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Payment Calculators

Payment calculators are easily found on the web. Figuring out which one suits your needs is only a little bit harder and mostly a matter of understanding the output. Simple mortgage calculators generally ask you for a proposed interest rate, loan amount, and term (length of the loan), and the output is your estimated monthly payment. The mortgage calculator featured on this web site does a little bit more. In addition to your monthly payment calculation you are provided with what is called an amortization table.

Payment calculators can provide a great deal of functionality that may be of interest to you. For example, if you are calculating your new monthly payment on your loan you might also add in extra monthly payments into the calculation. Some homeowners who are able and willing decide to double their mortgage payment for a single month out of every year. If you have a mortgage that does not charge early repayment fees, this is a great way to shorten the term of your mortgage and pay less in interest over the life of the loan.

Debt consolidation loan payment calculators allow you to enter as many as a handful of your debts and a proposed new interest rate for the new combined loan. The advantage of debt consolidation is that you can reduce many separate monthly payments to a single bill every month. This makes your finances more manageable and makes it easier to pay on time. An additional reason to do a debt consolidation is to get cash out. Taking additional loan money at the time you consolidate your debt may actually increase your monthly payments. However, if you are in desperate need of money and you don’t want to rack up bills on yet another high interest credit card, your rates can be far better if you do it at the time you do your debt consolidation.

Refinancing payment calculators are an easy way to see how long you will need to stay in your home to recoup the costs of refinancing. This calculation is called a break-even analysis. If your break even time is longer than you intend to stay in your home, this means that the amount you save monthly thanks to the new lower interest rate will not surpass the amount you spent on refinancing charges before you move. This is an important consideration but less of an issue for homeowners who do not expect to move in the next 10 years.

 


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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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Mobile Home / Manufactured Home Refinancing – must apply here instead
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  Home Lending Resources
Three kinds of payment calculators are offered as a free service on our site. You can estimate your monthly payments, determine if it is the right time to refinance, or use our debt consolidation calculator… A second mortgage is a popular way to get additional money out of your mortgage with an incremental increase in your monthly payments. The extra cash can be used for anything you’d like and they are also tax deductible… A mortgage refinancing company specializes in helping you to best take advantage of interest rates that have lowered since the time you got your first mortgage. You can also “cash out” using your home equity to borrow additional money at a low rate of interest…
Farm loans are possible with federal assitance from programs offered by the FSA and the USDA. Loans are available for farm ownership and operation expenses in an effort to help improve rural areas through commercial efforts… A mortgage loan is a big decision for any consumer. Important in every home buyers mind is what kind of interest rate they can expect on their new home loan. In the early 80’s, a rate of 12% of was great, but today that number is around 5%…

VA loans are home loans for veterans who have served in either piece time or war time conditions. These loans usually require little to no down payment and they are offered at lower interest rates. VA loans can be used to finance a new home or to improve a current home. ..

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