We have included a variety of
useful financial calculators below. They will help you determine how much house you can
afford, what your mortgage payment will be, and provide numerous other financial answers.
These calculators should only be used to provide approximate information and the
information provided should be checked by professionals before being used to make any
important decisions. When using these calculators, just use your browser's back button to
return to this menu.
The calculator will try to calculate what kind of income
lenders will expect you to be making to qualify for the specific values. Property tax and
home insurance numbers vary greatly by region and construction type.
These days convertible balloon mortgages are getting more
popular since they provide lower rates than conventional 30 year mortgages while still
giving a fixed payment schedule for 5 or more years. The risk, of course, is what happens
after the initial fixed period is over and you have the possibility of converting your
loan. Here is a calculator to try to answer those questions...
This calculator takes a principal amount, interest rate,
normal length of the loan and either how much total a month to pay or how long you want to
pay. Then it thinks...
NEW - Now also calculates for credit cards and other non
amortized lines of credit that use simple compounding of interest.
This form allows you to see how prepaying your mortgage
reduces the length of your mortgage by putting in the current values for your loan. If you
know your current principle balance and principle/interest payment, enter then in fields
A1 and A2. Otherwise enter the three values for your loan in B1, B2 and B3. (Original Loan
Amount, Month of First Payment, Length of Loan).
This form allows you to compare what would happen if you took
one of two choices with some extra cash you have -- prepaying your mortgage each month, or
investing it instead. This tries to take into account your tax situation and assumes you
always itemize (even late into your mortgage when your interest will be lower -- assuming
you give to charities, and pay state and local taxes too!!)
Calculate what rates are necessary to achieve a desired future
value amount given a present value amount and the time period over which to compound your
investment.
You enter the interest rate of your loan, the points and costs
and the loan amount. It figures the rest. Note that the other costs is not very neatly
defined and not all lenders use the same items (appraisal, per diem interest, etc.) You
will have to find out what your lender includes.
This calculator simply takes the final amount you want to earn
given an initial investment for a duration of time, and finds the required annual yield
you would need to achieve that goal.
