When considering a mortgage loan, knowing how much money you have and will have and how much you are willing to pay for the loan including the interest and principal is very, very important. To help you decide on projecting how much you will be paying bi-weekly or monthly, depending on the payment term you choose for the entire loan period of your mortgage, various mortgage calculators are available.
These mortgage calculators are categorized into 15 classifications depending on the type of mortgage you want and the terms in interests and principal you want to apply. These classifications for mortgage calculators are the following:
a. Mortgage calculator to determine a borrowers ability to afford a house. This type of calculator can be classified into two. There is a mortgage calculator that determines if a borrower can afford a house and mortgage calculator to help the borrower determine if it is better for him to make a small down payment or no down payment at all or save up first, then make a bigger down payment later on.
b. Mortgage calculator for consolidating non-mortgage debt. There are three types of calculators under these. The first one is used for borrowers who want to consider merging non-mortgage debt in their bought mortgage. The second type of mortgage calculator is for those who want to consider refinancing their mortgage by cash-out or by taking another mortgage. The third kind is for borrowers who already have 2 mortgages for a particular loan and are considering other options to help pay off the 1st mortgage.
c. Mortgage calculator to determine the monthly payments of their mortgage. The types of mortgage calculator to be used will depend on the terms you choose. There is a mortgage calculator for fixed rate mortgages, adjustable rate mortgages without negative amortizations, adjustable rate mortgages with negative amortizations, adjustable rate mortgages with flexible amortizations and mortgage payments with temporary buy downs.
d. Mortgage calculator to determine how much interest borrowers can save should he decide to pay an additional amount for the principal value during payment. The mortgage calculator varies depending on the number of payments a borrower is willing to give. These are extra monthly payments, bi-weekly payments applied monthly, bi-weekly payments applied bi-weekly and extra monthly payments to be paid in a specific period.
e. Mortgage calculator to determine if refinancing a mortgage will reduce its cost. This type of mortgage calculator can be applied to a borrower who wants to refinance a mortgage or 2 mortgages. Other calculators are used to determine if refinancing one mortgage into two can reduce costs while others are used to determine if cash-out refinancing is better than deciding to take on a second mortgage.
f. Mortgage calculator for determining the length of time borrowers have to pay insurance premiums applied to their mortgage.
g. Mortgage calculator to determine amortizations. There are 2 kinds of these. One determines the savings a borrower can have on his tax on the interests and the second mortgage calculator determines the appreciation of property being mortgaged.
h. Mortgage calculator to compare two mortgages. These are different types of calculators that compare the various mortgages that include amortizations and non-amortizations, government and non-government loans, fixed rate and adjustable interests.
i. Mortgage calculator to compute points and fees in a mortgage. The calculator is used to determine the rate of return of ARMs (Adjustable Rate Mortgages) and FRMs (Flexible Rate Mortgages) and the amount that can be saved or lost by using paying points for interest reduction on FRMs.
j. Mortgage calculator for determining amounts to be paid for a mortgage insurance and down payment and
k. Mortgage calculator to determine the feasibility of having a mortgage loan in a shorter term.
These mortgage calculators and other various mortgage calculators are available for use in the Internet. Companies such as Freddie Mac, Fannie May, Real-Time-Rates.Com and Mortgage-X have interactive pages in their websites where you can do your calculations online. Aside from these, other sites such as HSH Associates give free downloads of their loan calculators.
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