This calculator is designed to help determine whether using a mortgage to consolidate your debt is right for you. Enter your credit cards, installment loans and the mortgages you wish to consolidate by clicking on the "Enter Data" button for each category. Then change the consolidated mortgage loan amount, term or rate to create a loan that will work within your budget. Click the "View Report" button for detailed results.
Use this calculator to determine the Annual Percentage Rate (APR) for your mortgage. Press the report button for a full amortization schedule, either by year or by month.
What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.
Use this calculator to generate an amortization schedule for an interest only mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments! Press the "View Report" button for a full yearly or monthly amortization schedule.
Interest only mortgages can provide you with very low monthly payments, however you are not paying off any principal during the interest only period. Use this calculator to examine an interest only mortgage.
A fixed rate mortgage has the same payment for the entire term of the loan. Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.
This calculator shows you possible savings by using an accelerated bi-weekly mortgage payment. Bi-weekly payments accelerate your mortgage payoff by paying 1/2 of your normal monthly payment every two weeks. By the end of each year, you will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest. Click on the "View Report" button to see your savings!
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.
A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease. Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
Use this calculator to determine the Annual Percentage Rate (APR) of your Adjustable Rate Mortgage (ARM). Knowing your APR can help you compare different ARMs with different fees and terms.