Bobby Vigil

Mortgage Loan Officer

NMLS# 2452891

720-468-2535

BobbyV@financeusa.us

Mortgage Calculators

Understanding Mortgage Calculators |  Your Essential Guide to Smart Home Financing

When it comes to purchasing a home, securing the right mortgage is one of the most crucial decisions you will make. A mortgage is a long-term financial commitment that requires careful planning and evaluation. Fortunately, mortgage calculators can help simplify this complex process by providing valuable insights into various aspects of home financing. Whether you're a first-time homebuyer or a seasoned property investor, understanding mortgage calculators and their functionalities can help you make informed decisions.

What is a Mortgage Calculator?


A mortgage calculator is an online tool designed to help potential homebuyers and homeowners estimate their mortgage payments, interest costs, and other associated expenses. These calculators use mathematical formulas to provide a detailed breakdown of different financial aspects of a mortgage, making it easier for users to plan their budget and evaluate different loan options.

Types of Mortgage Calculators


Mortgage calculators come in various types, each serving a specific purpose. Some of the most commonly used mortgage calculators include:

1. Basic Mortgage Payment Calculator
This calculator estimates monthly mortgage payments based on loan amount, interest rate, and loan term. It provides a quick snapshot of expected expenses, allowing borrowers to assess affordability.

2. Mortgage Affordability Calculator
This tool helps users determine how much they can afford to borrow based on their income, expenses, and existing debts. It provides a realistic view of what kind of home price range fits within their financial situation.

3. Mortgage Refinance Calculator

For homeowners considering refinancing, this calculator helps analyze the potential savings and costs associated with switching to a new mortgage. It compares current and new loan terms to determine whether refinancing is a financially beneficial move.

4. Loan Term Comparison Calculator
Choosing between a 15-year and a 30-year mortgage can be challenging. This calculator compares the total costs, interest payments, and monthly installments of different loan terms, helping borrowers select the most suitable option.

5. Interest-Only Mortgage Calculator
An interest-only mortgage allows borrowers to pay only the interest for a certain period. This calculator helps users understand how their payments will change when they start paying both principal and interest.

6. Fixed vs. Adjustable Rate Mortgage (ARM) Calculator
This tool helps compare fixed-rate mortgages with adjustable-rate mortgages by projecting future payments based on interest rate fluctuations. It aids in deciding which loan type best suits the borrower’s financial goals.

7. Extra Payment Mortgage Calculator
Adding extra payments to your mortgage can significantly reduce interest costs and shorten the loan term. This calculator demonstrates the impact of making additional payments over time.

Why Use a Mortgage Calculator?

Mortgage calculators provide numerous benefits, including:

Budgeting Accuracy – They help potential homebuyers understand how much they need to budget for mortgage payments, ensuring financial preparedness.
Time Savings – Instead of manually computing figures, users get instant results, enabling faster decision-making.
Loan Comparison – Borrowers can compare different loan options, interest rates, and terms to choose the most cost-effective solution.
Refinancing Insights – Homeowners considering refinancing can determine whether switching loans would save them money.
Pre-Approval Readiness – Knowing estimated mortgage costs allows buyers to approach lenders confidently with a clear financial plan.

 

Gibbet crow's nest quarter hulk mutiny Jack Ketch clap of thunder chantey handsomely hornswaggle.

Barkadeer nipper code of conduct coffer draught Buccaneer list trysail cable heave down.

Gibbet crow's nest quarter hulk mutiny Jack Ketch clap of thunder chantey handsomely hornswaggle.

Amortization Calculator

Calculate your monthly payment and view an amortization schedule of your loan.

Calculate

Biweekly Payment Calculator

See how much time and money you can save by switching to Biweekly mortgage payments.

Calculate

Compare 15 vs 30 Year Calculator

Use this calculator to see the difference between a 15 year and a 30 year mortgage.

Calculate

Compare 2 Loans Calculator

Compare 2 different loan scenarios to see which loan makes the most sense for you.

Calculate

Debt Consolidation Calculator

See how much you can save by consolidating your debts into one loan.

Calculate

How Much Can I Afford Calculator

Find out how much you can afford based on your current monthly income and expenses.

Calculate

Pre-payment Calculator

See how much you can save by making additional monthly principal pre-payments.

Calculate

Qualification Calculator

Find out how much you have to make in order to qualify for your dream home.

Calculate

Refinance Savings Calculator

Use this calculator to see if refinancing your mortgage makes sense for your situation.

Calculate

Rent vs Buy Calculator

Use this calculator to help you determine if you should rent or buy a home.

Calculate

Simple Apr Calculator

Use this calculator to find the Annual Percentage Rate of your mortgage loan.

Calculate

Purchase Mortgage Calculator

Calculate the monthly principal and interest payment of a mortgage loan.

Calculate

Amortization Calculator

$
%
$
%
$
%
$
%
$
Graph / Overview / Table

Results

Monthly Principle and Interest $1,991.01
Private Mortgage Insurance (PMI) $99.75
Monthly Property Tax $350.00
Monthly Insurance $160.42
Monthly HOA $0.00
Total Monthly Payment $2,601.18
Total Interest $401,765.14
Total Amount Paid $716,765.14

Biweekly Payment Calculator

$
$
%
$
%
$
%
$
Graph / Overview

Results

Monthly Principal & Interest $1,896.20
Monthly Property Tax $350.00
Monthly Insurance $160.42
Monthly HOA $0.00
Private Mortgage Insurance (PMI) $95.00
Total Monthly Payment $2,501.62
BiWeekly Principal & Interest $948.10
Biweekly Property Tax $175.00
Biweekly Insurance $80.21
Biweekly HOA $0.00
Biweekly Private Mortgage Insurance (PMI) $47.50
Total Biweekly Payment $1,250.81
Bi-Weekly Total Interest $294,511.68
Monthly total Interest $382,633.47
Length with Monthly Payments 30
Length with Bi-Weekly Payments 24
Total Interest Savings $88,121.78
Time Saved 6 years

Compare 15 vs 30 Year Calculator

$
$
%
%
$
%
$
%
$
Graph / Overview

Monthly Payment Results

Principal & Interest $2,743.99
Homeowner's Insurance $160.42
Private Mortgage Insurance Premium $55.13
Property Taxes $350.00
HOA Fee $0.00
Total Monthly Payment $3,309.53
$
$
%
%
$
%
$
%
$
Graph / Overview

Monthly Payment Results

Principal & Interest $1,991.01
Homeowner's Insurance $160.42
Private Mortgage Insurance Premium $99.75
Property Taxes $350.00
HOA Fee $0.00
Total Monthly Payment $2,601.18

Compare 2 Loans Calculator

$
$
%
%
$
%
$
%
$
Graph / Overview

Monthly Payment Results

Principal & Interest $1,991.01
Homeowner's Insurance $160.42
Private Mortgage Insurance Premium $99.75
Property Taxes $350.00
HOA Fee $0.00
Total Monthly Payment $2,601.18
$
$
%
%
$
%
$
%
$
Graph / Overview

Monthly Payment Results

Principal & Interest $1,991.01
Homeowner's Insurance $160.42
Private Mortgage Insurance Premium $99.75
Property Taxes $350.00
HOA Fee $0.00
Total Monthly Payment $2,601.18

Debt Consolidation Calculator

$
$
$
$
$
$

Consolidated Loan Info

%
Graph / Overview

Results

Current Monthly Payments $716.12
Monthly payment after Consolidation $1,896.20
Monthly Savings $-1,180.08
Interest 6.5%

How Much Can I Afford Calculator

$
$
$
%
$
$
$
$
$
$
$
Graph / Overview

Results

Home Value $177,196.12
Maximum Loan Amount $177,196.12
Down Payment $0.00
Principal & Interest $1,120.00
PMI $56.11
Property Tax $250.00
Insurance $80.00
Total Monthly Payment $1,506.11

Pre-payment Calculator

$
$
%
$
%
$
%
$
$
Graph / Overview

Results

Normal Monthly Principal & Interest $1,896.20
Monthly Insurance $160.42
Monthly Property Tax $350.00
Monthly HOA $0.00
PMI $95.00
Extra Principal Payment $100.00
Total Monthly Payment $2,501.62
Normal Total Interest $382,633.47
Pre-Payment Total Interest $321,638.68
Total Interest Savings $60,994.79
Time Saved 4 years

Qualification Calculator

$
$
%
%
$
%
$
%
$
$
$
$
Graph / Overview

Results

Qualifying Salary (Conventional) $83,294.23
Qualifying Salary (FHA) $74,207.58
Monthly Principal & Interest $1,991.01
Monthly Insurance $160.42
Monthly Tax $350.00
Monthly HOA $0.00
Monthly PMI $99.75
Total Monthly Payment $2,601.18

Refinance Savings Calculator

Current Loan

$
$
%
$
%
$
%
$

New Loan

%
Graph / Overview

Results

Current Loan
Monthly Principal and Interest $2,522.56
Monthly Insurance $160.42
Monthly Property Tax $350.00
Monthly HOA $0.00
Total Monthly Payment $3,032.98
Remaining Interest $608,122.54
New Loan
Mortgage Amount $300,000.00
Monthly Principal and Interest $1,896.20
Monthly Insurance $160.42
Monthly Property Tax $350.00
Monthly HOA $0.00
Total Monthly Payment $2,406.62
Remaining Interest $382,633.47
Interest Saved $225,489.08

Rent vs Buy Calculator

$
%
$
Graph / Overview

Results

Current House Value $143,297.93
Total Loan Interest $144,505.27
Loan Lifetime Payments $257,803.20
Estimated House Value after 30 years $402,207.73
Tax Savings on Interest $40,461.48
Estimated Return on Investment after 30 years $346,747.55

Simple Apr Calculator

$
%
%
Graph / Overview

Results

APR 6.5001%
Monthly Payment $1,896.22
Total Interest $382,638.02
Total Amount Paid $682,638.02

Purchase Mortgage Calculator

$
$
%
%
$
%
$
%
$
Graph / Overview

Results