This is just a sampling of the many different mortgage calculators that can be found on the internet. Explore them and see which works best for your needs.

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Mortgage Calculators

There are a wide variety of mortgage calculators, ranging from the basic mortgage calculator used to determine what a mortgage’s monthly payment will be to those calculators that help make purchase decisions. The more advanced mortgage calculators can help determine whether to buy or rent a property, they can help figure out how much of an investment one can buy, they can help you determine whether or not it makes sense to refinance an existing loan, whether a reverse mortgage is appropriate, and help calculate the time frame and cost of paying off debt.

The Simple Mortgage Payment Calculator

The most basic of mortgage calculators is used to determine the monthly payment of a mortgage loan. This can be for any type of property including a residential home or a piece of land.

The variables are:

1. The principal – this is the amount of the loan. For example, if you are buying a house for $200,000 and are putting down 20% you are financing the remaining 80%, the principal will be $160,000.
2. The term – this is the length of the loan. This is usually the number of years of the loan. Home loans today are usually either 15 or 30 years, though recently loans as long as 50 years are now available.
3. The interest rate – this is the yearly interest rate for the loan.

Note: Make sure that you are consistent and use the same time period for both the interest. For example, if you enter 30 years for the term of the loan, make sure that you enter an annual interest rate for the loan.

The results:

1. The monthly payment – this is the amount that is due each month. This is the combined interest and principal amount.

Note: Remember to include any applicable property taxes and insurance payments when determining the total monthly payments.

Some of these calculators already have sample data in them, so be sure to clear or set all data fields as necessary.

These are links to simple Mortgage Calculators which can be used to determine monthly payments

BankRate.com

LeadFusion

These are more advanced Mortgage Calculators:

Rent versus Buy Calculator

These mortgage calculators help weigh the financial benefits of owning a home against the costs of renting one. These tools allow you to compare all the expenses associated with buying and owning a home versus just renting a home.

Note: These calculations do not take into account the pride and other intangible benefits or costs of homeownership.

This calculator helps determine whether to buy or rent

LeadFusion

How Much Can I Afford? How much can I borrow?

How much loan you can afford is based on several factors, including how much money you make (your gross income), other monthly debts, and the guidelines set up by the lender. The following guidelines are based upon conventional loan programs. Other programs are available.

Your salary must meet the following two conditions:

1. Your gross (pre-taxes) monthly income must be greater than 28% of the sum of the monthly mortgage and monthly tax payments.
2. Your gross (pre-taxes) monthly salary must be greater than 35% of the sum of the monthly mortgage, monthly tax and other monthly debt payments, including car loans, private mortgage insurance (PMI), credit card payments, alimony payments and any other debts.

These calculators help you determine how much house you can afford and how much you can borrow:

BankRate.com

LeadFusion

NOTE: Calculations by these tools are believed to be accurate, yet are not guaranteed. Further review is necessary to obtain an exact qualification. If you have less than 20% equity in your home, a monthly private mortgage insurance (PMI) payment may be required.

Reverse Mortgage Calculators

These are reverse mortgage calculator for our more experienced readers:

NRMLA

AARP

Additional Resources

These sites have links to multiple mortgage calculators:

http://mortgage-calc.com

the-mortgagecalculator.com

Check back in future for additional sources of useful information and tools.

More Mortgage Related Resources are available at www.MortgageProNews.com.