Calculators
Unless you are a natural whiz at math, or have studied some form of finance, it can be difficult to understand all the numbers and percentage signs that glare menacingly up at you from your real estate transaction paperwork. But just because your brain doesn't contain a built-in calculator doesn't mean that calculating the details of your real estate financial transactions has to be a headache. The Internet has long been a trusted tool for gathering information on a variety of topics. What some people don't realize, though, is that the Internet isn't just for completing high school essays. The Internet can help you with financial stuff, too. When it comes to real estate, this help comes in the form of numerous types of online calculators.
Whatever type of mortgage you have or are thinking of getting, chances are, there's an online calculator out there to help you. Use one of these trusty financial sages to help you with all kinds of real estate financial issues, such as:
Using An Online Calculator
Determine which type of mortgage best fits your financial needs Calculate your monthly, twice-monthly or bi-weekly mortgage periods Compare payments on different types of mortgages or loans Find out whether or not you can really afford a loan or mortgage Establish the amount of taxes and insurance you must add to your home payments Decide whether it is more feasible for you to rent property or own it at this stage of your life Resolve if you should prepay your home loan money, or invest it Learn about different ways to save money spent on interest payments while paying back a loan
These online calculators will ask you for various types of information, such as the amount you owe, the interest rate, the period you and your lender have arranged you will have to pay it back, and other information relevant to your mortgage situation. Once you have filled in all the necessary fields, the calculator will prompt you to submit this information (usually by pushing a 'Calculate' button) and will then work out what you need to know.
Of course, a calculator won't be of much use to you if you don't understand what exactly it does. That's why we have compiled so much helpful information to help you understand what these calculators can do for you. Browse through our website to learn the rationale behind each calculator, who it is helpful for, and how to use one. On this website you'll find information on the following types of calculators:
Super Calculators: If you know you need to make a few calculations, but don't know where to start, this is a good calculator to use. It can calculate all kinds of things. Check if you qualify for a mortgage or loan, calculate interest, find out how long you will need to pay everything back, figure out your monthly payments, and compare two loans to see which one will charge you less interest.
Payment Calculators: If you are confused as to how much of your monthly payments is principal versus how much of it is interest, this calculator can figure it out for you.
Multi-Payments Calculators: Do you have the option of several types of loans, and are not sure which one will work best for you? This calculator will compare all the loans you are considering to work out which one will offer you the best terms.
PITI Calculators: This stands for Principal, Interest, Taxes, Insurance Calculator. A lot of calculators work out your principal and interest payments, but don't forget you'll need to pay taxes and insurance regularly on top of that. This calculator adds up all of the individual payments you will make per month on each of these four aspects to work out your total monthly payments.
Qualifying Calculators: Before you approach a loan officer about getting a loan or mortgage, you should use this calculator to see what your chances are of qualifying for a loan. The calculator uses the principal amount of the loan, interest, and amortization length (the length of the loan) to calculate the minimum income required to qualify for the loan. Then, check and see if your income is high enough.
Affordability Calculators: These calculators will ask you for your financial information to work out the most expensive home you can afford right now, and the maximum mortgage you will be able to receive.
Rent vs. Own Calculators: Has anyone ever told you that you'll actually save money by buying a home instead of renting one? These calculators prove it to you, and tell you exactly how much you will save if you purchase instead of rent.
Amortization Schedule Calculators: Some mortgages have a fixed period of time during which you must pay back your mortgage. This period is called the amortization period. This calculator can help you figure out your regular payments during the amortization period.
Principal after x Years Calculators: This calculator will use the information about what you have already paid to determine how much principal you have left to pay off.
Principal Repayment Calculators: These calculators will show you how much you can save by increasing your monthly principal payments.
Prepayment Analysis Calculators: If you add an extra one or two hundred dollars to your mortgage payments every month, you can pay your mortgage off quicker, and thus save money in interest. This calculator will work out exactly how much you will save by upping your regular payments.
Prepay or Invest the Money Calculators: Should you make additional payments to help speed up your mortgage repayment, or will you reap greater financial benefits by investing the money? These calculators will help you decide.
Bi-weekly Mortgage Calculators: When you make bi-weekly payments on your mortgage, you make more payments in a year, thus shortening the overall time it takes you to pay back your loan. The shorter the time, the less interest you will pay overall. These calculators show you how much you will save with this type of payment plan.
