Much like common mathematical calculators, a mortgage calculator is a small handheld device to compute the total payment of a mortgage loan, including principal, interest, taxes and insurance with relation to the repayment schedule such as quarterly, monthly or biweekly. The instrument can also used to calculate the amortization schedules, balance on the mortgage taken, and the future value of a mortgage. Not only that, some mortgage calculators have rent-versus-buy features to analyze which of these two options would be better in the long term. Most mortgage calculators also do currency conversions and tax calculations.
A calculator can come in quite handy, since you can take it with you to meetings with your realtor or builder, to crunch the numbers as you go through the purchasing process. The Internet will provide the easiest use of a home mortgage calculator, since you can simply punch in the information necessary, and the computer will do all of the hard work for you.
The keys are similar to ordinary mathematical calculators having numeric keys from zero to nine. Similarly, there are related symbols for functions such as addition, subtraction, multiplication, division, percentage and so on. They have integrated circuitry within their bodies and are operable with one or two 1.5-volt pencil cells. Since mortgage calculators are used for quick calculations, their buttons are usually larger in size than normal calculators. Depending on the quality and various features, they may be priced between 10 to 50 UK pounds.
To use a mortgage calculator, you simply need to know the approximate purchase price of the home that you are interested in, and the current rate of interest available for a loan in that amount. You can find out how much your monthly mortgage payment will be, which will give you an idea of how much house you can afford. You can also use a mortgage calculator to determine the annual income that will be required to purchase a home in a particular price range. To utilize this type of mortgage loan calculator, you will need to know the amount of your monthly expenses, as well as the purchase price of the loan and the interest rate.
There are plenty of commercial mortgage calculators on the web which you can use free of charge. All you need to know is your mortgage amount, the down payment, interest rate, and the number of years. You will get your monthly payment calculated for you by simply putting those numbers into the commercial mortgage calculator. Often, companies will create free tools for you to post on your website in exchange for a small link back to them. This will save you time and money in creating your own web tools or calculators, which can often be expensive. There are any numbers of websites on the Internet that will provide this service for you, and a number of calculators that you can purchase that will provide this functionality.
Thus, a mortgage calculator is an efficient tool to help you calculate how much money you can afford to pay on a mortgage and to have a price range in mind before searching for a suitable home and loan option. If you are thinking of refinancing your current mortgage loan, a mortgage calculator can be a great tool for you. For this, you need to know what your existing mortgage loan balance is, the current commercial mortgage interest rate, and number of years you wish to refinance your commercial mortgage loan.