I have created this fixed-rate mortgage calculator to provide you with an idea of what you can afford. This is a non-biased free mortgage rate calculator, I don't work for a mortgage lender, or any real-estate company. You are free to use this mortgage calculator free of charge. There are lots of good Real Estate websites that you should check out as well.
The mortgage rate calculator will tell you what your monthly payment will be, and also print out an amoritization table. The mortgage calculator will also give you a break down of the principal and interest you will pay month by month. I will be working on different types of mortgage calculators, so make sure you take the time to bookmark this site and come back and check on it from time to time.
Add the free Mortgage Calculator script to your site
If you have a website related to mortgages, real estate, or debt you are free to add this calculator to your website. You can add the free mortgage calculator script free of charge, you can modify the form to fit the look and feel of your site, the only thing you can't change is the Powered by freemortgagecalculator.net link. The link must appear directly under the form and you can't cover it up or change the color to hide the link. The color is blue, and if you put it on a blue background, then you will need to change the font color to white. Just copy the code for the credit card debt calculator, and put it on your site.
<table class="mortgage"> <tr><td>
<form action="http://www.freemortgagecalculator.net/cgi-bin/mortgage.pl" method="post"></td></tr>
<tr><td><label for="amount">Enter loan amount: </td>
<td><input type="text" name="amount" id="amount" /></td>
<tr><td><label for="months">Enter months: </td>
<td><input type="text" name="months" id="months" /></td>
<td>ex. 360</td></tr><tr><td><label for="interest">Enter interest: </td>
<td><input type="text" name="interest" id="interest" /></td>
<td>ex. 6</td></tr><tr><td><input type="submit" name="submit" value="calculate" /></td>
<td><input type="reset" name="reset" value="clear" /></td></tr>
<tr><td colspan="3"><a href="http://www.freemortgagecalculator.net" title="Mortgage Calculator">Powered by: FreeMortgageCalculator.net</a></td></tr>
A fixed rate mortgage means your interest doesn't change. This is a simple mortgage, or as simple as a mortgage can be. If you are like me and don't like having to take a MIT level Math class to make sure that your mortgage is fair, then the fixed rate mortgage is right for you. The above fixed rate mortgage calculator is a good start to figure out if you're getting a good deal on your mortgage. You can also play around with is to see if a second mortgage will help you or hurt you. Sometimes refinancing your mortgage can mean that you will be paying on your home much longer than you should. One of my goals with this mortgage calculator is to show you how much you are going to be paying in interest and if you decrease the amount of months that you pay on your mortgage, you can actually save enough on interest that you can send you child to college. It's all in how you look at it, if you don't think about how much interest your mortgage is costing you, then you're not going to care how long it takes to pay off your mortgage. If you have any suggestions on how this mortgage calculator could improve to meet your needs, you can always send me an email at firstname.lastname@example.org.
There is a new type of mortgage that I just saw on a commercial, it is called a Smart Choice loan. This mortgage plan is pushing the idea of lowering your mortgage payment, by giving you the ability to pay only the interest or interest and principle. If this doesn't make sense, I'll explain, what they are saying is that if you choose to go out and buy a new sofa, and can only afford to pay them the interest on your mortgage, than that is ok. Of course this would be ok, you are giving them free money, your goal with any mortgage should be to pay as much principle every month as you can. If you haven't ran some numbers using this mortgage calculator, do so now, and look at your first payment. You can see that your first payment is mostly interest, and you are paying very little principle. When you get down towards the end of your mortgage, you will see that you are paying more principle than interest, this is a good thing. By getting your self into a interest only type of loan, you won't make any progress on paying off your mortgage. I would recommend a fixed rate mortgage and try to pay more than your montly payment to get your fixed rate mortgage payed off early.
I am not a mortgage lender, I'm not trying to sell you anything, my only motivation is to see people get out of debt. I actually work for a debt settlement company and we see lots of people that we are unable to help because they are so far into debt. The general problem that gets people in over there head, is by not thinking about what they can afford, but what payments can they afford. This will make them think that if they can lower there mortgage payment by only paying the interest, or paying only the minimum payment on your credit cards, than they are living within there means. This is true if everything remains the same, however, you could always lose your job, have an unexpected medical situation and then you can't afford the minimum payment on your credit cards and then you can't even pay the interest on your mortgage. I'm not trying to sell you on the company that I work for, because this is my personal web site, but just on the fact that the credit and lending industry are winning because more and more people begin to think this way. I know that sometimes its hard to resist taking out the credit card to by that big screen plasma tv just because your friend did, but living within your means is very important for your future. If all of this doesn't convince you that you should try to pay off your mortgage as soon as possible, than think about the amount of interest that you could save and the fact that you could use that money to help put your children through college.
MN Real Estate