Mortgage

Mortgage Calculators

We provide a number of calculators aim for consumers and businesses looking getting a new or modifying an existing mortgage. The following calculators can help you determine everything from if an ARM of fixed rate mortgage is better for you to a refinancing break-even point.

studio-calculator_318-63480Adjustable rate mortgages can provide attractive interest rates, but your payment is not fixed. This calculator helps you to determine what your adjustable mortgage payments may be.

studio-calculator_318-63480Use this calculator to determine the Annual Percentage Rate (APR) of your Adjustable Rate Mortgage (ARM). Knowing your APR can help you compare different ARMs with different fees and terms.

studio-calculator_318-63480Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM. A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease.

studio-calculator_318-63480A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.

studio-calculator_318-63480This calculator shows you possible savings by using an accelerated biweekly mortgage payment. Biweekly payments accelerate your mortgage payoff by paying 1/2 of your normal monthly payment every two weeks. By the end of each year, you will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest. Click on the “View Report” button to see your savings!

studio-calculator_318-63480This calculator shows you possible savings by using an accelerated biweekly mortgage payment. By paying 1/2 your monthly payment every two weeks, each year your mortgage company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.

studio-calculator_318-63480The high price of homes has many buyers trying to get 100% or near 100% financing. One option is to acquire two mortgages. This calculator helps you determine the effective, or blended, interest rate you would pay if you use a first and a second mortgage to finance the purchase of your home.

studio-calculator_318-63480Use this calculator to determine the minimum downpayment and maximum FHA mortgage that would be allowed on a home purchase. It will also create an estimate of your closing costs and required upfront Mortgage Insurance Premium (MIP). This calculator is designed to determine the FHA mortgage limit for a particular purchase, not the maximum allowed for any home in your state and county. To determine the maximum purchase price for your area you should use https://entp.hud.gov/idapp/html/hicostlook.cfm at the HUD.gov. Then use the calculator below to determine the required down payment, FHA mortgage limit and required upfront Mortgage Insurance Premium (MIP).

studio-calculator_318-63480A fixed rate mortgage has the same payment for the entire term of the loan. Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.

studio-calculator_318-63480A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease. LIBOR, which stands for the London InterBank Offered Rate, is an index set by a group of London based banks, and sometimes used as a base for U.S. adjustable rate mortgages. This calculator compares a fixed rate mortgage to a LIBOR ARM.

studio-calculator_318-63480Interest only mortgages can provide you with very low monthly payments, however you are not paying off any principal during the interest only period. Use this calculator to examine an interest only mortgage.

studio-calculator_318-63480Use this calculator to generate an amortization schedule for an interest only mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments. Press the “View Report” button for a full yearly or monthly amortization schedule.

studio-calculator_318-63480What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.

studio-calculator_318-63480Use this calculator to determine the Annual Percentage Rate (APR) for your mortgage. Press the report button for a full amortization schedule, either by year or by month.

studio-calculator_318-63480Determining which mortgage term is right for you can be a challenge. With a shorter year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.

studio-calculator_318-63480This calculator is designed to help determine whether using a mortgage to consolidate your debt is right for you. Enter your credit cards, installment loans and the mortgages you wish to consolidate by clicking on the ‘Enter Data’ button for each category. Then change the consolidated mortgage loan amount, term or rate to create a loan that will work within your budget. Click the “View Report” button for detailed results.

studio-calculator_318-63480Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the “Report” button for a full yearly or monthly amortization schedule.

studio-calculator_318-63480Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the “Report” button for a full yearly or monthly amortization schedule.

studio-calculator_318-63480How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the “View Report” button to see a complete amortization payment schedule and how much you can save on your mortgage.

studio-calculator_318-63480Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each ‘point’ will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points, or use the money to increase your down payment. Click on the “View Report” button to review your information.

studio-calculator_318-63480The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the “View Report” button to see a complete amortization schedule of your mortgage payments.

studio-calculator_318-63480What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.

studio-calculator_318-63480A fixed rate mortgage has the same payment for the entire term of the loan. The Option ARM uses a low initial rate to calculate your initial minimum monthly payment. Although the interest rate will increase after 1 to 3 months, your low payment will remain fixed for the entire year. This can produce a much lower monthly payment than a traditional fixed rate mortgage, or even an adjustable rate mortgage (ARM).

studio-calculator_318-63480How long will it take to break even on a mortgage refinance? That depends on a multitude of factors including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. Use this calculator to sort through the confusion and determine if refinancing your mortgage is a sound financial decision. Click the “View Report” button for a detailed look at your records.

studio-calculator_318-63480How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the “View Report” button for a detailed look at the results.

studio-calculator_318-63480Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.

studio-calculator_318-63480Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes and monthly payments to help you make a decision between these two options. This report is based on the original purchase price, fees and taxes payable at that time. Insurance and tax costs can fluctuate from year to year. Click the “View Report” button for a detailed look at the results.