Mortgage Calculator - Mortgage Loan Calculator
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The fixed mortgage loans ensure fixed monthly payments and interest rates throughout the period of the loan. The different types of fixed mortgage loans one can avail of are:
- 40-Year Fixed Rate Mortgages
- 30-Year Fixed Rate Mortgages
- 25-Year Fixed Rate Mortgages
- 20-Year Fixed Rate Mortgages
- 15-year Fixed Rate Mortgages
- 10-Year Fixed Rate Mortgages
- Biweekly Mortgages
- Convertible Mortgages
The 15 year and 30 year mortgage loans are the most popular choice among loan seekers. Some common considerations are:
- Lower the term: lower rate of interest
- Monthly payments are lower for 30 year as compared to 15 year mortgage.
- Market fluctuations do not impact interest rate or monthly payments
- During the early amortization period the monthly payments are used to service the interest payments followed by payments for the principal amount.
- Another option is a Balloon loan which is a short term fixed loan providing a lower interest rate for a short term. However, a lump sum of money must be paid at the end of the term
- Fixed rate loans offer a higher rate as compared to adjustable rate loans.
- Interest payments reduce taxable income
You can assess the cost and savings by using the online fixed rate mortgage calculator that provides a rough estimate of:
- Monthly payment
- Total Payment
- Total Interest
- Interest Savings in case of Prepayment
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Monthly payment
- Monthly principal and interest payment (PI).
- Total payments
- Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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