Archive for the ‘mortgage calculators’ tag
How to Use a Mortgage Calculator no comments
A mortgage calculator will calculate your mortgage calculator installment and amortization schedule quickly and accurately, providing you have the following information:
1 – The cost of the property. Some calculators have two entries, one for the price of the house and one for the down payment. Others have one entry, the mortgage or loan value, which is basically the price of the house less the down payment.
2 – The duration of the loan. This is really up to you; it is measured annually and cannot exceed 30 years. Keep in mind the longer the duration the more interest you will be paying.
3 – The interest rate. You can get this from the internet. In general, if your credit rating is good, your down payment is high and your gross income is well-off, then you would be getting the best interest rate, i.e. the lowest.
4- Finally the starting date of your mortgage – this will allow the calculator to formulate a table with payment dates, interest and principal values for each payment.