Mortgage calculators are pivotal factors when youre looking for the right mortgage that best suits your home buying needs. Below is a short list of mortgage calculators to help you make your financial decision.

APR Mortgage Calculator

An APR mortgage calculator helps you calculate and compare the APRs or Annual Percentage Rates of different types of mortgage loans. To use an APR mortgage calculator, you need to fill in the loan amount and the quoted interest rate. Say for example, you take in a 30-year loan for 20,000 at 4.5% interest rate. Percentage of discount points is 2.0% with a closing fee of 1,000. When you calculate this using the APR mortgage calculator, youll find that the annual interest rate of this loan is 5.5275%.

ARM vs. Fixed Mortgage Calculator

Different financial situations require different types of mortgage. An adjustable rate mortgage is good when the loan term that you want is short. On the other hand, fixed rate mortgages might give you the certainty that you need when it looks like interest rates are rising. Use ARM vs. fixed rate mortgage calculators to find out which mortgage suits you. An ARM vs. fixed rate mortgage calculator would require you to fill in the details both mortgages. Once done, the mortgage calculator will help you determine how much you can save with either mortgage types.

For example, you decide to take out a loan of 105,000 payable in 30 years. The fixed rate mortgage interest rate is 7.5% while the ARM interest rate is 4% with an adjustable period of one year. Maximum cap period of the ARM loan is 0.5% while the lifetime cap is 4%. Once you put in these details into the mortgage calculator, you can start estimating your savings on each mortgage. The mortgage calculator will show you that with a fixed rate loan, you will be paying 734.18 monthly and no savings. On the one hand, the mortgage calculator will also show you that ARM loan will have you paying up to 663.67 monthly with cumulative savings up to 11,024.46.

Comparison Mortgage Calculators

As the name itself suggests, this mortgage calculator allows you to compare several mortgage types and find out what suits you best. You can put in variables to as much as four loans into this mortgage calculator and start comparing prices. By providing the number of payments to be made, interest rates, and principal amount, this mortgage calculator will calculate for you the projected monthly payment.

30 Year and 15 Year Mortgage Calculator

This mortgage calculator will help you decide which mortgage suits your needs 30 year or a 15 year term. For instance, youre considering a 100,000 loan. For 15 years, the interest rate is 6.250%. For a 30-year term, the interest will increase slightly to 6.500%. Discount points for each are equal at 1%.

For more accurate results on this mortgage calculator, lets put in a state/federal tax rate of 38%, property tax amount of 2,000, homeowners insurance of 600, and savings rate of 4%. The purchase price of the home is 125,000. The result generated by the mortgage calculator will be a total payment of 1,074 for the 15-year term and 849 for the 30-year term.

There are as many uses for free mortgage loan calculators as there are as many free mortgage loan calculators available online. Here is a collection of these free mortgage loan calculators and how you can use them to help you with your mortgage scenario.

Free Mortgage Loan Calculator Amortization

Free mortgage loan calculators will help you determine your amortization schedule. Whether or not your amortization schedule is based on prepayments, free mortgage loan calculators will help you compute the amount of a monthly payment.

Free mortgage loan calculators help determine this by basing its functions on such important data as principal amount borrowed, loan term, and the annual interest rate. Once the free mortgage loan calculator computes your monthly payment based on the data given, you can then click on the button that would allow you to create the amortization schedule report.

Free Mortgage Loan Calculator Bi-Weekly Mortgage

Free mortgage loan calculators also help you with your bi-weekly mortgage calculations. A free mortgage loan calculator will show you what the amount of payments will be. Aside from that, a free mortgage loan calculator will also help you calculate your savings in lowered interest costs.

To calculate your bi-weekly payments, total interest, and average interest each bi-weekly period, you will need to provide the free mortgage loan calculator with the principal loan balance. Along with that, input the annual interest rate and amortization length into the free mortgage loan calculator. Once you have all these accounted for, just click on the button below the free mortgage loan calculator so you can start computing your savings on interest and monthly payments.

Free Mortgage Loan Calculator Scenarios

An interesting function of free mortgage loan calculators is that they would be able to let you play mortgage scenarios to help you determine the outcome. Find out how your down payments can affect your monthly loan payments with a free mortgage loan calculator.

Free Mortgage Loan Calculator Monthly Payments

One of the main functions that all free mortgage loan calculators have is its ability to calculate monthly mortgage payments. The information that you need to put into the free mortgage loan calculator would be the mortgage amount and mortgage term. The free mortgage loan calculator would also need data on interest rate and mortgage start date. By clicking on the calculate option at the bottom of the free mortgage loan calculator, you can easily see how much your monthly payment will be with that type of mortgage.

Some free mortgage loan calculators have a special widget that will also help you calculate the impact of making extra payments on your mortgage. By either placing the additional amount for monthly, yearly, or as a one-time payment on to the free mortgage loan calculator, you can find out when your paid-off date will be.

Free Mortgage Loan Calculator Missing Variable

With free mortgage loan calculators, you can find out exactly what your monthly payment will be and how much savings you can make. But aside from that, free mortgage loan calculators can also help you find out what are the missing variables of a loan. For instance, if youre thinking of buying a home, find out how much money you would have to earn in order to afford one. With free mortgage loan calculators, this task is made easy for you.

There are several free mortgage loan calculators out there, each equipped with different functions. All you need is a little exploring to find the right one and make the right mortgage decision.