Mortgage Payment Calculator
Lizzie asks…
What is the Best Mortgage Payment Calculator for Home Equity Loans and Home Refinancing?
I am searching for the best mortgage calculators. Interest Only calculators and simple home mortgage calculators and loan calculators. I used the ones at http://www.1mortgagecalculator.net/index2.php and they seem pretty good. Just looking for comparisons.
admin answers:
You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel.
Http://www.openoffice.org/ (version for Windows and version for Linux both are available to download).
There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites
Charles asks…
Is there such a thing as a 'mortgage offset account' calculator?
I would like to know if anyone has come across a mortgage calculator that allows you to calculate the money that goes on and off an offset account linked to a mortgage.
admin answers:
What would you want the calculator to do? Mortgage offset account is simply a loan tied to an account at your bank such as a savings account.
You can check out some calculators here. Http://www.mortgagesum.com/mortgagecalculator/
Jenny asks…
How to use a mortgage payment calculator?
I'm trying to figure out how much house I can afford. I've been putting numbers into mortgage calculators and was curious what exactly counts into "total monthly debt." Is it just credit cards and loans or is it also obligations such as cell phone, tv, utilities, etc.?
admin answers:
Use a mortgage calculator to estimate your situation then go see a lender and get qualified advice by a professional that knows what they are doing. Then take the info given by the advisor and enter it into the loan calculator and compare.
Edit:
Using 3 times your income to determine your eligibility is ridiculous. It does not work. A person that makes $12,000 / year cannot qualify for a $36,000 house and a person that makes $250,000/ year can qualify for more than a $750,000 house. Someone who makes $1000 a month and has 50% of their in some used on a mortgage has $500 left and that's unlivable. A person that makes $20,000 a month and uses 50% of their income has $10,000 a month, that's a big difference!
As I said, speak to a loan officer who knows what they are doing.
Mandy asks…
Where can I find a good mortgage calculator?
The calculator i am looking for must have an option for extra payments, as well as lump sums paid at specific and iregular dates? The calcs i have only have one option.
admin answers:
If you are going to need such a specific calculator, you should build your own in Excel.
Powered by Yahoo! Answers
