Websites that offer a monthly mortgage payment calculator can be a great resource in helping you to initially determine what interest rate and principal loan amount you can afford. However, they should not be used as a complete determinant of the actual amount youíll have to pay each month toward your mortgage and related expenses. There are many other costs that go along with obtaining and keeping a mortgage that a mortgage calculator doesnít consider. This article explains the costs that people often arenít prepared for after estimating their monthly mortgage payment with a mortgage calculator.
Learn More about Mortgage Calculation
Fixed Rate Mortgage vs. Interest Only Mortgage
Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.
Debt Consolidation Calculators
When the typical debt-consolidation company advertises that they can "save you money," what they are most often referring to is simply a reduction in your total monthly debt payments -- not a savings in the cost of paying off your debt (interest charges). Sure, by consolidating your payments into a single loan, you might be paying one monthly payment that is smaller than the sum of your current monthly payments, but if they stretch your loan out for a longer period of time you could actually end up paying more interest by consolidating. This calculator will help you to determine whether or not consolidating will actually reduce the cost of retiring your debts.
Loan Calculator w/ Amoritization Schedule
This calculator will compute a loan's monthly payment amount based on the principal amount borrowed, the length of the loan and the annual interest rate.
Loan Comparison Calculator
To calculate the payment amount and the total interest of any fixed term loan, simply fill in the 3 left-hand cells of the first row and then click on "Compute." Use the other three rows to see what effects are produced by changing any one of the loan's original variables.
Mortgage Payment Breakdown
This calculator will help you to determine the principal and interest breakdown on any given payment number.
This calculator will show you the additional monthly payment you will need to make on your current mortgage in order to pay if off within a specified number of years. It will also show you how much interest you will save if you make the calculated additional payment each month, from now until your mortgage is paid off.
Mortgage Qualification 1
Begin by clicking in the first entry field and follow the instructions that appear in the Help box.
Mortgage Qualification 2
Complete or change white entry fields (gray fields are calculated automatically). The calculator will automatically recalculate anytime you make a change to white field and then press the TAB key.
Retirement Savings Calculator
Use this calculator to compute how much you would need to have invested in order to withdraw a specified amount each year over the course of a specified period of time. For example, if you want to be able to withdraw $500 during each month of your expected 20-year retirement, this calculator will tell you that if you expect to earn a 10% interest rate you will need to have $51,812.30 saved up by the time you retire. This is often referred to as "Present Value of an Annuity" analysis.
Savings Goal Calculator
Use this calculator to figure how much your current savings will grow and how much more you'll need to save each month in order to achieve a given savings goal within a given number of years.
Simple Loan Calculator
Simple Loan Calculator