The subject of home loans and mortgage repayments has had many people around the world running for cover in the past few years. A useful tool that any new home owners-to-be or people climbing up the property ladder can use is a mortgage repayment calculator to help them keep on top of exactly what their financial commitments will be, now and into the future.
Online resources such as LowerBills provide a mortgage calculator that will break down your repayments to monthly, fortnightly or weekly fees, whether you are purchasing the property to live in or to rent out. Once you feed in the period of the mortgage it will also calculate the total interest you will be paying.
A Mortgage repayment calculator Open Calculator takes the unnecessary complications out of understanding your mortgage and breaks it down into the lowest common denominator of just how much your payments will be. You feed in information like loan amount, interest rate, the loan term and the frequency of payment and out of the other end comes the number of installments, the regular payment, the total principal plus interest and the total interest.
Other mortgage repayment calculator systems on other sites may vary slightly – some will break down the amount of interest you pay in the first year, for example, or let you know the exact date that your repayments will finish. An advanced mortgage calculator will give you a printable schedule of all payments that have to be made over the whole term of the loan (every month for maybe 30 years, for instance), but the basic principal usually remains the same.
Such calculators are designed to make life a lot easier for the likes of you and me, who need things spelled out in clear terms. We don’t need any surprises and it’s critical that we keep on top of all of our monthly financial commitments. As well as the mortgage calculator you will find a car loan calculator, lenders mortgage insurance calculator, savings calculator and an interest-saving calculator, all on the LowerBills site. Using them in tandem allows you to create spreadsheets that can detail your commitments exactly and help you to budget more effectively.