One of the most sought after financial tools online are mortgage calculators. These calculators help many people plan and test different scenarios before choosing their next home mortgage.
Among all the online mortgage calculators, two stand out as the most popular; the fixed rate mortgage calculator and adjustable rate mortgage calculator.
Considered by many as the most popular, a fixed rate mortgage calculator will generally allow you to input a variety of factors such as the principal amount being borrowed, the interest rate, and the term of the loan.
Some mortgage calculators will even allow you to input taxes, insurance, and PMI and will compute a payment with and without taxes, insurance, and PMI and supply you with a printable amortization schedule.
Using an adjustable rate mortgage calculator is a great way to calculate changes in monthly payments due to fluctuations in interest rates. A calculator such as this will use your data like the amount of money you plan to borrow, the initial interest rates, term of the mortgage, expected adjustments, the length of time until interest rate adjustments occur, time period between adjustments, and the maximum interest rate cap.
These calculators will calculate the beginning monthly payment, total interest, total monthly payments, and the maximum monthly payment.
Finally, another great calculator tool is the Adjustable Rate, Fixed Rate, and Interest Only Mortgage comparison calculator which will display the data side by side for comparison.
This calculator will allow you to input all the pertinent loan information, such as amount borrowed, interest rates, adjustments, adjustment intervals, and interest rate caps. The output will compare the monthly payment, total interest, total monthly payments, and maximum payments.
A mortgage calculator is helpful but it is not the final say. You should choose the mortgage that best suits your needs. For example, interest only and adjustable rate mortgages are better suited if you only plan to live in the home for a little while. A fixed rate mortgage may be better suited if you anticipate living in the home for long time.
Finance News Today is a free resource website on personal finance. We offer a free monthly mortgage calculator and a free ARM calculator to aid in your financial planning.
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