Tips to Find a Great Mortgage Calculator

UpdatedApr 19, 2024

Key Takeaways:

Mortgage calculators can be used for all mortgage decisions.
Most mortgage calculators can help you determine the lifetime cost of a loan.
Bills.com has tons of tips can calculators for mortgages.

Do you have any tips on Mortgage Calculator help and where and how i can use a mortgage calculator?

Thanks for your question about using and getting access to a mortgage calculator. I'm not quite sure what type of loan you are seeking, and whether you need a refinance mortgage calculator or a purchase loan calculator and whether you care about lifetime cost or monthly payment, so I'll try to get you all the info we have about mortgage calculators in general.

I can point you to one very cool new Mortgage Calculator that can help you learn about refinancing and the best loans for your refi needs.

Mortgage Calculator Definition

Mortgage calculators are designed for individuals who would like to assess how much money they can afford to borrow for the purchase of a property, or to refinance a mortgage. They can also be used to compare different scenarios for which a potential borrow maybe considering. For instance, a potential borrower can compare payment or amortization schedules, interest only payments versus principal and interest payments, and much more. Mortgage calculators also give the flexibility of showing an individual how long it would take for a mortgage to be paid off if the individual chose to make additional payments towards the principal balance. Ultimately, a mortgage calculator gives the potential borrower the ability to make calculations on their own time without the need for a mortgage professional.

Mortgage Calculator Summary

If you are considering purchasing a home, or doing a refinance, a mortgage calculator will come in handy. This will help you determine whether proceeding with the process of applying for a mortgage is worth the time and effort. Taking this step can save you time and money. Mortgage calculators are especially helpful for first time homebuyers who are learning about the process of buying a home, and are trying to better understand the impact of purchasing a home will have on their finances and budget. The use of a mortgage calculator is relatively simple and fast to use.

Mortgage Calculator Tips

There are a few companies that make mortgage calculators. Texas Instruments and Calculated Industries are two of these companies. Calculated Industries makes mortgage calculators only for the mortgage and real estate industry. However, you can use mortgage calculators on various Web sites for free tools to use. If you are looking to purchase a mortgage calculator you may want to look into one that offers the "mortgage analyzer" feature. This has become a popular feature on mortgage calculators as they asses the long term potential costs of acquiring a mortgage. This feature is more suitable for providing much more analysis on adjustable-rate mortgages than other calculators.

Mortgage market: a pulse check

Mortgage rate fluctuations should come as no surprise. If you are buying a home or refinancing your existing mortgage, it is important to stay informed about the current mortgage rates.

Mortgage rates April 10, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of April 10, 2024 stands at 6.88%. This 6 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 10, 2024 is 6.16%, indicating a 10 basis points increase from previous week’s rates.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.

What does the mortgage rate mean for you?
Mortgage rates are one of the key factors that determine your monthly payment. Here are avergage interest rates (APR) for April 14, 2024 based on Zillow date for borrowers with a high credit score (680-740) in the United States:

30-year conventional loan is 7.09%
15-year conventional loan is 6.29%
Using the rates mentioned above, the monthly payment for a $279,082 30-year-year mortgage would be $1,874. A 15-year mortgage would require a monthly payment of around $2,399.

Simplify your mortgage journey: Shop around and get pre-approved today!
To make the home-buying or refinancing process a breeze, we highly recommend shopping around for mortgages and getting pre-approved. So, why not Check Out mortgage rates now for the best options available.

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