These are links to mortgage industry calculators, tools, and various formulaic resources.
Mortgage Rate Calculators
Mortgage Required Income Calculator Use this calculator to determine the required income to qualify for your desired mortgage amount.
Interest Rate Calculator Interest Rate Calculator is an easy-to-use mortgage calculator. It displays an Amortization Graph, Annual Table, Monthly Payment Chart and MORE! The annual chart demonstrates how much of your payment goes toward the balance of the loan and how much goes to interest. This calculator can be used for home mortgage loans in the U.S., Europe, and Canada.
Rent vs. Mortgage Calculator Buying a home entails more costs than what is reflected in your monthly mortgage payment. For some, buying is the right answer, but for others, renting is the way to go. Considering all of the costs and tax implications will lead to a better decision.
ARM vs. Fixed Rate Mortgage A fixed rate mortgage offers predictable monthly payments for the life of the loan. Other products, such as adjustable rate or interest-only loans provide borrowers with greater flexibility in the early years of the loan through lower initial interest rates and lower payments. But the loans are all amortized over 30 years, so higher payments are inevitable. Adjustable rate and interest-only loans provide lower rates and payments now, but can result in sharply higher payments in future years. Borrowers expecting a significantly higher income in coming years, may find these loans appealing.
Home Affordability Calculator This calculator will give you a better idea of how much you can afford to pay for a house and what the monthly payment will be.
Amortization Calculator Use this calculator to generate an amortization schedule (by month or by year) as well the monthly payment for a mortgage paid either monthly or bi-weekly. It can also demonstrate the effects of prepaying your mortgage on an irregular (one-time) or regular (monthly or annual) basis.
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