The mortgage loan calculator (PITI) will allow you to calculate the monthly mortgage payments for various
types of mortgages that include the principal, interest, taxes and insurance portions of your monthly
mortgage payment. The mortgage loan calculator will also allow you to figure out the amortization schedule
for each type of mortgage.
There are many different mortgage options to choose from whether you are setting up a new mortgage to
purchase a home or to refinance a mortgage on a home that you already own. There are fixed rate mortgages,
fixed to adjustable rate mortgages and adjustable rate mortgages to choose from.
The balloon loan calculator will help you to calculate the monthly mortgage payment that you can expect
to pay on a balloon loan. This calculator will also tell you what the balloon payment that will be due at
the end of the mortgage.
The main difference between a traditional mortgage and a balloon loan is that at the end of the term of
the balloon loan (five to seven years) the borrower is required to pay off the outstanding balance on the
loan. Since most borrowers cannot afford to pay off a large lump sum at the end of the term this usually
means that borrowers must either refinance, sell the home or convert the balloon loan into a traditional
mortgage at the current interest rate.
This calculator will allow you to compare the monthly mortgage payments of a 15-year fixed to a 30-year
fixed term mortgage. The fixed rate payments will be based on a fully amortized principal and interest
payment over a 15-year period and a 30-year period. You can also calculate and compare the total amount
of interest that you will pay with each type of mortgage.
Fixed rate mortgages have a fixed interest rate for the entire term of the mortgage loan. Typical fixed
rate mortgage options are 15 and 30 mortgages. Fixed rate mortgages also have fixed monthly mortgage
payments for the entire term of the loan so that the balance of the mortgage is completely paid off at
the end of the mortgage term.
A LIBOR ARM is an adjustable rate mortgage that is based on the LIBOR index, which stands for the
London Inter Bank Offered Rate. When a LIBOR ARM is due to adjust, a margin is added to the LIBOR index
in order to figure out what the adjusted rate will be. The margin that is added to the index is established
when the mortgage is originally set up and is fixed for the term of the mortgage.
The Interest Only Mortgage calculator will help to determine what the amortization schedule will be for an
interest only mortgage. The calculator will also help to determine how principal payments made to reduce the
mortgage balance will affect the amortization schedule.
The mortgage APR calculator will help you to determine the annual percentage rate (APR) that you will be
charged on your mortgage. This calculator will also help you to calculate your monthly mortgage payment,
the total interest that you will pay on your mortgage, and the total amount your payments will add up to
over the term of the mortgage.
When you obtain a mortgage you will hear the lender quote an interest rate and the APR. APR stands for
the annual percentage rate, which is defined as an annualized cost of credit. This means that the APR is
the rate that you will really be paying on your mortgage because this figure includes upfront costs such
as points, closing costs, and prepaid interest. Mortgage lenders are required by law to disclose the APR
to borrowers when quoting the interest rate. Because the APR includes other costs besides the actual amount
of the mortgage, it is higher than the interest rate that is used to calculate the monthly mortgage payments.
