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The Mortgage Calculator allows you to analyze your situation with regards to your mortgage needs. In addition to the regular mortgage, it is also capable of computing the bi-weekly option for comparison. The calculator allows you to compute one of the following variables while allowing you to modify the others:
| Loan Amount | |
Click this button to figure out how big a loan you afford to get given you specify the interest rate, loan duration and the monthly payment you can afford.
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For example, you may want to know 'if I want my monthly payment to be not more than $2,000, how much can I borrow if I want the 7%, 15 year mortgage?' |
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Or, 'if I decide to go for the 30 year loan, will I be able to afford a bigger home if the interest on that loan is 7.25%?' |
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Or, 'if my brother-in-law can give me a loan at 4%, will I be able to afford that dream home if I can pay over 20 years?' |
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| Loan Period | |
To figure out how long your debt will last, you can choose to compute the loan period by clicking this button. One typically solves for the loan period to figure out how an increased monthly payment will reduce the loan term.
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For example, you may want to know 'how many years will my loan last if I increase my monthly payment to $1,500 on my 6%, 15 year, $150,000 loan?' |
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| Annual Rate | |
Click this button to figure out what the maximum interest rate you can pay for the loan.
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For example, you may want to know 'if I can only afford to pay $1,200 instead of $1,500 but I still need a $200,000 loan, what does the interest rate on the loan have to be?' |
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Or, 'if I decide to go for the 15 year loan, how low does the interest on the loan have to be for me to still pay $1,200 a month?' |
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Or, 'if I can reduce the amount I need to borrow to $150,000, does it change the interest rate situation on the loan to be more realistic than 1%?' |
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| Monthly Payment | |
To figure out what your monthly payment will be for the loan of your choice, you can click this button.
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For example, you may want to know 'how much will my monthly payment be for an 8% loan versus a 7.75% loan?' |
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Or, 'how much more is my monthly payment going to be if I get a bigger loan?' |
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Or, 'I want to find out if the monthly payment is more to my liking if I can increase the loan term to 30 years?' |
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Once you choose a variable to compute, you can then click the diamond shaped sliders next to any of the other variables and drag them to the left or right to an appropriate value to get immediate answers for any number of 'What If' questions. However, if you want to enter an exact value for a variable and the sliders are unable to provide this, you may click the edit field and enter the exact value.
You will also get an indication of the total interest paid in the regular mortgage as well as the bi-weekly mortgage. The graph in the second tab will give you a comparison of the regular mortgage and the bi-weekly mortgage.
Here is a short list of some of the other questions the calculator will answer:
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'What if I want a bigger home?'
'What if I want to try a 15 year loan?',
'What if I can obtain a loan with a lower interest rate?',
and more...
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