To find out whether a 10-, 15- or 30-year mortgage is right for you:
- Click on “Enter Data.”
Note: You will need your starting balance, payment amount, term and number of payments remaining for your primary mortgage, as well as any additional mortgages. Gather this information before you begin.
- Enter the information for your primary mortgage in the first column and click “Calculate.”
- If you have additional mortgages, complete the other columns and click "Calculate."
In the left column, you will see your amount, rate, payment and terms. To see how a change in rate or term could affect your payment or change how much you pay in interest, enter a new rate or term and click "Calculate."
In the right column, you can choose to see:
- How your payments could change with a different interest rate or term
- How much interest you could save
To see your complete report, including a payment schedule, click on "View Report."
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Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term
- The number of years over which you will repay this loan.
- Payment
- Monthly principal and interest payment (PI) for the new mortgage.
- Mortgages
- Click on the "Enter Data" button to input any mortgage loans you may have into the details page. This details page is designed to let you input your current monthly payment, the term (in months), the starting balance and the number of months you have left. It then calculates your outstanding balance and interest rate. You can enter up to six installment loans.
- Balances
- Your total current balances for your credit cards, auto loans and other loans.
- Interest rates
- The average annual percentage rate you pay. This interest rate is calculated for each of the categories of debt you have including credit cards, auto loans and other installment loans. For credit cards, the rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
- Payment
- This is your initial monthly payment.
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