Which Home Mortgage Calculator Is Right For You?
Simple Home Mortgage Calculator
The first thing you need to know is that there are a multitude of different types of home mortgage calculators to choose from. The most basic type of home mortgage calculator, after you enter the value, will give you the payment. You must have a fixed period of time, the interest must be simple, and the monthly payments fixed.
Home Mortgage Amortization Calculator
This calculator does everything the simple one does plus it has an amortization schedule. An amortization schedule will show you how much of your payment goes to principal and how much to interest. Just remember, any payment you come up with will not have insurance or taxes built into it.
Home Loan Mortgage Calculator
Many current homeowners use this type of calculator to help them make up their minds about whether or not to refinance to a lower interest rate. They do this by giving you what the total projected savings will be in both monthly payment and interest. Some will factor in closing costs.
Multiple Home Mortgage Calculator
This calculator allows you, at the same time, to find the interest rates of multiple loans. Possibly a builder would use this type of calculator, or someone who owns rental or vacation properties.
Advanced Multiple Home Mortgage Calculator
This type of calculator can be pretty complex and is primarily used by banks and financial institutions. It derives the blended rate of up to four loans in any given month and then averages those blended rates over the total length of all loans to calculate an average blended rate. Some also calculate 15 and 30 year loan payments based on balance and rate.
Interest Only Home Mortgage Calculator
This is ideal for the homeowner who is considering paying a little more toward his house payment than is required. It will show how much more per month you would have to pay to reduce your loan a certain period of time.
Home Mortgage Qualifier Calculator
This calculator helps you figure out how much mortgage you can afford. It asks for personal information such as annual income and monthly expenses.
Adjustable Rate Mortgage Payment Calculator
This calculator allows you to calculate new payments as the rate changes. This calculator is used primarily by people that already are in a adjustable rate mortgage.
Balloon Payment Home Mortgage Calculator
A balloon payment is a payment that pays off the entire loan. This calculator will help you determine if a balloon payment is right for you. A balloon mortgage is usually rather short in term, like five years, but the payment is based on a term of 30 years. At the end of the loan period you will need to pay off the outstanding balance.
