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Mortgage Calc

Whether you want a loan to buy a new home or to refinance your current mortgage, a mortgage calc can help you decide what kind of loan is worthwhile and what cost you too much in the end. A mortgage calc can show you the difference a shorter term, a slightly lower rate, or an occasional extra payment can make on your loan and your finances. Use our mortgage calc to find out more or fill out our free short form to contact up to four lenders about finding a new mortgage or refinancing your existing loan.

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A mortgage calc can also show you the difference that the term of your loan makes on your repayment schedule. A $997 monthly payment on a $150,000 loan at 7% over the period of 30 years with $209,263 in total interest may sound acceptable, but using the calculator you can compare this monthly payment to what would be paid on a shorter term loan. The same loan with a 15 year term would have higher monthly payment of 1,348, which is $351 more. However, the 15 year term would cut the total interest in half to the amount of 92,683. In this case, cutting your loan term in half and paying $351 more a month could save you over $100,000.

The numbers determined by a mortgage calc should be considered estimates and should be used as a tool in preparation for obtaining a loan, not as a primary resource for the repayment of your loan. Lenders will provide information on the amortization of your loan. Small discrepancies between the information given by a mortgage calc and that given by a lender can often be attributed to the differences in how fractions of a penny are processed by both parties. Research and planning can help you find the mortgage that really suits you. Apply online to contact lenders about your mortgage or use our mortgage calc to find out more about your mortgage terms.

Using a mortgage calc can also help you ensure that your loan terms will not cause negative amortization. Amortization is the schedule of repayment of your mortgage through monthly payments of principal and interest . Negative amortization occurs when the monthly payments set by the lender are not high enough to cover interest and principal. This causes the outstanding balance of the mortgage to increase instead of decrease as the repayment period goes on. Negative amortization can cause a homeowner to default on the loan, and though uncommon, all borrowers should be certain that set monthly payments are high enough to cover both the interest and principal of the loan.

 


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Mortgage calc programs will help you easily estimate your monthly payments on a new loan. Before you even apply you can get an idea of how affordable your new mortgage or loan will be. Adjust the interest rate to see how your monthly payments change… Debt Consolidation is popular method of eliminating high interest debts and reducing the number of bills you have to pay. Debt consolidations can also get you much needed cash out at the time of the financing… Current mortgage rates are almost as interesting as the trends that they show. Knowing where rates are going can help you decide whether or not now is the right time to invest your money. Rates vary greatly across geographic regions and lenders…
Home equity lines of credit are a great way to consolidate your debts and take out money as you need it intermittently over time. Save on your line of credit by taking out your loan today at great interest rates… Mortgage lenders generally provide lower rates to mortgage brokers who they have working experience with. This provides incentive for you to deal with mortgage lenders through a mortgage broker rather than directly on your own…

A Loan amortization calculator functions just as a monthly mortgage payment calculator except you can also see your interest applied in every month. The output is an amortization table is a printable table that can be reflected upon later…

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