Somerset Mortgage Lenders Blog

Like homes, like prospective homeowners, like mortgages themselves, Mortgage Calculators come in all shapes and sizes. All sorts of mortgage calculators exist to help those considering applying for a mortgage to determine how much and what type of mortgage they can afford.

The following is a brief overview of just some of the many types of these free and invaluable tools available online for your use and empowerment:

Additional Mortgage Payment Calculator: Shows you the long-term affect of paying a particular amount of extra principal per month to your mortgage.

Mortgage Comparison Calculator: Compares two user-determined mortgages side-by-side for easier decision making.

Bi-Weekly Payments Calculator: Show you how making bi-weekly payments to your mortgage instead of monthly payments affects your overall mortgage payout.

Mortgage Length Calculator: Shows the long-term savings you could achieve by making larger monthly mortgage payments.

Buy vs Rent Calculator: Compares paying rent against paying the same amount towards a mortgage.
 
Mortgage Payment Calculator: Estimates monthly payments and amortization schedule based on different loan amounts, interest rates, and mortgage terms.

Debt Ratio Calculator: Determines that all-important debt-to-income ratio that lenders weigh so heavily in determining whether or not to grant you a mortgage.

Mortgage Principal Calculator: Predicts the balance remaining on your principal after making a set number of monthly mortgage payments for a particular period of time.

HELOC Calculator: Shows how you can cut down your monthly expenses by using a home equity line of credit.
 
Points Calculator: Shows the affect of paying points on the size and duration of your monthly mortgage payments.

How Much Can I Afford?: Determines what annual salary you would need in order to adequately afford a home of a particular value.
 
Refinance Savings Calculator: Details your overall savings should you decide to refinance your current mortgage to one with new terms, including a lower interest rate.

Income Qualification Calculator: Similar to the “How Much Can I Afford?” Calculator, this one determines what type of monthly income you would need to afford a home of a certain value.

Second Loan vs PMI Calculator: Reveals how getting a second mortgage would affect your PMI payments.

Interest Only Calculator: Figures out how much home you can afford if you get an interest-only mortgage instead of a conventional mortgage.

Tax Benefits Calculator: Details your tax savings from purchasing a home after the first several years and for the overall life of the loan.

Mortgage APR Calculator: Determines the actual annual percentage rate you’d be paying with a mortgage having a particular, set interest rate.

Use any or all of these mortgage calculators to give yourself a clear idea of the repurcussions of your various mortgage options before you make any decision.