Mortgage Calculator

Mortagage calculator helps you estimate Monthly payment. The mortgage is primarily a loan borrowed for real estate. The borrowed amount is called Principal, on which interest applies per annum. The key components that are used in Mortgage Calculator are:

• Loan Amount: This is the amount borrowed from the Lender. It doesnt consider the amount of down payment made.
• Down Payment: It is the part of total payment, paid as upfront amount. For down payments lower than 20%, PMI (Private Mortagage Insurance) is needed to be paid.
• Loan Period:The time period within which loan must be paid. For shorter Loan period, Interest rates are lower too.
• Interest Rate: This is the percent of loan applied on the total amount borrowed. It may affect the Loan type - Fixed Rate mortgages or Adjustable Rate Mortgages. Based on market fluctuations the ARM changes over a period of time while it is constant for Fixed Rate Mortgages type of Loan borrowed.

How does Mortagage Calculator helps you?

With the use of Mortgage Calculator one can enjoy following benefits:

• Estimate Monthly Amount Payments: It accurately tells you how much amount you're required to pay each month. It states homeowners insurance premiums and property taxes amount.
• Know about Amortization Schedule: Get to know the Amortization schedule as per the Principal amount, Interest rate & other affecting factors.
• Analyse Impacts of Mortgage payments: Summarize the affects of the Payment you are required to pay, the loan amount & Savings you've made.