A change in your mortgage term makes a huge impact on the repayment of your loan. A mortgage loan calculator can show you the difference between a 15 year term and a 30 year term. A loan in the amount of $150,000, with a 7%, with a 15 year term has a monthly payment of $1,348. which is $351 more than the monthly payment of the same loan with a 30 year term. However, at $92,683, the total interest paid on the 15 year term loan equals more than half of the interest accrued on a 30 year loan.. Though more is paid monthly, the shorter term will ultimately save a thousands of dollars. This shows that a 15 year term is definitely beneficial to those who can afford to pay a few hundred dollars extra a month on their loan.
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A mortgage loan calculator is a very useful tool to use when contemplating a new mortgage. The mortgage process does not have to be overwhelming. Understanding how terms and interest rates affect the repayment of a loan will help you from becoming frustrated or surprised after your loan closes. Use our mortgage loan calculator to familiarize yourself with components of a loan and to narrow down the type of loan that most interests you. This kind of information may keep you from accepting a loan that will put too much strain on your finances, and can also save you the trouble of refinancing in five years in order to find a loan that really fits you best. Utilize all the resources at your disposal to obtain a mortgage you can be happy with. Use our mortgage loan calculator to learn more or fill out our free short form to contact up to four lenders about your loan.
The loan amount, interest rate, and mortgage term are all keyed into a mortgage loan calculator in order to generate an estimated monthly payment. For example, if the loan amount equals $150,000, the interest rate is 7% an the loan length is 30 years, the calculator will show an estimated monthly payment of $997. Many calculators will also generate a total of the interest paid over the life of the loan. In this case that total would be $209,263. The mortgage loan calculator can be used to show how small changes in a loan can make big changes in the amount of money needed for repayment. If the interest rate is raised just one percent to 8%, the estimated monthly payment increases to $1,100 and the total interest increases by approximately $40,000.