Mortgage Rate Calculator
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How Can a Mortgage Rate Calculator Help?
So you're thinking of taking out a mortgage or a refinance mortgage and are being showered with lots of mortgage deals with varying interest rates and terms? How do you work out which is best for you? There's no need to spend hours and hours trying to figure out what can be a complicated calculation all alone. Use a mortgage rate calculator that can provide you with the answer in seconds.
A mortgage rate calculator is a simple mortgage tool that you can find on a myriad of websites online. This calculator can enable you to work out what the best mortgage interest rate and term of the loan is for your personal circumstances. It can also help you to work out whether refinancing a mortgage is worthwhile. Let's look at some circumstances of how a mortgage rate calculator can help.
If you are thinking of taking out a mortgage
- Calculate what monthly payments you would have to make on a particular mortgage interest rate you have seen advertised or been offered by a mortgage lender. See just how affordable it would be to buy your dream home.
- Compare monthly payments on different mortgages in seconds simply by changing the interest rate.
- See how shortening the term of your mortgage can save you thousands of dollars in interest payments. You should be aware that the shorter the term, the higher your monthly repayments will be as you have less time to pay back the loan.
- Obtain a Mortgage Amortization Schedule. This will enable you to understand how the amount of interest you pay decreases as your principal payment increases throughout the life of the loan.
- See how taxes and insurances will affect the monthly repayment by adding these into the equation.
If you are thinking of making additional payments on your mortgage
- If you are thinking of making additional payments, either a one off payment or additional monthly repayments use a mortgage rate calculator. This will illustrate just how much you will shorten the term of the loan and how much you will save in interest.
If you are thinking of a refinance mortgage
- Identify if a refinance mortgage will be right for you. Being offered a low mortgage rate can be particularly attractive but if you have already been paying your current mortgage for a number of years, it may not make financial sense to move the mortgage now. As you will already have paid a substantial amount in interest, a mortgage rate calculator will allow you to work out if you would actually end up paying more in interest by switching.
- See what impact a refinance mortgage will have on the amount of interest you are currently paying. If you can afford to shorten the term of the mortgage as well as benefiting from a lower interest rate, you could save yourself thousands of dollars.
- A simple use of a mortgage rate calculator is to compare interest rates on different refinance mortgages you are being offered.