Using a Payment Calculator
A Payment Calculator lets you work out the cost of an interest only, debt consolidation, or credit card debt repayment. Enter some information about the debts you want to include and the expected end date (in months). The Payment Calculator will then calculate your payments based on those facts. The Online Payment Calculator is also available, which allows you to enter the same information but it will generate a payment amount immediately.
A common question from many homeowners is how much do they need to borrow to afford a new home or refinance their existing home loan? A Payment Calculator lets you work out the answers to those questions by simply entering the loan amount, interest rate, term, and payment amount. Use the “fixed payment” tab to compute the exact monthly payment of an interest only loan. Use the “ixed payment” tab to compute the amount needed for a repayment of a credit card debt.
To change the loan details, click the “recalculate” link next to the option for the Interest Only, or Fixed Rate Loan. The Payment Calculator will then update with the new interest rate and terms. If you change the option again, the recalculate link will update again. This way you can keep changing the loan details and not have to redo the whole process.
Enter the initial balance for your loan in the lower left-hand corner of the Payment Calculator. Next, find the payment option you would like for your monthly payment and click the button. Your monthly payment amount will be automatically calculated and shown there. You can change any of these options if you wish, as long as the final figure is still the same.
Mortgage calculators for adjustable rate mortgages, or ARMs, are different from those for fixed term mortgages. Fixed term mortgages come with a set monthly payment amount for the full duration of the loan term. Adjustable rate mortgages allow your interest rate to be recalculated at any time. These types of loans are often used for shorter term periods, such as ten or twenty years.
There are literally hundreds of different calculators available online. Some are better than others, but all can be helpful when you need to find out more about mortgages. To save time and have more choices, be sure to shop around and compare. No matter how you decide to use the calculator, you’re sure to get some good value for your money.