Friday, September 11, 2009

Mortgage Calculator : A Handy Financial tool

If you are going to get a mortgage to buy a home for the first time, the first step is to assess your financial situation. This is a vital point to remember that before taking out a mortgage, you should be able to know where you stand financially so that you do not face any problem paying off the monthly amount. Otherwise the dream of your house will eventually disappear and you will have to walk away from your home sweet home.

A number of free mortgage calculators are available online for your convenience. Using these calculators, you can yourself find out the variation in payments for FHA loans and conventional mortgage loans. Moreover it will be easier for you to decide your right option - 15-year fixed rate mortgage or 30-year fixed year mortgage.

A mortgage calculator is a very handy tool to compare the rates from different mortgage providers. There exist a variety of calculators online which are quite simple to use. You just need to fill in your loan amount, length of term and the interest rate, and then simply hit "calculate mortgage". Entering different rates you can decide for yourself the best option for you that you can afford. Basically you can check the "what if" scenarios - changing the term, loan amount or the rates, you can work out your budget accordingly.

I have listed below some of the common types of mortgage calculators that can be beneficial for you. Just search them online and choose accordingly.


  • Simple monthly mortgage
  • Home affordability
  • Mortgage comparison
  • Mortgage qualification
  • Amortization schedule
  • Mortgage refinancing




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