mortgage calculator refinance

Mortgage calculators refinance are used to help a current or potential real estate owner determine how much they can afford to borrow to purchase a piece of real estate.

Mortgage calculators refinance can also be used to compare the costs or real interest rates between several different loans, determine the impact on the length of the mortgage loan of making added principal payments or bi-weekly instead of monthly payments. A mortgage calculator refinance is an automated tool that enables the user to quickly determine the financial implications of changes in one or more variables in a mortgage financing arrangement.

The major variables include loan principal balance, periodic interest rate compound interest, number of payments per year, total number of payments and the regular payment amount.

mortgage calculator refinance Uses

When purchasing a new home most buyers choose to finance a portion of the purchase price via the use of mortgage. Prior to the wide availability of mortgage calculators, those wishing to understand the financial implications of changes to the five main variables in a mortgage transaction were forced to use compound interest rate tables. These tables generally required a working understanding of compound interest mathematics for proper use. In contrast, mortgage calculators make answers to questions regarding the impact of changes in mortgage variables available to everyone.