Home Refinancing Magazine

Do you remember the good old days of simple interest when you did not need a home mortgage calculator? Where every payment paid the same amount of interest and principal until the last payment? Sure made calculating a home mortgage loan simple to understand and easy to calculate.

But wait! This is the 21st century. Today we have loans with adjustable rate mortgages, first-year payments containing 75% or more of interest and complex loan calculations that only a computer can love. Do not try these calculations yourself, you are going to need a home mortgage calculator.

One of the most accurate that is available for free on the Internet is Karls Mortgage Calculator available at DrCalculator dot com. It was created by Karl Jeacle and is even protected by a copyright. You cannot buy it. But lenders and mortgage brokers are encouraged to link to the calculator for free on their own web sites.

Using simple slider controls along with graphs and charts you can see how much and how fast you will pay interest and how much and how slowly you will pay down your principal. Karl even put in a great feature that automatically accounts for changes in the inflation rate as reflected in the economy. The calculator also includes great features for computing scenarios including adjustable interest rates, extra payments and prepayments. The calculator is completely interactive and does not require you to reload the page to see the results of any changes you make.

Here are a just a few of the features offered by Karls mortgage calculator:

- The amortization graph shows the amounts of both the interest and principal paid as a portion of the monthly payment for the life of the loan.

- The repayment graph shows you how much you will pay in total interest and total principal expressed both as a percentage and in pie chart format.

- The balance graph shows a curve representing the balance of principal still owed for the life of the loan.

- The interest graph show the annual percentage rate for the life of the loan which is really useful for adjustable rate mortgages.

- The annual table chart shows the amounts paid annually in interest and principal plus the remaining balance for the life of the loan.

- The monthly table chart shows the same as the annual table chart but on a monthly basis.

- The payments chart shows you how extra payments will affect your monthly payment and your balance due.

- The summary chart shows you all the total amounts associated with your mortgage loan.

I highly recommend playing with Karls mortgage calculator as the results can really be eye-popping. For example, consider a fixed-rate loan at 5% for 30 years for a home value of $250,000 starting on January 1st 2011. The monthly payment will be $1,342 with total interest of $233,141 and total payments of $483,138. By reducing the payment period to 20 years the monthly payment is now $1,649 with total interest of $145,973 and total payments of $395,973. Your monthly payment only increases 23%, but your total interest payments decrease by 37%.

I will leave it as an exercise to the reader to try the same loan scenario with a payment period of only 15 years. I think the amortization graph that shows the monthly payment interest paid and the principal paid where the two curves converge will make you seriously consider a 15-year loan period. I am sure you would like to save over $127,283 in interest payments and even own your home in half the time to boot! Try using Karls home mortgage calculator today.

Pacific Advance: the online lender of cash advance loans

If you are the person who is looking for financial assistance to help solve your financial problems, you can look for cash advance loans online as your choice. Many lenders have settled and declared that they are the best. However, if you haven’t heard about Pacific Advance, this information can be very useful for you. Pacific Advance is an online lender of cash advance loans that you can rely on. This company has set up simple and quick application process for the sake of consumers’ time efficiency. Moreover, this online lender charges no hassle interest of monthly repayments for the applicants.
If you are looking for payday loans as your financial assistance, Pacific Advance can also assist you by providing the extra funds you need until your next payday. The best part of all, this company will welcome anyone who has a job and steady income regardless of their credit history.

Visual Mortgage Loan Calculator, a freeware developed by Loan9.net, lets you to calculate mortgages repayments and create amortization tables without extensive knowledge of finance or computers. It allows you to analyze various combinations of loan amounts, interest rates, loan terms, etc. to determine the best possible loan for your budget. It is compatible with Windows 9x, Me, 2000 and XP.

Home Equity Loan by Loan-Labs.com, is intended to calculate loans and mortgages repayments and create amortization schedules. The program will easily calculate loan based upon variable payment frequency and is currency-independent. It can be used with dollars, euros, and pounds, etc. calculating amortization schedules for American, Canadian and UK mortgages, personal loans, car loans and several other kinds of loans.

Loan Calculator (www.LoanCalculator.ws) is amortization software for estimating loan payments on homes, cars and refinances. It supports regional currency settings and works with a broad range of repayment cycles from 1 month to 50 years, including real-time calculations. All you have to do is type loan amount, loan length, annual interest rate, and the program will generate a full loan repayment plan.

Mortgage Payment Calculator (www.mortgagecalculators.ws) is financial software designed to estimate monthly expenses on a mortgage. This includes interest payments, property taxes and private mortgage insurance. After entering your mortgage loan amount, loan term and interest rate, the program will generate a full mortgage amortization schedule with charts.

Free Financial Calculator Software ([http://sg.geocities.com/wealth_calculator/]) can be used to perform basic calculator functions, as well as some financial calculations such as cash flow, future value, present values, interest rate, loan or amortization, monthly payment, principal paid, interest paid, balance, effective or nominal interest rate, internal rate of return, modified internal rate of return and net present value.

An amortization calculator is a tool that you can find offered to you throughout the web on loan lender’s websites as well as on good lending informational websites. This tool is what is used to calculate the amortization of a loan. That is the way in which the loan is broken down throughout the repayment terms. For any loan that you purchase, this tool will help you as the consumer in many ways as well. It can actually be the tool that helps you to find the lowest cost loan and the one that is ideal for your specific needs.

To use an amortization calculator , first find one. Again, these are free to use and they are available everywhere. You will be under no obligation to work with the lender or the company that provides them to you to use. Now, to use them, simply provide the following data to the calculator.

What is the principal amount of money that you would like to borrow from the lender to purchase a home or to use for whatever other reason? What is the interest rate that the lender has provided to you? To know what is available to you, compare the rates of various lenders and even get online instant rate quotes as well. Then, provide the ones you qualify for here. What are the terms of the loan in which you are applying? The amortization calculator will need to know how long you play to schedule payments for to pay off the loan. The length of the loan is needed here.

From here, the amortization calculator will do some figuring and will produce the following things for you to consider:

The monthly payment of the loan as based on the information that you have provided for it. The payment broken down into how much interest as well as how much principal will be paid for each monthly payment sent in. This is usually much higher on the side of the interest during the first years of the loan and will later be lower as more principle is paid down. The total cost of the interest on the home loan. This is usually a high number and one no one wants to see. The total cost of the loan altogether including the interest and the principle of the loan. This is how much you are paying for your loan.

This tool can provide so much help to anyone that is using it. Not only can you use it to produce this information for you to consider, but you can go back to the beginning and change the variables to suit your needs. You can lengthen the terms to see if this lowers your overall monthly payment amount. If the amount of interest is too high, you can go back and find a loan offering a lower rate and refigure it. You can compare the various amounts of a home that you are purchasing. Perhaps you can afford to spend more on your home. The amortization calculator can help you to understand all of these things.