typical mortgage calculator
Standard mortgage calculators are useful, but they have limitations. For example, if you’re considering a variable rate mortgage, you’ll need to manually enter different interest rates to see how transfer rates will affect your payments. If you want to work backwards to determine how much monthly income you’ll need to buy a home in a certain price range, you’ll also have to do a lot of engineering.
Thank you for reading this post, don't forget to subscribe!If you need to do a calculation that isn’t supported by standard mortgage calculators, you can look for specialized options including:
adjustable rate mortgage calculator
These calculators offer more detailed input options for adjustable rate mortgages, helping you get an accurate picture of how fluctuating interest rates will affect your payments.
biweekly vs monthly mortgage calculator
You can pay off your mortgage faster and save thousands of dollars in interest fees by opting for biweekly payments instead of monthly payments. This type of calculator provides side-by-side comparisons to help you see the difference.
mortgage payment calculator
These calculators let you enter different biweekly or monthly payment amounts to see how quickly you’ll be able to pay off your mortgage at different payment levels. Some even include lump sum payment options, in case you come across some extra money and want to use it towards your mortgage.
required income calculator
If you’re not sure how much monthly or annual income you’ll need to comfortably buy a home in a certain price range, this calculator will tell you. This is a great device for first time buyers.
balloon mortgage calculator
Balloon mortgages require borrowers to pay down principal in a large lump sum, then finance the remainder through interest-heavy payments. They can help you save money, and balloon mortgage calculators let you make quick comparisons.
mortgage refinance calculator
If you already own a home and are thinking about refinancing your mortgage, this calculator will help you figure out when and how much you’ll pay on the deal. However, you will need some existing equity in your home in order to refinance.
There are also calculators that can help you figure out tax credits and tax savings related to your home ownership. Other types of calculators also exist. Interest-only calculators will guide you to interest savings. Some calculators let you directly compare the terms of two or more mortgage offers. If you are a renter and you are not sure whether buying a home is more suitable for you or not, you can also use the Rent vs Buy calculator to determine which option is best for your financial situation .
