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Payment Calculators

Payment calculators can provide a great deal of functionality that may be of interest to you. For example, if you are calculating your new monthly payment on your loan you might also add in extra monthly payments into the calculation. Some homeowners who are able and willing decide to double their mortgage payment for a single month out of every year. If you have a mortgage that does not charge early repayment fees, this is a great way to shorten the term of your mortgage and pay less in interest over the life of the loan.

Amortization table outputs of payment calculators show you how much interest you paying each month, and each year. This amount is some fraction of your total monthly payment that decreases over time. Whatever is not given up in interest expenses in your monthly payment goes towards the equity of your home. The equity of your home is the money you have paid down on your mortgage. As time goes on you will spend less and less on interest because your mortgage balance (the amount you owe) decreases over time provided that you make regular payments.

Payment calculators are easily found on the web. Figuring out which one suits your needs is only a little bit harder and mostly a matter of understanding the output. Simple mortgage calculators generally ask you for a proposed interest rate, loan amount, and term (length of the loan), and the output is your estimated monthly payment. The mortgage calculator featured on this web site does a little bit more. In addition to your monthly payment calculation you are provided with what is called an amortization table.

Debt consolidation loan payment calculators allow you to enter as many as a handful of your debts and a proposed new interest rate for the new combined loan. The advantage of debt consolidation is that you can reduce many separate monthly payments to a single bill every month. This makes your finances more manageable and makes it easier to pay on time. An additional reason to do a debt consolidation is to get cash out. Taking additional loan money at the time you consolidate your debt may actually increase your monthly payments. However, if you are in desperate need of money and you don’t want to rack up bills on yet another high interest credit card, your rates can be far better if you do it at the time you do your debt consolidation.

 


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  Home Lending Resources
Three kinds of payment calculators are offered as a free service on our site. You can estimate your monthly payments, determine if it is the right time to refinance, or use our debt consolidation calculator… Loan amortization varies depending on the type of interest rate you have on your loan. If your interest rate is variable your interest paid in each monthly mortgage payment might not decrease in a predictable fashion as for a fixed rate mortgage… There is a laundry list of types of mortgages out there. The important thing is to find the one that takes best advantage of your circumstances and resources. For example, FHA loans are convenient if you don’t have sufficient capital for a down payment…
Mortgage refinancing is simply replacing one loan with another. It is an opportunity to lower rate and also to switch between fixed rate and adjustable rate mortgages as well as to switch between 15 and 30 year loan terms… A reverse mortgage is a tax free way to turn your homes equity into a retirement fund for your later years. If you do not intend to sell your home but require the money, you can sell your home back in increments and take the money as a monthly income…

Has your credit improved? Or have rates dropped? If so, you should consider refinancing your home to take advantage of these changes and pay less in interest every month. Paying less interest means more equity in your home for each payment…

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