The mortgage calculators below allow you plenty of options to choose from that may benefit you based on your specific situation. To know if you are eligible for a specific option and to understand the exact impact, you are advised to contact your mortgage professional or lender. If you need some highly recommended mortgage consultants to use or get some mortgage advise from, go to Cheri Elliott's LOCAL RESOURCES page, and then scroll down to the Mortgage Consultant section.
As you use these mortgage calculator tools below, keep in mind qualifications and results will vary. These tools should be used as an estimate only.
Refinance Calculator: This calculator figures your monthly savings and also compares your principal balance in years with and without refinancing. Based on your total cost to refinance, a break even period is calculated in relation to your monthly savings. The time value of money and income tax deductions are not considered in this refinance calculation.
How Much Will My Mortgage Payment Be?
How Much Will My Mortgage Payment Be? Simply find out if a home is in your budget by entering a few simple numbers into this calculator. This mortgage calculator will calculate your monthly mortgage payment when you enter in your loan amount, your interest rate, and your term of the mortgage loan. You will then be given a full amortization schedule.
Should I Buy or Rent?
Should I buy or rent? Is home ownership the right path for you? Should you Buy or Rent? Use this calculator to analyze the total cost to rent versus the total cost to own for a specific period of time. For many, home ownership is not only a great source of pride, but can mean significant tax savings and even reduction in monthly payments depending on your interest rate and home loan specifications.
Extra Mortgage Payments Calculator
Extra Mortgage Payments Calculator: This calculator figures how long it will take to pay off your mortgage with extra payments, plus calculate interest savings you will have depending on how much extra you pay monthly. Input an extra payment and calculate your interest savings based on the higher payment.
Loan Amortization Calculator
Loan Amortization Calculator: This calculator will amortize your mortgage over the loan period based on your input. To see a breakdown by payment, select the Full Loan Amortization box.
Loan to Value Calculator: Estimate your LTV - the amount you owe on your mortgage(s) compared to your home's current market value.
Debt to Income Calculator: Use this tool to estimate your DTI - the ratio of the amount you pay on your mortgage(s) each month compared to your total monthly gross income.