When it comes to calculation of loans and mortgages, there is a special calculator, known as the "Financial Calculator". A simple, physical device that has an online version of itself, the financial calculator is excellent for calculating incurred interests, loan and mortgage repayment rates etc. The calculator has built in formulas and thus makes it easy to calculate financial rates.
Other than the physical device, a financial calculator can be found on financial websites as a software to perform calculations. A basic financial calculator can be purchased for $35 and it is a must-have device if you are related to financial industry.
There are three basic types of financial calculators; loan calculators, mortgage calculators and credit card calculators. Each of them have their respective attributes.
Loan Calculators
A loan calculator enables users to understand the payable amount of a loan, along with the specified interest rate. Using the loan calculator, you will be able to understand what the payable amount would be, keeping in consideration the principal amount and the interest rate. The loan calculator deals with the following values:
(a) The actual loan amount
(b)Estimated repayment time
(c) Estimated interest rate.
You can always use an online calculator instead of a physical calculator.
Mortgage Calculator
There are two mortgage calculators namely fixed rate and adjustable rate mortgage calculators
Fixed rate mortgage calculator requires information about.
(a) The loan amount.
(b) The interest rate on the loan amount
(c) Time period of the loan
Punch in the values for the above information and you will get all the required calculations. The adjustable rate mortgage calculator is complex. For an adjustable rate mortgage calculator, the following is required.
(a) Loan amount.
(b) Interest value on loan amount.
(c) Loan term.
(d) Initial length of time before loan adjusts
(e) The time period after loan adjustment
(f) Rate after loan adjustment.
The fact remains that a mortgage calculator can just give you an estimate and not an exact figure, as mortgage rates, constantly varies. You have to be aware of the constantly changing interest rates, and should seek the help of financial experts, if you need an actual understanding of the mortgage payment amount.
Credit Calculator
When dealing with credit cards, you need to be aware of the rates that go along with it.If you are not going to be aware and keep a good track on credit and its rates, you will be caught off guard with its high rates and interest charges which can cause tedious issues. To get an understanding of the amount required for your credit cards, you will need the help of a credit card calculator. Not only it will keep you aware of the expense, but also avoid possible debt issues. Information required for credit calculator is.
(a) Amount at present
(b) Interest on that amount
If you want you can also use online credit calculators, that will give you fast and updated values.
A normal calculator cannot give you the required calculation, when it comes to loans and mortgages. If you really want to understand loan figures, then these financial calculators are the best to opt for.
Showing posts with label mortgage calculator. Show all posts
Showing posts with label mortgage calculator. Show all posts
Monday, May 16, 2011
Thursday, April 7, 2011
Mortgage Calculator Overview
Exclusive calculators are available for calculating loans and mortgages. With a mortgage calculator you just have to feed in some numeric information to calculate mortgage payments as well as the amortization timetable. It is very easy to use this calculator instead of wasting time in complicated statements. There are two kinds of mortgage calculators; online and physical. The manual calculator is used by finance experts whereas the common man uses the online mortgage calculator. However, remember one thing that a mortgage and loan calculator can give an accurate approximate, not a determined figure, as interest rate dealings etc. often face a change.
With a mortgage loan calculator you can get figures of future interest costs, and any other extra payment that you would have to pay in order to complete the mortgage loan. A mortgage calculator helps you keep track of the length of time for which payment is due. It is important that you maintain this calculation on a weekly or monthly basis based on your package plan so that you can maintain a proper budget. Most people tend to be completely ignorant of any calculations and when they are charged with any extra amount, they are caught off guard. With proper calculation in hand, you can easily deal with creditors or lenders and have a systematic record of every payment deal.
You need the following information for the downpayment mortgage calculator.
Mortgage Amount
The basic calculation is done by subtracting down payment from the actual price of the home. After this you are left with only the mortgage that has to be paid. People who have resorted to mortgage refinancing the value is the outstanding balance of the mortgage loans.
Mortgage Term
The mortgage term refers to the time of the mortgage, either a 15 year or a 30 year mortgage. Refinancing often has 15 years as the average mortgage term.
Interest Rate
The current interest rate of the Bank must be known to calculate your mortgage payments. You should never rely on the same interest rate month after month as it keeps changing and you must have knowledge of any change to get accurate results.
Online Mortgage Calculator
There are special sites online that help people deal with mortgage calculations, either in full detail or just in basic calculations. Detailed calculations include the salary that you have, the term of the loan, the payment mode, the interest rate, tax rate, start date, close date, down payment etc. If calculating in a physical calculator is too time consuming for you, choose any of these online mortgage calculators to help you understand all loans and mortgages to be paid. With a good mortgage calculator, you can be on a good budgeting track, and also getting on a good financial management path.
With a mortgage loan calculator you can get figures of future interest costs, and any other extra payment that you would have to pay in order to complete the mortgage loan. A mortgage calculator helps you keep track of the length of time for which payment is due. It is important that you maintain this calculation on a weekly or monthly basis based on your package plan so that you can maintain a proper budget. Most people tend to be completely ignorant of any calculations and when they are charged with any extra amount, they are caught off guard. With proper calculation in hand, you can easily deal with creditors or lenders and have a systematic record of every payment deal.
You need the following information for the downpayment mortgage calculator.
Mortgage Amount
The basic calculation is done by subtracting down payment from the actual price of the home. After this you are left with only the mortgage that has to be paid. People who have resorted to mortgage refinancing the value is the outstanding balance of the mortgage loans.
Mortgage Term
The mortgage term refers to the time of the mortgage, either a 15 year or a 30 year mortgage. Refinancing often has 15 years as the average mortgage term.
Interest Rate
The current interest rate of the Bank must be known to calculate your mortgage payments. You should never rely on the same interest rate month after month as it keeps changing and you must have knowledge of any change to get accurate results.
Online Mortgage Calculator
There are special sites online that help people deal with mortgage calculations, either in full detail or just in basic calculations. Detailed calculations include the salary that you have, the term of the loan, the payment mode, the interest rate, tax rate, start date, close date, down payment etc. If calculating in a physical calculator is too time consuming for you, choose any of these online mortgage calculators to help you understand all loans and mortgages to be paid. With a good mortgage calculator, you can be on a good budgeting track, and also getting on a good financial management path.
Monday, October 18, 2010
How to Use a Loan Calculator
Wanting to know how much you will be paying back each month on the loan you need for say studies or maybe to buy a new home, can get complicated and the calculations not for the faint hearted it is handy to make use of loan calculators appropriate for the loan you wish to take.
Depending on the type of loan you are applying for, be it a study loan, personal loan or even a home loan, there is an appropriate loan calculator available for it. Usually agent costs would prevent many from finding the right loan plan for them and often lead to complications down the line. Doing your research beforehand has proven to save you time and money, and loan calculators are most useful in this case.
Several options are available to you online, depending your choice in the loan you need, and it is always wise to speak to the financial provider in person like with your bank. They will most likely be offering free advice and explaining the term of the loans will not be an issue to enquire about.
Spending some time getting to know the different kinds of loans out there will be to your best interest, as it will seem bewildering at first with so many different explanations and words your not normally use to hearing. The loan calculator will usually translate all that to basic numbers you will be facing with each installment.
Information like how much you will be spending each month and what your total repayment will be at the end, considering a fluctuating interest rate, are crucial to deciding on a loan that suits your needs. The loan and mortgage calculator will provide you this information clearly and concisely.
The two options of a home loan for example that allows either a fixed rate or an adjustable rate payment scheme, use different calculations for each case and are applicable due to the adjustable rate fluctuating with the interest rate. Using the correct loan calculator is important in this case.
Unsecured Loans on the other hand will differ from one lender to the next, yet with the use of the loan calculator it will be obvious where your moneys worth will be. Finding a suitable lender to do business with is a task far easier with the use of a loan calculator clearing the words that seems to be too much. Always ensure you read the fine print in any loan you sign for and be informed with the making the loan or mortgage calculator work for you.
Depending on the type of loan you are applying for, be it a study loan, personal loan or even a home loan, there is an appropriate loan calculator available for it. Usually agent costs would prevent many from finding the right loan plan for them and often lead to complications down the line. Doing your research beforehand has proven to save you time and money, and loan calculators are most useful in this case.
Several options are available to you online, depending your choice in the loan you need, and it is always wise to speak to the financial provider in person like with your bank. They will most likely be offering free advice and explaining the term of the loans will not be an issue to enquire about.
Spending some time getting to know the different kinds of loans out there will be to your best interest, as it will seem bewildering at first with so many different explanations and words your not normally use to hearing. The loan calculator will usually translate all that to basic numbers you will be facing with each installment.
Information like how much you will be spending each month and what your total repayment will be at the end, considering a fluctuating interest rate, are crucial to deciding on a loan that suits your needs. The loan and mortgage calculator will provide you this information clearly and concisely.
The two options of a home loan for example that allows either a fixed rate or an adjustable rate payment scheme, use different calculations for each case and are applicable due to the adjustable rate fluctuating with the interest rate. Using the correct loan calculator is important in this case.
Unsecured Loans on the other hand will differ from one lender to the next, yet with the use of the loan calculator it will be obvious where your moneys worth will be. Finding a suitable lender to do business with is a task far easier with the use of a loan calculator clearing the words that seems to be too much. Always ensure you read the fine print in any loan you sign for and be informed with the making the loan or mortgage calculator work for you.
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