Home Mortgage Loan Calculator

There are many such home loan calculators available, both online and off line. They all provide answers as to how much a monthly payment will be, given a certain percentage of down payment and a certain percentage of interest rate on the loan. Also a part of the calculation is the number of years the loan will span; this directly affects the monthly payment amount as much as does the interest rate imposed. Did you know that the word “mortgage” is of French origin, and means “death gauge”. It is a calculation of how many payments will be necessary between the origination of the loan and the expiration of it, or its death. The payment in full of a mortgage can be accelerated by making double payments or by simply making one or two additional payments applied to the principle only. Any additional payments may be designated as to apply to the principle only.

Online home loan mortgage calculators are on-screen boxes which allow you to enter the principle or loan amount, the interest rate on the loan, the number of years of the loan, and then submit to reveal the amount of the monthly payments. By changing the amount of the interest or the length of years of the loan, you can see quickly what a difference it makes in the monthly payments. Additional calculations that can be done with such home mortgage calculators are refinancing calculators, biweekly mortgage calculators, down payment calculators, and rent vs. buy calculators. You can also calculate how much of a mortgage you can afford with a calculator designed for you to input your total non-mortgage expenses, your annual taxes, and information as to the mortgage length and interest to arrive at a summary of how much of a monthly payment you can afford. This kind of a calculator tells you how much your income must be in order to qualify for various mortgage amounts. Thus, you can see at a glance whether or not a mortgage will suit your financial circumstances.

Some mortgage loan calculators provide bar and line graphs showing the amount the principal declines as the years pass and the amount of principal paid compared to the amount of interest paid over the life of the loan. Others show the impact on the length of a loan by making extra mortgage payments and the changes in the monthly payment amount by increasing or decreasing the down payment amount. One interesting home mortgage loan calculator is designed to allow a comparison of three different home loans. The user of this calculator will input the vital factors such as interest rate, number of years and down payment for each proposed loan and be able to see at a glance the difference in the monthly payments.

Most of such home mortgage loan calculations have traditionally been done by realtors and loan brokers on behalf of their loan seeking clients. But today is a new age, when home buyers are taking charge of more of their own financial inquiries and investigations. The loan calculators perform the math, with input options so simple a child can do it. In short, the ability of a home buyer to crunch the numbers has been thoroughly provided for in these home loan calculators. They make the home buyer the captain of his or her own mortgage options. A simple internet search for home mortgage loan calculators will produce links to all of these outstanding financial tools. Now, the only thing left for the home buyer to decide upon is the neighborhood, the style and size of home, the colors of the carpet and wall paint, and how many bathrooms are needed.