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Mortgage calculators have been around since the mid-20th century, when amortization became popular. These calculators help paint a clearer picture of the true cost of homeownership. Many mortgage calculators, such as the mortgage calculator with taxes and insurance, factor in additional expenses like property taxes, homeowners insurance, and private mortgage insurance (PMI) to provide a more accurate monthly payment estimate. Mortgage Calculator Features: Taxes, Insurance, and More FHA mortgage calculator: Calculates your monthly mortgage payment for an FHA loan, including mortgage insurance premiums.VA mortgage calculator: Provides an estimate of your monthly mortgage payment for a VA loan, considering factors such as the VA funding fee.Mortgage refinance calculator: Helps you decide if refinancing your current mortgage is a good financial decision by comparing your current loan to a new loan.
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Mortgage payoff calculator: Calculates how long it will take to pay off your mortgage based on your current balance, interest rate, and monthly payment.Mortgage amortization calculator: Illustrates how your mortgage payments are allocated between principal and interest over the life of the loan.Simple mortgage calculator: Provides a quick estimate of your monthly mortgage payment based on loan amount, interest rate, and loan term.Some popular mortgage calculators include: There are numerous mortgage calculators available to cater to various loan types and financial situations. Plan for extra payments: A mortgage calculator with extra payments enables you to see the impact of additional payments on your loan’s principal balance and interest savings.Compare loan options: Mortgage rate calculators allow you to compare various loan scenarios and choose the best option for your needs.Determine affordability: A mortgage affordability calculator enables you to evaluate how much house you can afford based on your income, monthly expenses, and down payment.Using a mortgage calculator can help you: These calculators consider several factors, such as loan amount, interest rate, loan term, and property taxes, to provide an accurate estimate of your monthly mortgage payments. The Basics: What is a Mortgage Calculator?Ī mortgage calculator is a digital tool that helps potential homebuyers estimate their monthly mortgage payment.