# How A Mortgage Calculator Can Keep You Out of Trouble

July 28th, 2016

If you type “Mortgage Calculators” into Google you will get over 2 million results and Google’s simple mortgage calculator at the top. The Google mortgage calculator will give you a rough idea of mortgage monthly payments based on a simple calculation of the interest rate and mortgage term. It doesn’t answer any details, like: how many payments do I have to pay in order to pay off my mortgage? In 15 years how much mortgage will I have left to pay if I increase my monthly mortgage payment? What happens if you want to increase or decrease the interest rate, or change the amount of years of your home loan? With all the mortgage loan calculators out there isn’t it best when you can see the big picture of your home loan payment and how it can work for you.

## Mortgage Loan Calculator

With so many options out there, you will find similar results from each one. Most are easy to use, other’s may provide less information. If you use the Mortgage Loan Calculator on GetLoans.com, you can calculate monthly mortgage payments and see amortization schedules for the entire home loan. Quickly see how much interest you could pay and your estimated principal balances for every year. You can even determine the impact of any principal prepayments! When you press the “View Report” button you can clearly see a yearly or monthly amortization schedule for the lifetime of your mortgage. You can even print out the mortgage loan schedule for your reference.

## ARM vs. Fixed Rate Calculator

Let’s say you want to know the difference between an adjustable rate mortgage (ARM) and a fixed rate mortgage. Using a loan calculator to figure out the difference could be an eye-opening experience. The ARM vs. Fixed Rate Mortgage Calculator on GetLoans.com is used to analyze ARM loans versus fixed rate loans on a yearly or monthly basis.

A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease. Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.

## Mortgage Prepayment Calculator

Every mortgage loan has a prepayment disclosure and may have a prepayment penalty. Be sure to check your mortgage loan terms to know what conditions apply to your individual situation. Sometimes there are restrictions on how much extra you can pay per month on your mortgage. By paying more on your mortgage payment per month you could lower the interest due on your loan and save money in the long run.

Find out how to shorten your mortgage repayment years before amortization by using the Mortgage Payoff Calculator. See how much interest you can save by making extra payments each month on your mortgage payment. Click the ‘View Report’ button to see a complete amortization payment schedule and how much you can save on your mortgage. How much interest can you save by increasing your mortgage payment?

## Mortgage Qualifier Calculator

Please note that if you use a mortgage qualification calculator, it may not be exactly accurate due to ever-changing rules and regulations. To get a general idea of whether you would qualify for a mortgage without hard-pulling your credit report as a bank or mortgage lender to pre-qualify. If you are interested in applying for a mortgage but may not want to apply yet try this Mortgage Qualifier Calculator to see how much mortgage you can potentially qualify for.

This is an essential tool for first-time homeowners to check out. The calculator will determine the maximum mortgage qualification based on your yearly income, purchase price, or total monthly payment of the home you wish to buy. It will then ask you the details about the home, such as: term in years, interest rate, property tax, and home insurance on a yearly or monthly estimate. It will include your down payment and closing costs, then ask you to enter in any other monthly debt payments you have. By increasing or decreasing your debt payments, you can see how much house you can afford once you pay off more of your credit card debt or personal loans.

The mortgage qualifier calculator is the first step in buying a house is determining your budget. This calculator helps you through the process of finding out how much you can borrow to buy a home.

## Rent vs Buy Calculator

Should I rent or should I buy a home? It takes more than looking at your mortgage payment or rent payment to answer this question. For those who have been renting an apartment in a major city such as Los Angeles, San Francisco or New York know that a huge amount of their paycheck is going to their landlords. If you live in the suburbs and own a home, you could potentially save money by renting a home vs. buying a home. It depends on your individual situation.

Use the Rent vs. Buy Calculator to see if you should rent or buy a home. This calculator will breakdown the cost of buying vs. the cost of renting in your current situation. It will also help you weed through the fees, taxes and monthly payments to help you make a decision between these two options. The report is based on the original purchase price, fees and taxes payable at the current time, so be aware that insurance and tax costs can fluctuate from year to year.

If you still need advice on whether renting or buying is best for you, ask a mortgage lender or see what bankrate.com recommends based on their Buy or Rent You Next Home – Mortgage Calculator.

To try all the mortgage calculators mentioned in this article, visit this page. If you would like advice about your mortgage or to see if you pre-qualify for a loan, schedule a call with me.

Brian Martucci is a loan officer for Capital Bank Home Loans, a division of Capital Bank, N.A. He has been in the mortgage industry since 1986 and has served in a number of roles, including loan processor, loan officer, mortgage broker, branch manager, and vice president. Brian Martucci – NMLS# 185421. His opinions do not necessarily reflect the opinions and beliefs of Capital Bank Home Loans or Capital Bank. Capital Bank, N.A.- NMLS# 401599. Click here for the Capital Bank, N.A. “Privacy Policy”.