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Mortgage Loan Calculator

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.

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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.

Mortgage loan calculators can also be used to understand the process of negative amortization. Negative amortization happens when a monthly payment is set too low to pay off accruing interest, causing the principal of a mortgage to increase instead of decrease. Negative amortization occurs infrequently and usually only with extremely questionable lenders, but when it does occur it can put homeowners far into debt and cost them the property they have worked hard for. Using a mortgage loan calculator can help you ensure that you will be as satisfied with your loan in ten years as you are when your loan is closed.

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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Calculating your mortgage payment with one of our free calculators is easy and will only take you a minute. Applying to be put in touch with our lenders is an even shorter process that can save you money on your loan… A construction loan can be taken out to build an additional room on your house. Any equity in your home can be used to help you get a lower rate on your loan. A qualified mortgage broker can help you get the best rates offered by banks… Mortgage rates have been at historic lows for some time now and are already beginning to rise. Find out if now is the right time to refinance by talking to a mortgage broker after applying through our site…
Equity loans are a popular method of using home equity to capture today’s low interest rates for making large purchases or investments. Get a lower interest rate than your first home loan for up to the entire value of your present home… Mortgage lending can be a time consuming process. It’s best to know the possibilities up front so that delays in your loan processing do not come as a surprise to you. Mortgage lending is a competitive industry, getting multiple quotes can mean big savings…

A mortgage calculation with one of our free mortgage calculators will help you estimate your monthly payments on a mortgage loan. You can also estimate refinancing costs and debt consolidation rates using our free calculators…

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