The use of a “mortgage calculator” can be very helpful when trying to figure out monthly housing payments, how much one can afford, and how one should structure a mortgage. You really should use these one (or two or three) before you consider buying real estate.
Check Out My Web-Based Mortgage Calculators
- Mortgage payment calculator
- How much house can I afford calculator
- Refinance calculator
- Early mortgage payoff calculator
- Rent vs. buy calculator
There are a number of different mortgage calculators available that serve all types of different purposes. Some are very simple, while others are very involved, including things like property taxes, homeowners insurance, HOA dues, and so forth.
There’s also the question of accuracy, as some may underestimate the true cost of homeownership. I’d say they more often underestimate rather than overestimate, which is an obvious problem for would-be home buyers, especially first-timers who may also downplay the many hidden costs involved.
Anyway, let’s stop worrying and start calculating, shall we?
You may want to start with the classic mortgage payment calculator, which as the name implies, allows you to calculate a monthly mortgage payment. This is ultra-basic, but also a good first step in determining how much a given loan amount will set you back. And this is before we even factor in insurance, taxes, and utilities. It can really add up.
You can use it to calculate a 30-year fixed mortgage, a 15-year fixed, or any other loan term of your choosing. It’s very simple to use and is a good starting point on your mortgage journey.
If you’re a first-time home buyer or a seasoned pro looking to buy a second or third home, the how much house can I afford calculator might be just the ticket to narrow down your real estate search.
If you’re already a homeowner and have an existing mortgage, you can check out my refinance calculator, which will factor in your current home loan and proposed refinance loan to determine if it’s more or less a good deal.
It doesn’t always make sense to refinance, depending on your unique situation, so taking the time to run the numbers might be a good idea before you dive in.
Once you do find that forever home, you might be interested in paying off your mortgage once and for all, and perhaps even early.
If that’s your goal, check out the early mortgage payoff calculator, which allows you to plug in extra payments in a variety of different ways to see how quickly you can pay off your mortgage, and more importantly, how much you can save on interest over the life of the loan.
Excel-Based Mortgage Calculators
Back in the day, I created a few mortgage calculators using Microsoft Excel. Unfortunately, I’m not able to integrate the calculators into my blog, so you’ll have to download the Excel spreadsheets below. They are safe. Use a virus checker if you are at all concerned or simply stick to the web-based mortgage calculators above instead.
If you’re thinking about buying a piece of property you’ll need to know your debt-to-income ratio. Use this handy mortgage calculator to tally up your monthly debts and proposed housing payment and then compare the sum to your monthly income. It’s much better than simply ballparking those figures.
Another crucial mortgage calculator is the interest-only payment mortgage rate calculator. It calculates your monthly mortgage payment if you just pay the interest portion of your mortgage payment. Many borrowers choose interest-only home loans to save money, but it won’t pay off any of the principal of your home.
If you want to know the total principal and interest payment each month, try my 30 year mortgage calculator. It calculates your monthly payment based on a 30-year fixed-rate, assuming you pay the full principal and interest payment each month. This payment is always higher than an interest-only payment, but some of the monthly payment actually goes towards the ownership of your home.
If you’re considering a combo, that is, a first and second mortgage, use my “blended rate mortgage calculator” below to decide if two loans are better than one. This calculator generates a single interest rate based on both proposed loan balances and their corresponding interest rates. First learn more about how to figure out blended rates, then download the calculator!
Here is my personal favorite, the negative amortization mortgage calculator. Businessweek magazine featured this type on mortgage as their cover story no more than a couple months ago. For anyone thinking about an option-arm/neg-am, this calculator is a must!
Here is a new calculator I have been using for my own finances for the last few months. It allows me to manage all my credit cards, including their balances, minimum payment, due date, APR, and total credit line. It also allows me to see my aggregate credit line and total available credit percentage. It’s a handy tool that will keep you up-to-date and also give you a good idea of how your credit appears to possible creditors.
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