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 tools before you consider buying a piece of property.
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.
Excel-Based Mortgage Calculators
I’ve 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. I will do my best to create more and list them below. In the meantime, enjoy the Excel mortgage calculators available now:
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.
More mortgage calculators to come in the very near future.
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