Mortgage Calculator Tips

calculatorHave you heard of Emortgage calculators?  Yup, neither did I until yesterday.  After messing around with them for a little bit, I have found these types of calculators to be extremely useful.

A mortgage calculator can produce simple answers or even answer your most complex questions.  Typically, you are probably looking for a monthly payment on a house.

But how does it know what to ask you?   These calculators are programmed to ask you very specific questions.  Examples of these questions are things like the interest rate of the loan, loan amounts, and the contracted terms. These simple questions will produce a simple answer, a monthly loan amount.

You may be wondering if these questions are enough.  I really don’t think so.  To be honest, a home purchase is the second most important decision you will make behind who you marry.

So, what else should you look out for?  Things like taxes and insurance, total amount payable, personal income, PMI, credit information, and adjustable rates are things you should look out for the hunt for the perfect E-Mortgage Calculator.

Another tip I have for you is to compare results from various mortgage calculators.  Since not all mortgage calculators are made the same, it’s important to shop around just like anything else in life.  While one calculator may produce a certain monthly payment, another mortgage calculator may produce a very different number.  Don’t be fooled into thinking they are all the same; they’re definitely not!

Another great option you should consider is an amortization calculator.  These calculators break down how much interest you will owe and how much pinciple you will be paying off.  This will all depend on your current repayment plan.

Well, I hope these tips have helped you decide on a mortgage calculator.  In conclusion, don’t settle for a simple calculator unless you don’t care about factoring in other options.  Good luck on the quest for the perfect mortgage calculator!

(This is a featured post on behalf of  Emortgage Calculator.)

photo by Images_of_Money’s