In reality, buying a home will be one of the largest financial commitments of your life. As a first-time homebuyer or someone refinancing, you are investing money into a home. Therefore, there are some important things to know like how much your mortgage will cost each month and exactly how much you will have paid back at the end.

Our Online Mortgage Calculator allows you to get this information quickly and easily. In seconds, it will display all your monthly repayments, total interest costs, loan schedule etc. This allows you to plan better and avoid any surprises prior to signing a mortgage agreement.

How Does the Mortgage Calculator Work?

The online mortgage calculator is simple and can be used by anyone, while delivering accurate results. The results can be used whether you are evaluating a repayment mortgage or an interest-only mortgage with results that include:

• Your estimated monthly installment
• Total interest paid throughout the life of the loan
• Remaining balance on the loan (if you are evaluating an interest-only mortgage)
• A complete amortization schedule

To deliver your results, all you have to do is enter the value of the loan, the interest rate and the term of the loan. Then, select your repayment type (capital + interest or interest only), and the calculator will instantly deliver you a breakdown of payments and clearly show you how you will repay the mortgage over time.

Types of Mortgages Explained

Capital & repayment mortgage - the most standard mortgage type. Each month you pay down a portion of the principal of the loan plus interest. Initially, the interest paid will make up the bigger portion of your total payments, and as the mortgage decreases, the principal paid towards the loan increases, until at the very end of the term, there is nothing owed. The Capital & repayment option is best suited for borrowers who are looking for the reassurance of becoming completely debt free at the end of the mortgage.

Interest only mortgage - only payments of interest are made each month without any reduction in the initial loan amount (principal). At the end of the term, the full principal amount must be refunded either through savings, or investment or just selling the property. The benefit of the interest only option is lower payments every month, but considerable discipline is required to ensure you have the amount available at the end term in a lump sum.

Why Use a Mortgage Calculator Online?

• Speedy solutions - get instant answers without manually calculated spreadsheet solutions
• Compare mortgage options -Change the interest rate, repayment period adjusts, as well as loan type, and return plans to see which plans fit your budget
• Smarter budgeting -- find out exactly how much house you can afford, and plan your debt repayment accordingly
• Amortization solutions -- you can see each payment, how much is going onto principal and how much is going onto principal from payment-to-payment and in total giving a clear view of your financial roadmap.

Mortgage Calculator Subtools for Complete Financial Planning

In addition to the main repayment calculator, we offer additional sub-tools here to give you a complete overview of your mortgage:

• Mortgage Affordability Calculator – This will help you to see how much home you can afford, given your income, debts and monthly expenses; the idea is to keep you from financially stretching yourself too thin.
• Loan Amortization Calculator – This will let you see how payments will be divided between principal and interest during the loan term, and when the equity builds the fastest.
• Mortgage Refinance Calculator – This compares your current mortgage (with new interest rates and terms), so you can see the potential savings of refinancing your mortgage.
• Early Mortgage Payoff Calculator – See how extra monthly or lump-sum payments reduce the time of your loan and enables you to save thousands in interest.

Key Benefits of Using Our Mortgage Tools

• 100 % free, instant, and accurate calculations.
• Responsive mobile-friendly design so you can check quickly without having to sit at a computer.
• Helpful visual graphs showing a breakdown of your loan.
• Side by side comparisons of terms, repayment types and types of mortgages.

Conclusion

Acquiring a home or refinancing doesn't need to be complicated. You can plan smarter, compare options and see how changes to terms or payments affect your long-term costs through the use of our Mortgage Calculator and additional calculators.

Whether you're a first-time buyer, refinancing an existing loan, or planning an early payoff, you can count on our calculators to give you the clarity you want.

So take the plunge today with Calcify.us, and start controlling your mortgage planning.