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Using a Mortgage Calculator to Save Money on Your Mortgage, Learn About Interest Rates
By Chris G Bell

Free Mortgage Calculator

My free mortgage calculator is very easy to use. I’m going to walk you through a few simple steps that will give you the basic knowledge that you need before buying a home, and things to do while you already have a mortgage.

Before you get your mortgage

There’s a lot of research I like to do before even looking for a home. I like to figure out exactly what I can afford, and what the bank will allow me to borrow before finding the home of my dreams. Go to The Free Mortgage Calculator home page and click on the “Borrowing Power” calculator at the bottom. Fill in the necessary information and it will tell you how much you can afford on a monthly basis. Make sure to include ALL expenses because the goal is to live happy and comfortably. So I added a “Monthly Safety Buffer” which will make sure you don’t come within a certain amount of your income. Once you’ve filled out the information you can see the average interest rates and how much of a mortgage you’d be able to afford.

Now that you know how much you can borrow you can decide on the type of home that best fits your interest! The bank has a different calculation that they use to tell you how much you can borrow. They could just ask you what your bills are, but some would lie to get a bigger mortgage, so they came up with their own calculation which is basically no more than 45% of your gross income. Example: Income – $5000.00/mo – you can afford $2250.00 (Mortgage payment, Taxes and Insurance combined). This may be more or less than the number you came up with, but no one knows what you can afford better than YOU. If you get in over your head it could be a nightmare, so be careful and honest to yourself about what you can afford.

Already have a mortgage

I know that it’s a lot of work to get a mortgage and when you finally get in your new home you feel relieved and think that it’s over. IT’S NOT! It’s just begun in my eyes. Go to The Free Mortgage Calculator home page again and click on the 2nd calculator called “Extra Repayments”. Let’s say you just got a mortgage for $100,000.00 at 6% over 30 years. Plug that in and you’ll see that over the next 30 years you will pay over $115,000.00 just in interest! So, now type $20.00 into the “Ext. Rep. Amount” and you will see how much interest you save by adding ONLY $20.00 per month to your principal. Can you believe that it’s $11,465.00? Sounds hard to believe, but it’s true! It also has the ability to tell you that you’ll save 42 months worth of payments!

Let’s see it from another angle – What if I offered you the option to NOT make 42 monthly mortgage payments over the course of your 30 year mortgage by simply increasing your mortgage payment by $20.00? Of course you would take it! You’d be saving a lot of money! So how do you come up with an extra $20.00 per month? EASY! I have a page on my site dedicated to coming up with small amounts of money each month so you can add it to your mortgage and save thousands!

The Free Mortgage Calculator is owned and operated by Chris Bell. I help you understand the mortgage process and I also show you different ways to save money on all that interest you pay for free! Visit http://www.thefreemortgagecalculator.com today!

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How To Build A Mortgage Calculator For Free in Microsoft Excel!
By Chris Le Roy

One of the really cool parts aspects of Microsoft Excel is the functions Microsoft has created for you to use. This means that rather than have to develop a function from scratch you can use pre-built ones to do a plethora of tasks like Building your own Mortgage Calculator. The Mortgage Calculator or PMT function is just one of many Financial Functions available.

Okay, so how to build a mortgage calculator…

The first thing we have to do is to start by setting up a few basic headings. So lets begin by starting a new workbook and clicking in the first cell A1. Enter into cell address A1 the heading – Monthly Loan Repayments. Next off, enter into cell address A2 – Amount of Loan, cell address A3 – Interest Rate, cell address A4 – Length of Loan and then in A6 – Monthly Repayment.

In example mortgage calculator, we will take the Loan Amount, Interest Rate and Length of Loan and calculate your Monthly Repayment. Okay so in the corresponding field B1 enter the value of $200,000 and make sure you format the field as a currency. In cell B2 enter a value of 9.25% and format the field as a percentage and then finally enter in a value for the Length of the Loan as 25. The value you enter into the Length of the Loan field is in years.

Now its time to create the formula that will do your calculation for the Monthly Repayment. The function we will use for this calculation is called the PMT function. The PMT function always returns a negative number so one of the things we will need to do is to convert it into a positive number, but a little on that later.

There are three arguments we will use for this formula and they are -

= PMT(Monthly Interest Rate, Number of Payments, Amount Borrowed)

So to work out the Monthly Interest Rate we simply take the value in B3 and divide it by 12 – B3/12. The PMT function works on the basic of the number of payments you are going to make, so if we are going to make monthly payments on our mortgage we simply take the number of years in cell B4 and multiply it by 12 – B4 *12.

This means that to calculate the Monthly Repayment for our mortgage we need to enter the following formula -

= PMT(B3/12, B4*12, B2)

Now as I said before, the PMT function always returns a negative value, so to turn this into a positive value we simply type the PMT function with the Absolute Function encapsulating it as shown below -

= ABS(PMT(B3/12,B4*12,B2))

Simply type the formula above into the cell B6 and press the enter key. You must now format the cell address B6 as a currency and you can do that by simply pressing the Dollar Symbol on the Formatting Toolbar. As soon as you enter the formula and press enter you should get a result of $1712.76. If you do not get this answer, simply go back and make sure that you have entered the formula correctly.

The cool part about this Mortgage Calculator is that you can go back and change any one of the values in B2, B3 and B4 which are the Loan Amount, Interest Rate and Length of Loan to work out what your monthly mortgage repayments will be.

The cool part about this simple tool is that it tells you really quickly whether borrowing massive amounts from the bank is worth it and whether you can really afford that mortgage. Why not check out what your repayments will be if your interest rate went up by 2 or 3%, it can be really interesting to see the impact on your budget.

Simple tools like this can save you thousands of dollars and can also help you see what changes interest rates will have on your own budget. It is certainly worthwhile building yourself a Budgeting Spreadsheet and the mortgage calculator to work out just what you really can afford especially in these uncertain times.

Chris Le Roy has available Microsoft Excel Shortcuts to help you with Microsoft Excel. To learn more about the mortgage calculator simply check our Chris’s correspondence course where you can earn yourself Microsoft Excel Certificates issued by his company without even leaving home – Microsoft Excel Spreadsheet Training

Tips on Microsoft Excel are also Available.

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The Best Mortgage Calculator is a PITI Calculator
By Lyn Collier

What is the best mortgage calculator to use? One that is designed to keep you out of trouble by including all the hidden fees.

Most mortgage payments include five parts: principal, interest, taxes, insurance (PITI), private mortgage insurance (p.m.i.) Most on-line calculators only give you estimated principal and interest payments. The lender will likely collect the other three parts as well. These other three can add up to hundreds of dollars. So, when calculating house payments, to get a really accurate estimate of your total house payment, you must include all five parts.

You will not have to pay p.m.i if you put 20% down, (read that again…it can save you a ton) or if refinancing, you have at least 20% equity in your home. P.M.I. averages anywhere from $50 to $250 a month depending on your loan amount.

The best mortgage calculator to use is one that will at least give you a payment including principal, interest, taxes, and p.m.i. In my area of the country, tax rates run about 1% of the home’s assessed value. The taxes on a $200,000 home are about $2000 a year.

On a good internet mortgage calculator, there will be a box for the tax rate so that your property taxes can be figured into your payment. If you do not know the tax rate in your area, call your county tax assessor’s office or find a copy of your last tax bill.

Finally, having accounted for principal, interest, taxes, AND p.m.i., you will want to add an amount to cover your home owner’s insurance. A $200,000 home in America can be well insured for around $600-800 a year depending on location. This will add $50-70 a month onto your mortgage payment.

I searched hard but could not find an internet mortgage calculator that will give an estimated payment that includes all five parts.

But the one on my site will give an estimated mortgage payment that includes four out of five: principal, interest, taxes, (piti) as well as p.m.i. All that’s left is to add another $50-70 a month for home owner’s insurance. This is the best mortgage calculator I have found… That’s why it’s on my site.
Read more simple, to-the-point articles about avoiding costly mistakes at http://www.e-home-mortgage-loans.com/index.html

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Using A Simple Interest Calculator – Finding The True Price Of Money
By Dee Reavis

The True Price Of Money

Everything costs something, even money. The price of money is the interest paid. In the case of your “idle” funds (savings account, money market, CDs, savings bonds, etc.), you want to be paid for someone else using them. When you borrow money (mortgages, car loans, credit cards, etc.) the bank wants be paid for your privilege of using their money.

It is important that you know the interest rate you get or pay for money. If you know what that true interest rate is, it is easy to make a comparison with other loan or savings sources.

The False Price Of Money

The problem is that you don’t always know the true interest rate. Banks and other financial institutions will often quote rates that are not the true interest rate. Their motive is to make their offering more attractive than it really is. Following are a few of their deceptive practices:

1. Points on a real estate loan. Points are, in reality, a form of interest. The interest rate quoted for the loan does not take into account the points. If you refinance or sell your home after just a few years, the points will make a significant increase in the real interest rate price of the loan.

2. A very low teaser rate for a fixed time. A local car dealer offers low interest and low payments. However, after 3 months the interest rate and the payment amount triples. The real interest rate can exceed credit card rates.

3. Credit card companies offer 0% interest for 6 months to 12 months for transferring your debt to them. At the end of that 0% period or if you are late on a payment (or even another creditor’s payment), the interest rate goes to their maximum rate of 25%+.

4. The worst offenders of all, are the payday or check cashing companies. They don’t state an interest rate, just a dollar amount. Their true interest rates can be as high as 500% annualized. Those are higher rates than the Mafia loan sharks charged in the 1930s.

5. When advertising rates for a savings account or a CD, banks will often quote an annualized rate. If the funds are not in the savings vehicle for more than a year, then the real rate you will receive will be less due to compounding. It should also be noted that if you withdraw funds from a CD before maturity, the bank will charge you an interest penalty, which will lower your rate of return.

In order to protect yourself from unscrupulous practices, you need to use a simple interest calculator to find the true interest rate on every loan or savings transaction. When you know the true interest rate, you can easily make a comparison with alternative sources to find the best deal.

Using A Simple Interest Calculator

Financial calculators are available online. They make it easy to input your data to calculate what interest rates you are paying or receiving. There are 3 kinds of calculators that you need:

1. A loan payment calculator. When you enter the required inputs of principle, term of loan, and interest rate, you will get a monthly payment. This is a good quick check to determine if the interest rate is correct. (Be sure to subtract all up front fees, such as points, from the principle .)

2. An interest rate calculator. This is similar to the above. However, you must input the monthly payment. The output will give you the true interest rate for the loan.

3. Compound interest calculator. When you enter the savings rate and the frequency of compounding (monthly, quarterly, etc.), the calculator will return the annual interest rate.

Conclusion

With these tools available you will know what the true interest rates are. You will be able to compare rates in order to make the best decisions for your financial future.

Dee Reavis has spent his career analyzing business situations to find the lowest cost methods of doing business. You will find loan payment and compound interest calculators at Simple Interest Calculator or Simple Intrest Calculator.
An interest rate calculator can be found at What Is Interest Rate .

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What’s In A Home Mortgage Calculator?
By Rony Walker

So what is a home mortgage calculator? Simply put, this calculator is a great tool for anyone in the real estate market. But what does it do? It helps you calculate figures related to your mortgage. If you are in the real estate market, you need one. It speeds up all the calculations by using formulas unavailable in a standard calculator.

Different Flavors

There are many variants of the home mortgage calculator. You can choose from many different types. The most basic gives you the payment after you enter the value. No frills and no fuss. All you need is a fixed time period, simple interest, and a fixed monthly payment.

Then there is the home mortgage amortization calculator. It is simply the basic home mortgage calculator with the addition of an amortization schedule. This schedule shows how much of your payments finances principal and how much finances your interest. But, any payment figures yielded will not have any insurance or taxes factored in.

Current homeowners use a home loan mortgage calculator to help them decide about refinancing to a lower interest rate. This calculator gives you the total projected savings in payments and interest. Some will even factor in closing costs.

Step It Up

If you are lucky enough to own multiple homes, you will be using a multiple home mortgage calculator. This type of calculator allows you to determine interest rates of multiple loans at the same time. Home builders are a common class of users for this type of calculator. Owners of rental or vacation properties are another class.

An advanced multiple home calculator is very complex and is used by banks and financial institutions. It can calculate the blended rate of up to four loans in a month and then yields an average blended rate by averaging the differing rates over the total length of all the loans. Some can even calculate loan payments of up to 30 years.

An interest only home mortgage calculator is perfect for the homeowner that is thinking of paying a little more than is required by his monthly payment. It displays how much more per month the homeowner would have to pay to reduce the loan length.

A home mortgage qualifier calculator basically tells you how much mortgage you can afford. It will need information such as income and expenses.

An adjustable rate mortgage payment calculator can derive new payments as rates change. Obviously, this is the type of calculator favored by people with an adjustable rate mortgage.

A balloon payment home mortgage calculator relates to a payment that is made to pay off the entire loan. This calculator helps you determine whether this is a viable option for you. A balloon mortgage is generally short term but the payment is based on a long term. The loan balance is paid off at the end of the period

As you can see, you have a lot of choices depending on your situation. Hopefully, you will use the right type of calculator given all the information above.

Use a home mortgage calculator to calculate the latest mortgage rates for your California refinance. Visit WhatAboutLoans.com today.

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What a Simple Mortgage Reduction Calculator Can Reveal About You Being Debt Free
By Neil Venketramen

The Mortgage Reduction Calculator Can Help With Interest Reduction

If you are like most people who hold a mortgage, you may believe that you are required to pay on the mortgage for thirty years or more, but the simple fact is that a reduction calculator can help the average mortgage holder with interest reduction, and in the end financial reduction.

The mortgage can be reduced, and the financial benefit to you, the mortgage holder can be enormous.

Engaging in a mortgage acceleration program will allow you as a mortgage holder to pay off a loan earlier, building equity faster and the interest reduction can provide extra funds you can use to send the kids to college, take a nice holiday, or handle financial emergencies if and when they arise.

A Mortgage Reduction Calculator Can Save You Money

Entering your own financial numbers into a mortgage reduction calculator can show you the clear interest reduction benefits that come from making extra payments and early payments, which go directly to the principal, saving interest fees.

We are all living in an age of financial uncertainty, with the global financial market having difficulties apparent with every news cast and outlined in every newspaper

Everyone interested in the financial situation and especially everyone who pays a mortgage including interest should be interested in saving money.

The reduction calculator can accomplish this goal for you. For instance, did you know that paying double payments on a 30 year mortgage will result in the second payment going solely towards principal and not interest, cutting back on the amount of interest that you owe?

Most people who automatically say that double payments would reduce a 30 year mortgage to 15 years, but in actually fact it would make the length of the mortgage closer to 10 years, a significant savings.

But let’s face it how many of us can make double payments or actually pay extra towards our mortgage

For you, the wonders of interest reduction that can be gained through the intelligent use of a mortgage reduction calculator can save you real money, and you owe it to yourself and to your family to determine how much interest can be saved.

And the best part you don’t have to spend more or refinance.

Do Yourself A Favor…

The only way to determine how much money you can save in your individual and unique situation is through putting your own numbers through a mortgage reduction calculator.

Everyone’s financial situation is different.

A reduction calculator will show you how much interest you are paying on every payment, and how much the total interest paid on the mortgage is through the total life of the mortgage.

When you alter the time frame of your mortgage payments, the mortgage reduction calculator will then show you in plain and easy to understand language how much interest you are saving.

Through proper use of the mortgage reduction calculator you will see a financial reduction that will ensure that you achieve the equity value you desire for your property as quickly as possible.

Saving money with this financial tool is in the best interest of everyone in today’s mortgage market.

To find how fast you can eliminate your debt and retire early, please go directly to http://www.eqxl.com enter your information directly into the free mortgage pay off calculator and within 4 seconds you will find out exactly what this system can do for your situation.

And we will give you a valuable guide to help you implement this program so that you can be on your way to being debt free today.

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Interest Only Loan Calculators
By Jimmy Sturo

An interest-only loan is a loan for which the borrower pays only the interest on the capital for a set term, while the capital continues to be outstanding. At the end of the loan term, the borrower has the options of renewing the interest-only loan, repaying the capital, or converting the loan in to a regular principal and interest payment loan. An interest-only loan is a popular method of borrowing money to purchase an asset that is not likely to depreciate much and can be sold at the end of the loan term to repay the capital.

In the United States, a 5 or 10 year interest-only period is the most common. After this period, the principal balance is amortized over the remaining term of the loan. To put it differently, if a borrower had opted for a 30 year mortgage and the first 10 years were interest only, at the end of the first 10 years, the principal amount would be amortized for the remaining period of 20 years. The main benefit is that the monthly repayments for the first 10 years are early substantially lower than the monthly repayments for the next 20 years. This allows a borrower, who expects a substantial increase in income over the term of the loan to borrow a larger amount than they would have otherwise been able to afford.

Interest only loans need calculations to find out the monthly repayment amount that needs to be budgeted. The calculations can get quite confusing when an initial interest only period is followed by a period of principal amortization coupled with interest payment. Interest only loan calculators play an important role in helping a person figure out the payments required to be made during the term of the loan. Several reputed websites such as bankrate.com offer online interactive interest only loan calculators that not only help you figure out how much your mortgage is going to cost but also provide the latest interest rates and advice.

Loan Calculator provides detailed information on Loan Calculators, Auto Loan Calculators, Loan Payment Calculators, Interest Only Loan Calculators and more. Loan Calculator is affiliated with Car Loan Rates.

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How To Calculate Loan Payments and Amortization on the Back of an Envelope With a Cheap Calculator
By Peter Boston

In a previous article we presented a simple formula to calculate the amount of a monthly home mortgage loan payment. The formula applies to any compound interest loan. The only special equipment you need is a calculator with a power function key. That’s the key with the y superscript x (y ^ x). If you have kids in school you probably already have one.

Here is a review of monthly payment formula.

The variables are:

N = loan period in months. i.e. 20 years = 240 months.

R = interest rate in whole numbers. i.e. 8% written as 8.

P = principal amount of the loan. The amount borrowed.

Q = the Q factor. An intermediate calculation.

M = monthly payment amount

Here’s the entire formula for the monthly payment amount of a compound interest loan:

M = (P * R * Q) / (1200 * (Q -1))

Easy enough, but first you have to calculate the value of Q. Here is the formula:

Q = (1 + R/1200) ^N. Pretty simple, but you do need the power function key. N can get large.

In our earlier example we calculated a monthly payment of $418.22 on a $50,000 second mortgage at 8% for 20 years. You have paid the 2nd mortgage loan for 5 years (60 months). The pay off amount is $43,763 (rounded). This is how to calculate the pay off amount on any compound interest loan after N number of payments.

This is an easy three step process with a subtraction at the end. First calculate the growth value of the loan amount (P). P increases by a factor of (1 + R/1200) per month, so after N months the value of the principal amount of the loan would have inflated to P * (1 + R/1200) ^ N. For the current $50,000 second mortgage the calculation looks like this:

50000 * (1 +8/1200) ^60 = 74492.28 (step one)

The monthly payments have also inflated by a factor of (1 + R/1200) per month so in math talk we have a geometric series with n terms. The monthly payment part is a little more complicated and the formula looks like this:

1200 * M * ((1 + R/1200) ^N -1) / R

Plug in the actual values and it looks like this:

1200 * 418.22 * (1 + 8/1200) ^60 / 8 = 30729.49 (step two)

Now finish up by subtracting the inflated repayment value from the inflated loan amount value to get the pay off amount:

74492.28 – 30729.49 = 43762.79 (pay-off)

Once you know how to calculate the monthly payment and pay-off amount for any compound interest loan on the back of an envelope, you can noodle mortgage and car loan what-ifs from anywhere.

(c) 2006 Peter Boston is an attorney, writer, and the editor of the profacere.com website, a tips and resource site to refinance a second mortgage, get no fax payday loans, or improve your FICO credit score, updated daily on the profacere.com credit blog.

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Florida Mortgage Loan Calculators
By Josh Riverside

Buying a home is a big investment and a dream for most people. It is generally a one-time investment for most people as it involves a lot of money. This is the reason most people look for a mortgage or a loan while buying a house. The Florida real estate market is currently booming with falling interest rates and easy loans. Mortgage lenders are offering several kinds of loans and special mortgage loans to attract customers. There are also different packages of loans to suit all needs and preferences, even those of bad credit rated customers.

Most people do not understand the typical terminology associated with mortgage loans like PMI (Private Mortgage Insurance), APR, settlement costs, points etc. Calculation of a mortgage payment, which depends on several factors like the rate of interest, monthly payments, tax advantages, refinance options, mortgage term and others is slightly complicated and difficult to calculate at one go. Florida mortgage loan companies provide mortgage loan calculators, which make this task easier. These calculators are very simple to use and are very efficient.

Mortgage loan calculators are electronic programs that just involve entering of basic information like the desired loan amount, the current monthly payment, the loan purpose and the state where the loan was taken. A simple click of the button would give a wide range of information like the current mortgage rates as well as the various loan options available. Some advanced calculators may also consider other things like the sale price of the home, percentage down, length of the mortgage, annual interest rate and so on.

There are also different calculators for refinance mortgage loans, home purchase calculators, and home equity calculators. These provide information about the kind of home the client can afford, the tax advantages, the options of fixed-rate and adjustable mortgage loans, debt consolidation through the home equity, home improvement options and other finance decisions.

Florida Mortgage loan calculators are available at most Florida mortgage lenders. They are also available online at the web sites of these companies. The Internet is a very good source for finding these calculators. A professional mortgage lender would be able to use a good calculator and offer the best mortgage loan services.

Florida Mortgage Loans provides detailed information about Florida mortgage loans, Florida commercial mortgage loans, Florida mortgage loan calculators, and more. Florida Mortgage Loans is affiliated with Florida Mortgage Broker.

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Auto Loan Calculators
By Jimmy Sturo

Every automobile purchase that is financed involves several decisions regarding the loan amount, duration of the loan, and the size of the repayment installments. Beyond the decisions of choosing the right brand, model and color for one’s own car, the number crunching that accompanies the choice of a loan is difficult for most people. Auto loan calculators make this task simpler.

Auto loan calculators consider all the inputs that are required to calculate the equated monthly installments. These include the retail price of the car, the interest rate being offered, the duration of the loan, the down payment, the sales tax, and the available rebates, among others. Using online auto loan calculators, the entire process becomes as simple as entering the retail price of the vehicle, the prevalent interest rate and the duration of the loan to calculate the estimated monthly payment. For example, a car worth $20,000 at a sales tax and interest rate of 8% and a down payment of $5,000 can be bought by paying 24 monthly installments of $887 or 60 monthly installments of $398.

Today, a host of companies provide free auto loan calculators on the web. Before choosing a loan or talking to a lender, it is always advisable to work out the math on these calculators. Web sites like Autosite.com and Bankrate.com are two of the reputed web sites that provide online provide auto loan calculators. Within a matter of minutes, you can calculate the monthly installment that is to be paid. However, it is important to do a bit of homework. This includes finding out the price of the car, the prevalent sales tax and the interest rate. It is also important to ensure that you enter the correct figures in the loan calculator.

Some auto loan calculators also calculate the maximum amount of loan amount that you are eligible for based on your present income. So the next time you decide to purchase a vehicle, it might be a good idea to use an auto loan calculator to find out the maximum you can afford to spend before stepping into a car dealers showroom and getting swept away with pressured sales talk.

Loan Calculator provides detailed information on Loan Calculators, Auto Loan Calculators, Loan Payment Calculators, Interest Only Loan Calculators and more. Loan Calculator is affiliated with Car Loan Rates.

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