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What is a morgage calculator?

Morgage calculators are used to help a current or potential real estate owner determine how much they can afford to borrow to purchase a piece of real estate. Morgage calculators can also be used to compare the costs or real interest rates between several different loans, determine the impact on the length of the mortgage loan of making added principal payments or bi-weekly instead of monthly payments. A morgage calculator is an automated tool that enables the user to quickly determine the financial implications of changes in one or more variables in a mortgage financing arrangement. The major variables include loan principal balance, periodic interest rate compound interest, number of payments per year, total number of payments and the regular payment amount.

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Calculating a mortgage with a mortgage calculator.

When calculating a mortgage, several things are considered.  The three main componants of any calculator are the amount of money that the interest is being paid on, the interest rate and of course the amount of time you are given to pay off your morgage.  Now the interest rate you pay will depend on who you borrow the money from.  The amount of the mortgage loan will depend mainly on the location of the house, the size of the house and the size of the plot of land.  To calculate the the total amount paid you have to take the amount of the morgage loan, minus what you paid plus the interest on the loan for each month.  You will then have to keep track of how much you pay each month and how many months it will actually take to pay off the mortgage using the equation above.  This should give you a basic calculation of how much you will end up paying on your morgage loan.  For more on calculating mortgages, check out some of our other pages.

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The Cost Of Private Mortgage Insurance

If the down payment you are willing to pay is less than twenty percent of the sale cost, an advanced morgage calculator will also include the cost of private mortgage insurance i.e. PMI while calculating the approximate amount of monthly payment for you. It will give you a more accurate data. For example, if you are calculating the monthly payment for a mortgage of $200,000 at the interest rate of 6.5% p.a. for 30 years with $20,000 as down payment, a simple morgage calculator will give you the output of $1137 – the monthly payment you will have to make. However, it is important for you to understand that this amount does not include the cost of private mortgage insurance that you are supposed to pay. The advanced morgage calculator will include the amount of PMI and thus will give you a much better approximation.

Thus, the different types of morgage calculator can help you in many ways. However, you should note that no matter how advanced the calculator is, it only provides you some useful estimates. In order to get clear and accurate data regarding monthly morgage costs, you are recommended to clarify all your doubts with your morgage professional or lender.

Property Tax in a Morgage Calculator

It is very important for you to understand that property tax plays a very important role in determining the amount of monthly payment for your morgage. Therefore, in order to get you an accurate output, sometimes, an advanced morgage calculator may require you to fill the amount of property taxes in your area. If that is the case, you will have to provide the prior tax rate of your property. Based on this input, the morgage calculator will first calculate the approximate basic increase in property tax values before it provides you an estimated value of your monthly payment.

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Online Morgage Calculator - A Handy Tool To Calculate Monthly Morgage Costs

Morgage calculator is a very handy tool that helps you calculate different aspects associated with morgages. You can find these calculators on different websites dealing with the subject of mortgage. This is basically a web page with a small HTML form. All you need to do is to provide some inputs and as soon as you press the calculate button, you get the desired output. For example, you can use the morgage calculator to find out the approximate size of morgage that you can afford. Besides that you can also calculate the total cost of borrowing and the amount of the monthly payment that you have to pay. In order to find the monthly payment, a simple morgage calculator requires you to provide certain inputs, including the annual interest rate, term of the mortgage, the amount of down payment you are willing to pay, and the sale price of the home. However, there are advanced morgage calculators also available that can help you calculate the cost of private morgage insurance, the amount of property tax in your area, and the extra amount of payment that you may have to pay.

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