The essential part of a mortgage besides the loan amount (principal) is the interest, which is the cost of the loan for the debtor, and the remuneration for the bank. The bank holds this title until the debtor fully repay the whole loan. Bi-weekly mortgage payment - created for accelerated bi-weekly mortgage estimations.Īlso, you may check our HELOC calculator if you are specifically interested in a home equity line of credit.įormally, a mortgage loan (or simply mortgage) is a legal agreement where a bank (or other authorized institution) lends money to the borrower in exchange for taking the title of the debtor's property.Adjustable-rate mortgages (ARMs) - with this tool you can estimate the interest and monthly payments for ARMs.
Simple mortgage calculator how to#
If you read further, you can learn what mortgage definition is, how to calculate a mortgage payment, and what are the common types of mortgages. Lastly, the amortization table allows you to analyze your balances in each due date in a specific interval. For simplicity, we also designed a diagram that displays how your loan relates to other costs emerging from your mortgage. Besides, the mortgage summary gives you a detailed picture of your mortgage loan with comparisons from different angles. With the dynamic chart built in the calculator, you can easily follow the progression of your yearly balances and its alteration in case of accelerated payment or different prepayment methods. As the primal function, it enables you to estimate your payment with different loan constructions and compare them alongside its connected costs, especially its interest payments. This mortgage calculator is a well-equipped loan calculator that deals with multiple questions arising when you are about to buy a house with a mortgage loan.
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