How to Use Mortgage Calculators to Design the Best Loan

Using a mortgage calculator to try different loan combinations is essential to choosing the right mortgage.

But wait! With literally tens of thousands of them out there, simply happening upon the perfect mortgage calculator for your particular needs is unlikely at best.

So spend a few minutes now to find the right mortgage calculator instead of wasting time sifting through all the wrong ones.

Mortgage calculator for monthly payments

The most basic mortgage calculator is a payment calculator, which, simply put, allows you to figure the monthly cost of a home loan by setting all the other loan variables. (You get a full amortization scedule, too!)

If you're new to the game, read our mortgage payment calculator help page first. (We explain all the variables, give tips, etc). Or try the mortgage calculator now. Click here to figure payments on a fixed rate loan and here for payments on an adjustable rate loan.

Mortgage comparison calculator

This mortgage calculator is a very valuable tool for any home buyer who needs to compare different loan products. Contrast an FRM to an ARM, test different rate-and-point combinations, try out a new payment schedule, you name it. Read more about these mortgage calculators here (they do have a lot of options), or click here to try one.

Advanced mortgage calculator

This is the most flexible mortgage calculator we've seen. You can analyze every aspect of the loan, including closing costs, points, and even prepaid interest. Read more about the complete loan mortgage calculator here, or click here to try it now.

How much home? mortgage calculator

If you're in the beginning stages of home buying, this is the mortgage calculator for you. Find a healthy (and approvable) home value.

(We've really got two of this type of mortgage calculator - one for loan qualification, the other for affordability.) Read more about the how much home mortgage calculator here, or click here to try the affordability calculator and here to try the qualification calculator.

More mortgage calculator stuff

Here's our mortgage calculator grab bag:

  • The rent vs buy mortgage calculator can help you decide if the time is right or if you're better off waiting.

  • With the prepayment mortgage calculator you can calculate exactly how much cash pre-paying on your mortgage will save you. Try it.

  • The balloon mortgage calculator figures monthly payment and total financing costs on a balloon mortgage. (It's also great for calculating the payments and interest bill on a mortgage if you plan on refinancing again soon. Here's why.)

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