mortgage

Using a mortgage loan calculator

The last few years have forced many people to re-evaluate financial goals. For homeowners, this might include using a mortgage calculator to see where they stand in regard to their current mortgage.

Some borrowers may have been making more five or 10 years ago when they purchased their homes. Now, a job loss or other financial setback may have them considering a refinance to free-up extra cash to pay their obligations.

A mortgage loan calculator can reveal exactly where homeowners stand with the current mortgage.

Using a mortgage loan calculator

Using a mortgage loan calculator is fairly easy, but you will have to have basic information about your loan on hand so you can input it into the calculator.

You'll need to know the original or expected balance of the mortgage, the number of years over which you'll be paying the loan (for example, 15, 20 or 30 years), the annual fixed interest rate and your monthly principal-plus-interest payment.

After entering this information, the mortgage calculator will provide you with a full amortization schedule allowing you to easily see the total payments, total interest paid, prepayment effect and your savings if the loan is prepaid.

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