A mortgage payment is a payment against the liability of a property owner who needs to pay back a loan that is secured by a property. From the viewpoint of the mortgagor, the mortgage is considered as a long-term liability which is needed to be paid back to the mortgagee with thin a fixed period of time. The portion of the loan that is payable within the next 12 months is known as a short-term liability. A well-designed mortgage payment calculator enables the borrower to calculate his or her monthly due amount and the total amount due on the remaining unpaid principal on the loan including the interest imposed by the bank or any financial institution. You may also like Loan Amortization Calculator Templates.
Monthly Mortgage Payment Calculator
It helps to calculate exact amount to be paid per month. Monthly mortgage payment calculator needs some basic information that includes the following
Mortgage Amount – The amount actually borrowed from the mortgagee. Sometimes amount one gets in hand differs from the amount actually borrowed because some mandatory deductions are made by the banks.
Interest rate – It is the cost of borrowing. As per the payment schedule, the borrower needs to pay interest on fixed rate basis on the amount he or she has borrowed from the bank.
Amortization – It is the term period by which the amount taken as the loan is to be paid back to the bank.
Payment Frequency – It is the pre-determined payment schedule, i.e. how often the repayment will be done in a year. Normally, people choose monthly or weekly payment method, depending on his or her other expenses.
Free Mortgage Payment Calculator
Free Mortgage Payment Calculator helps to determine all the required parameters that are important to schedule repayment to the mortgagee. This calculator needs some simple data to calculate installment payment. You may also Like Payroll Time sheet Calculators.
On feeding the calculator with some pre-determined data like mortgage amount, amortization, interest rate, the frequency of payment etc it provides detailed information on installment payment, monthly payment, total interest to be paid, the total amount to be paid at the end of the term etc. This payment calculator helps to get important data that is required to feed in family budget calculator also.
Biweekly Mortgage Payment Calculator
This is an extremely handy mortgage payment calculator that helps to determine bi-weekly repayment amount very accurately and manage the entire affair of a mortgage payment. This calculator provides data that enables the mortgagor to compare repayment bi-weekly data with monthly data to estimate the amount he or she will be able to save through bi-weekly payment. It’s a complete mortgage payment manager for the borrower.
Mortgage Payoff Calculator
Sample Mortgage Payment Calculator
Mortgage Loan Payment Calculator
Mortgage Interest Payment Calculator
Basic Mortgage Payment Calculator
Millions of people these days, borrow money from banks and financial institutions for the procurement of important assets mainly homes, and cars. They don’t understand many aspects of repayment of mortgage loans. Mortgage payment calculator helps them to get a clear idea on how they will have to arrange money for the entire term as also how they can save money by extra payments. You may also like Car Loan Calculator Templates.
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