Mortgage Calculators
Online mortgage calculators are useful tools for current and potential homeowners. Mortgage calculators can help you determine how much you can afford to borrow, what your loan payments will be, the cost differences between types of mortgages, and much more.
To use an online mortgage calculator, you will generally need to provide the following type of information:
- Mortgage loan amount
- Mortgage term length
- Interest rate (or mortgage rate)
- Cost of mortgage insurance and homeowners insurance
- Cost of property taxes
- Your income and debt obligations
A good mortgage calculator will give you fast and easy-to-understand results. However, keep in mind that these computerized tools are mainly for your convenience ― they are not always 100% accurate or true, but they will give you a decent estimate of your situation.
Who should use a mortgage calculator?
Mortgage calculators are good tools for renters who are considering homeownership, homebuyers who want to know how much they can afford, and borrowers who want to know what their monthly mortgage payments will be.
There are also online calculators for those who want to compare monthly vs. bi-weekly mortgage payments, make pre-payments, or homeowners contemplating a mortgage refinance.
While the results of a mortgage calculator should not be your only deciding factor, many people find that a good mortgage calculator can help point them in the right direction.