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Mortgage Calculations

A mortgage calculator processes your mortgage amount, interest rate, and repayment term in order to give you an estimate of your monthly payment. Many calculators will also give you the amount of interest you will pay over the life of the loan, and some will even break that amount down month by month. Changing terms and playing with figures will allow you to discover which terms will suit you the best.

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Mortgage calculation generally works in this way: A mortgage amount of $150,000 with an interest rate of 7% and a term of 30 years will have a monthly payment of $997. The total interest paid on this loan will be $209,263 and the monthly average of interest will be $581. If the interest on this loan seems to high but you do not qualify for another rate, shortening your term to 15 years can save you money on interest. If you change the term entered into the calculator to 15 years, keeping all of the other information the same, the total interest paid is reduced to 92,683, a difference of over $100,000.

Mortgage calculation can make it easier to decide the following information:

  • the optimal term length
  • the minimum down payment you will need to give
  • the highest interest rate you are willing to accept
  • whether an extra yearly payment is worthwhile

Buying a new home usually means taking on a new mortgage, both of which you will have to live with for the next five to thirty years. Making sure that the mortgage suits you just as well as your new home will help make those years more enjoyable. Looking into the possible terms of your new mortgage can only help. A good way to go about researching mortgage terms is to use a mortgage calculator. Mortgage calculation will help you choose the loan you want and ensure that you do not take on loan that you can not afford. Enter your information into our mortgage calculator to get an estimate on your monthly payments and fill out our free short form to contact up to four lenders about your new mortgage.

 


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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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Online mortgage calculations are great for doing estimates of how new loans will affect your finances. Figure out your monthly payment on your new loan, then apply online for as many as four rate quotes on your new loan… Mortgage rates are at 20 year lows. If this is your first time borrowing for a home loan you can make a significant investment in your future at rates that may be here today and gone tomorrow. Let us connect you with a mortgage broker licensed in your state… 2nd mortgages bring cash from home equity at low rates. 2nd mortgages are a great way to cover unexpected or large expenses at lower interest rates than a conventional loan…
Home equity lanes are an increasingly popular form of loan for home owners to finance purchases. Expo Financial can connect you with as many as four competitive interest rate quotes from qualified mortgage professionals in your area… Hundreds of homeloans are given out every day for bad credit and good. Homeloan amounts are figured based upon your annual income, the quantity and size of your debts as well your credit history…

Bad credit refinancing can save you thousands over the life of your mortgage. If your mortgage interest rate isn’t less than 5% it’s possible that you are spending more than you have to on interest…

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