The mortgage payment calculator can do any loan term you would like and it can be easily re-run to compare mortgage quotes you receive. The interesting number to look at is how much interest it estimates you will pay over the life of your loan. Obviously small changes in your interest rate can mean big savings or big expenses. The mortgage payment calculator also spits out a financial statement called an amortization schedule. The amortization schedule splits up each of your monthly payments into interest and principal and lets you see each of them for the entire loan term in a printable form.
The debt consolidation calculator is a tool that can really be used in combination with the refinancing calculator. Debt consolidation is simply rolling higher interest debts into a single debt that has a more manageable monthly payment. If you are refinancing your home, you might consider increasing your loan amount and rolling in higher interest debts you have incurred on credit cards.
Refinancing financial calculator. Refinancing is a great plan, but its only meaningful if you also know when your break-even date is. Your break-even date is how long it will take you to save enough in interest to offset the closing costs you paid to do the actual refinance. Once you put in your values, a break-even analysis is done for you and an English paragraph pops out explaining the results, and basically telling you whether or not you should refinance based upon the rates you entered. A break-even date of a year is only good if you intend to stay in your home for more than a year.
The amortization table output of the mortgage payment financial calculator is interesting because you can see the results of extra monthly payments you make very visually. If you make an extra payment once a year it can have a dramatic impact on the amount of time it takes you to pay off your loan and it will save you bundles in interest expenses.