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About Mortgage Calculators 

When shopping for a new home, a first-time home buyer might have some concerns about the estimated monthly payment for certain price points.During the pre-approval process, a borrower might receive the estimated monthly payment for her maximum financing amount.For instance, a property that will have a financing amount of $500,000 and a 30-year fixed-rate mortgage of three percent would have a monthly principal and interest payment of $2,108.02.If a borrower wants to quickly find out what the monthly payment for a loan amount of $475,000 would be using the same parameters as above, a mortgage calculator may be used to perform a rapid calculation.Four basic key functions on a mortgage calculator will enable a user to solve a variety of monthly payment computations.

Enter the Rate of Interest

The precise interest rate must be entered to get accurate payment information. An estimated interest rate that is off by just a quarter of a percent could greatly differ from the actual payment.For instance, the payment for a mortgage loan of $525,000 that is financed for 30 years at a three-percent interest rate would equal $2,213.42.Although, an estimated interest rate of three and a quarter percent would amount to $2,284.83. This would amount to a monthly increase of $71.41 — which would total more than $25,707 over a 30-year term.Using the actual mortgage interest rate versus an estimate will provide a more accurate payment calculation.

Input the Principal Balance

Enter the amount of the loan. This is an important variable, as the mortgage calculator must know what amount is being financed to accurately perform the calculation.

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Press the Payment Button

Finally, press the payment button to determine the amount of the monthly principal and interest payment.

The value shown will remain constant unless changes are made to the term, the interest rate or the amount financed.

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Summary

Loan officers and real estate professionals use mortgage calculators to quickly determine the monthly principal and interest for a variety of loan scenarios.

Therefore, anyone can use a mortgage calculator to perform the steps above and to get monthly payment information for a home loan. Some mortgage calculators may ask for the amount that a home buyer will use for a down payment.

Internet Loans Direct offers reliable support for home buyers who are self-employed.

Contact us today for more information.  

Contact us today for more information about purchasing or refinancing a home.

Phone : 888-836-6287
Email : [email protected]
Website : www.internetloansdirect.com