Payments, Amount Borrowed)

So to work out the Monthly Interest Rate we simply take the value in B3 and divide it by 12 – B3/12. The PMT function works on the basic of the number of payments you are going to make, so if we are going to make monthly payments on our mortgage we simply take the number of years in cell B4 and multiply it by 12 – B4 *12.

This means that to calculate the Monthly Repayment for our mortgage we need to enter the following formula -

= PMT(B3/12, B4*12, B2)

Now as I said before, the PMT function always returns a negative value, so to turn this into a positive value we simply type the PMT function with the Absolute Function encapsulating it as shown below -

= ABS(PMT(B3/12,B4*12,B2))

Simply type the formula above into the cell B6 and press the enter key. You must now format the cell address B6 as a currency and you can do that by simply pressing the Dollar Symbol on the Formatting Toolbar. As soon as you enter the formula and press enter you should get a result of $1712.76. If you do not get this answer, simply go back and make sure that you have entered the formula correctly.

The cool part about this Mortgage Calculator is that you can go back and change any one of the values in B2, B3 and B4 which are the Loan Amount, Interest Rate and Length of Loan to work out what your monthly mortgage repayments will be.

The cool part about this simple tool is that it tells you really quickly whether borrowing massive amounts from the bank is worth it and whether you can really afford that mortgage. Why not check out what your repayments will be if your interest rate went up by 2 or 3%, it can be really interesting to see the impact on your budget.

Simple tools like this can save you thousands of dollars and can also help you see what changes interest rates will have on your own budget. It is certainly worthwhile building yourself a Budgeting Spreadsheet and the mortgage calculator to work out just what you really can afford especially in these uncertain times.

Chris Le Roy has available Microsoft Excel Shortcuts to help you with Microsoft Excel. To learn more about the mortgage calculator simply check our Chris’s correspondence course where you can earn yourself Microsoft Excel Certificates issued by his company without even leaving home – Microsoft Excel Spreadsheet Training

Tips on Microsoft Excel are also Available.

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How a Mortgage Calculator Can Save You Money
By Gurmit Singh Toor

I have been asked on a lot of occasions what do the mortgage calculators do? What is the difference between a mortgage calculator and a normal calculator. How can you benefit from a using a mortgage calculator? Keep reading. I am going to show you a secret to save a lot of money on your mortgage.

The basics you should consider.

A mortgage is a loan secured by real estate, mortgage is removed when the mortgage loan is paid off, thus freeing the property from mortgage debt. The lending institute charges a fixed or variable interest rate (a percentage per annum eg. 5% p.a.). on the new purchase or refinance mortgage.

Most home mortgage loans in the Canada are normally amortized over a period of 25 – 35 years. |Calculating amortization on a normal calculator can be discouraging. A mortgage amortization calculator can calculate your monthly payments of mortgage and interest, if you know loan term, interest rate and loan amount.

The loan term can be 15, 25, 30, or 35 years, a time period required to pay off the loan. Interest rate is annual cost borrowing the loan, also referred to as annual percentage rate (APR). The loan amount is amount you plan to borrow from the lender as loan.

Amortization schedule can viewed and printed on some online mortgage calculators, which is a spread sheet listing monthly or annual payments of interest and principal. I promised to share a secret with you and here it is! As you may be aware, banks or lenders want to recover their interest first. Therefore more goes towards to interest than to principal in the first few years of the mortgage term. You may have noticed very little of the original loan amount is reduced.

The secret to saving years or decades off the mortgage term, is to reduce the principal balance of your mortgage. Even by simply paying extra small amounts toward your principal each month in addition to the normal payments, you can dramatically decrease your mortgage balance. This method can knock years off the your mortgage term, which means savings of thousands or even tens of thousands of dollars.

Gurmit Singh a licensed mortgage expert with Dominion Lending Centres Mortgage Villa. He is also an author and a real estate investor.

Gurmit Singh
Mortgage Expert
M08009905
Dominion Lending Centres Mortgage Villa (11574)
http://www.gurmitsingh.ca
Email:gurmit@gurmitsingh.ca

Gurmit Singh Toor
http://www.gurmitsingh.ca

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Using a Mortgage Calculator to Save Money on Your Mortgage, Learn About Interest Rates
By Chris G Bell

Free Mortgage Calculator

My free mortgage calculator is very easy to use. I’m going to walk you through a few simple steps that will give you the basic knowledge that you need before buying a home, and things to do while you already have a mortgage.

Before you get your mortgage

There’s a lot of research I like to do before even looking for a home. I like to figure out exactly what I can afford, and what the bank will allow me to borrow before finding the home of my dreams. Go to The Free Mortgage Calculator home page and click on the “Borrowing Power” calculator at the bottom. Fill in the necessary information and it will tell you how much you can afford on a monthly basis. Make sure to include ALL expenses because the goal is to live happy and comfortably. So I added a “Monthly Safety Buffer” which will make sure you don’t come within a certain amount of your income. Once you’ve filled out the information you can see the average interest rates and how much of a mortgage you’d be able to afford.

Now that you know how much you can borrow you can decide on the type of home that best fits your interest! The bank has a different calculation that they use to tell you how much you can borrow. They could just ask you what your bills are, but some would lie to get a bigger mortgage, so they came up with their own calculation which is basically no more than 45% of your gross income. Example: Income – $5000.00/mo – you can afford $2250.00 (Mortgage payment, Taxes and Insurance combined). This may be more or less than the number you came up with, but no one knows what you can afford better than YOU. If you get in over your head it could be a nightmare, so be careful and honest to yourself about what you can afford.

Already have a mortgage

I know that it’s a lot of work to get a mortgage and when you finally get in your new home you feel relieved and think that it’s over. IT’S NOT! It’s just begun in my eyes. Go to The Free Mortgage Calculator home page again and click on the 2nd calculator called “Extra Repayments”. Let’s say you just got a mortgage for $100,000.00 at 6% over 30 years. Plug that in and you’ll see that over the next 30 years you will pay over $115,000.00 just in interest! So, now type $20.00 into the “Ext. Rep. Amount” and you will see how much interest you save by adding ONLY $20.00 per month to your principal. Can you believe that it’s $11,465.00? Sounds hard to believe, but it’s true! It also has the ability to tell you that you’ll save 42 months worth of payments!

Let’s see it from another angle – What if I offered you the option to NOT make 42 monthly mortgage payments over the course of your 30 year mortgage by simply increasing your mortgage payment by $20.00? Of course you would take it! You’d be saving a lot of money! So how do you come up with an extra $20.00 per month? EASY! I have a page on my site dedicated to coming up with small amounts of money each month so you can add it to your mortgage and save thousands!

The Free Mortgage Calculator is owned and operated by Chris Bell. I help you understand the mortgage process and I also show you different ways to save money on all that interest you pay for free! Visit http://www.thefreemortgagecalculator.com today!

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Mortgage Calculator Tips and Help Getting a Mortgage Loan
By Chris G Bell

People usually become very overwhelmed even thinking about getting a mortgage. Well there’s a few simple steps to remember when applying for a mortgage. You wont be an expert after reading this, but you’ll know what to do and maybe even research more to gain the knowledge you need to apply for a mortgage loan.

First, you should use a mortgage calculator to determine how much of a monthly payment it is for the type of home you’re looking for. Maybe it’s in the 150,000 range or the 300,000 range. The best number to start with is your down payment. You want to avoid PMI, and in order to do that you must put down 20%. So if you have 30,000 to put down then you should probably look in the 150,000 range. The banks are being very careful in this tough economy so without a down payment, it will be very difficult to get a mortgage.

Once you figured out your monthly payment amount you can go to the bank with better figures in mind so that you’re not oblivious when they start throwing numbers at you. They will ask you your income for the last 2 years, social security number, bank statements, how much cash you have in the bank and much more. They’re going to pull your credit score and check your debt to income ratio to see how much buying power you have. From there they will tell you how much you can afford.

Those numbers are easy to figure out though because you know how much you can afford and the banks calculation is very accurate. So you should have a good idea of how much more per month you can afford. Let’s say its 1500 per month. Remember that it’s not just the monthly mortgage payment, but also the monthly taxes and the condo fee if there is one. You don’t have to add in the home expenses though, the bank will take care of that when the are figuring out your borrowing power based on your income.

I linked all of the key terms to my website for you to look at if you’re not sure what they are. There’s a lot more information there about buying a home and tips of how to deal with the bank and get the best current interest rates for your situation.

A Down Payment is a very important part of getting a mortgage. It can lower your Debt To Income Ratio with the bank and allow you more buying power. I suggest using my Free Mortgage Calculator to help you figure out exactly what you should put down.

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