Mortgage Calculator is a tool that lets you see the true total costs of a mortgage and compare one mortgage product to another. Mortgage and loan calculators are one of the first steps in the mortgage process. Make it simple to work out how much you can afford to borrow and exactly what your repayments will be using time scales and interest rates.

The different kinds of mortgage calculator available: -

• APR Calculator-Which loan is cheaper: 8% at 1 point or 7.75% at 2 points. By comparing the APRs of different loans, you can compare the effective cost of a loan for given period of time.
• Debt Consolidation Calculator can show you how to reduce your monthly payments and save money as well.
• Rent vs. Buy Calculator-Allows you to compare the costs of renting a residence and buying a home.
• Calculate Credit-Find out what your credit rating is by answering a few simple questions.
• Amortization Calculator-It calculates the monthly payment of a specific loan and breaks down the amount of principal and interest paid over the term of the loan.
• Refinancing calculator- This calculator will determine the amount of time it takes to recover the costs associated with refinancing your property.
• Pre-qualification calculator-This calculator tells you how much house you can afford given guidelines most lenders use for qualification purposes.
• Mortgage payment calculator-This Calculator will calculate monthly mortgage payments based on your selected range of interest rates and loan amounts.
• Loan calculator-This unique calculator allows you to compare up to three different loan programs, both fixed rate and Adjustable Rate Mortgages.

A quick and easy way to calculate your monthly mortgage payments is simply enter the amount you wish to borrow, the term over which you intend to pay it off and the interest rate.

Mortgage calculators help a mortgage finder to:

• Start the Loan Process- Mortgage calculator answers how much house you can afford ,how much you can borrow, how much will be your payments, which lender is better and which loan is better.
• Mortgage Calculator helps to calculate rates and payment.
• Mortgage calculator helps in making a Refinancing

There are multiple financial factors that go into determining the right mortgage for you. By using mortgage calculator, you can account for all of these factors and get an accurate monthly payment figure.