What is a Mortgage

Calculator?

► The MORTGAGE PAYMENT CALCULATOR – this calculator provides the details of the consumer’s mortgage payment for the loan term.
► The REFINANCE CALCULATOR – this one actually helps the borrower to determine whether it is the correct time to refinance.

► The DEBT CONSOLIDATION CALCULATOR – debt consolidation calculator shows the consumer how can he reduce his monthly payments and hence save money.
► The MONTHLY PAYMENT CALCULATOR – this one permits the users to look at the various options when there are changes in the loan balance, the mortgage term and the rate of interest on the monthly principal and insurance payments.
► The CREDIT GRADE – as the name suggests, this one helps the debitor to assess his credit grade.

Did you know?
► The best mortgage calculator is the Microsoft Excel. Try out the function PMT and you will be amazed by the result.
► Mortgage calculators are very useful in budgeting and bargaining – use one of these to calculate all the options that your lender offers. Some creditors will give 0-2 discount points with variations for different mortgage terms; some others give more discount points up to a set maximum.
► A mortgage calculator will also help you in negotiating mortgage points. Buying mortgage points lowers your rate of interest. In a typical situation, for every mortgage point you buy, your interest rate will come down by 0.125 percent. A mortgage calculator will help you to evaluate how much are you saving every month.

A Mortgage Calculator