The Best Mortgage Calculator
Mortgage calculators are ubiquitous. Type in “mortgage calculator” into google and you’ll get over a million results, most of which are basically the same thing copied repeatedly. Since buying a house is such a personal experience, you want to make sure you get the right calculator for you. The one that gives you all the details for your situation, so you can make the most out of your home loan.
1) The Winner
Interest Rate, Taxes, Insurance, HOA Fees, you name it, this calculator has got it. You can even choose your loan terms. Select between 15 year and 30 year fixed rate mortgages and choose if you would like an FHA or conventional loan And it shows an amortization table for each section. It’s basically the Swiss army knife of mortgage calculators.
PITI stands for Principal, Interest, Taxes and Insurance. It’s the lump sum of what most people think of as their “Monthly mortgage payment”. However most home owners expenses go beyond that, and include things like Private Mortgage Insurance (PMI), maintenance fees, HOA Fees etc.This calculator allows you to see how all of those things effect your monthly payment, as well as the expenses through the life of the loan.
Profit From Owning A Home
Lastly, it’s the only calculator we’ve seen that looks at how much money you can expect to make on your home. It takes in your expected appreciation rate, as well as income you might get from rent, and pits it against your income so that you can see how much you stand to make/lose if you happen to sell at any point, during the life of your mortgage.
There Are More Options
2) If You’re Looking For Real Offers
Lending Tree makes the list because it’s not REALLY a calculator, in a way, it’s better than that. Because it gives you REAL offers, and tells you exactly how much you can expect to pay, given your buying situation.
You tell Lending Tree, the type of loan you want, a bit of personal information, and they give you offers from the top lenders in the country, instantly. Showing you your real interest rate, your monthly payment and the various terms you’re offered, making it easy for you to compare your best offers.
3) If You’re Trying To Decide if You Should Rent Or Buy
This is a bit of a different take. This takes in allot of the same information as our first calculator, but answers a fundamentally different question. Would you be better off renting or buying your next home?
4) If You Want to Know How Much You Can Save By Making Extra Payments
Maybe you are interested in having a mortgage loan for as short of a time as possible. or maybe you want to pay as little interest as possible. This tool helps you figure out how much more you should pay, and how much time and money you can expect to save!
5) A Simple Calculator With Lots of Information
Smart Asset has made a simple tool, where you can input as few variables as possible while getting the maximum amount of information. There are some assumptions involved, but it’s probably the best bang for your buck in terms of the amount of time it takes to fill out the parameters.