If you are planning to buy a home, finance a property or purchase an investment, then you would probably need to have your own mortgage calculator. All you have to do is search on the web for free sites and avoid the hassle of calling your agent. As a private individual, this skill may also come in handy in the future. Calculating your own mortgage is something that is good for you to know.
The Internet offers you hundreds of free sites to choose from. There are several types of online calculators that you may come across to help you with any of your real estate transactions. There are calculators that can help you compute your income and debt ratio, compare your loan costs, tax and investment calculators and so much more. There are also sites that help you know how much you can afford to pay for a house based on your income, calculate mortgage refinance costs, help you compare buying versus renting a house, and even plan your mortgage payoff schedules.
Here are some types of calculators and their use:
- Debt consolidation calculators. They help you decide whether you should consolidate a debt with an equity loan or another mortgage. It will also help you figure out how many months it will take for you to break even with the closing cost.
- Loan qualification calculator. This will help you find your credit score and it gives you an insight on how these lending companies might view your credit standing.
- Loan comparison calculator. This loan calculator helps you determine which loan will be the best one for you to manage and allow you to compare and contrast 15-year and 30-year mortgages.
- Loan payment calculator. This software will help you manage your house loans, determine your interest rates and calculate your possible monthly payment.
A good thing about online calculators is that they are indeed very user friendly and easy to navigate. Taking advantage of these free mortgage calculators can help you with managing your investments and mortgages. Bear in mind that your mortgage rate is also affected by certain factors such as your mortgage term and your income protection and life insurances.
Here are some links to mortgage calculators online that you can try:
Most bank websites also offer free mortgage calculators. You may locate them at the loan section part. You may also try browsing through the online sites of mortgage companies. These sites however do not guarantee you the exact amount. You may have to consult your mortgage broker for exact results because your mortgage payment is usually determined by the deal that you have signed. Using an online tool will just help you discern the best mortgage plan for you. As a private individual, you may use it for any purpose at all - whether it be personal, commercial, etc. Just one click and an online form to fill in and then you are good to go!