What is a home mortgage? A home mortgage is a form of loan that is secured by the borrower’s real estate or other properties. A mortgage loan contract is a huge amount of money used by most borrowers to purchase a house or another property. Because of this, the lender requires a collateral in the form of any property or real estate owned by the borrower. If the borrower fails to pay the mortgage for a specific number of times, the property in collateral may get foreclosed and taken by the lender as agreed in the mortgage agreement.
Keeping track of your mortgage loan payment is very important as forgetting even a single payment calculator mortgage will get you and your property in collateral into serious trouble. It is pretty hard to manually calculate your mortgage payments based on your payment method, that is why it is very convenient that you make use of home mortgage payment calculators. Taking advantage of any of the mortgage calculators in this article will truly help you keep track of your mortgage payments so that you will be able to know if you can afford a mortgage loan and how much you need to pay for it.
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Basic Concepts That You Should Know about Mortgages
So as not to get confused in the complex concepts used in a mortgage agreement or any mortgage-related topic, it is best that you equip yourself with knowledge about it. So we have made it a point to include the basic concepts that you need to know about mortgages and you can check them out below.
The borrower could be an individual or an organization who is need of a large amount of money to purchase a particular property or real estate purchase agreement.
The lender or the entity that lends money to the borrower may be a banking institution or a lending institution.
The property in the mortgage refers to the property being financed or the property contract that the borrower wants to purchase.
This refers to the home loan that the borrower is taking advantage of.
The term principal evaluation in a mortgage refers to the exact amount of the loan or the money being borrowed that does not include other costs. It is just the amount borrowed not including the interest.
The statement of interest is the percentage or the amount of money added on top of the principal cost that serves as payment or charge by the lender for allowing the borrower to use their money. This is how banking and lending institutions earn from mortgages and other types of loans.
Continuous payments need to be done on time with the exact amount by the borrower so that their property will not be foreclosed. If this happens, the lender will have the right to repossess the property and take ownership of it. You can also see annual payment calculators.
Completion here refers to the completion of the mortgage deed and not necessarily the completion of the mortgage payments. In fact, this is just the start of the actual mortgage.
Redemption occurs when the last payment needed to fully pay the mortgage has been done. This is the final payment that should be made to clear out the remaining outstanding balance of the mortgage.
You can usually encounter these terms when dealing with mortgage contracts, mortgage commitment letters, and mortgage release forms, to name a few. These terms are commonplace, especially if you decide to get involved in the world of mortgages. It’s better to be prepared than not know anything at all.
Why Is a Mortgage Calculator Important?
Doing our own manual computation of your mortgage can be both difficult and a hassle. Not to mention that it is hazardous to your brain cells. But why do you really have to do it manually if you can take advantage of mortgage calculators? If you are not aware of this tool, then let us tell of the many reasons why a mortgage calculator is important.
- It is easy and convenient to use. Mortgage calculators already include the necessary things that you need in to include in your mortgage computation. This allows you to make computation easy and convenient as you don’t have to look for what you need. You just need to know the percentage rate and amount of your mortgage and let the mortgage calculator do its thing.
- It is more accurate compared to manual computations. Computations are done through fixed formulas and percentages that you will be entering, so there is little chance for errors unless you entered wrong data. You can also see mortgage payment calculator extra payments.
- It helps in determining the interest rates that you are paying for your mortgage. By just entering the correct data or amount of your mortgage, you will be able to determine how much interest you will be paying for a particular mortgage.
- It is free and available online. There are a lot of free and downloadable mortgage calculators online that you can use, so getting hold of one should not be a problem. If you only have limited Internet connection, then you can download the mortgage calculator in this article and use it offline to calculate your mortgage payment.
- If you’re still trying getting a mortgage, it will help you determine if you can afford it or not. A mortgage loan is no small thing. With a large amount of money involved, being able to pay it back is no joke. If you’re interested in getting a mortgage loan but you have a tight budget, you might want to check first the payment notice that you need to make if you involve yourself in one. Then you can decide if you can afford it or not.
- It will help you remember your payment schedule. You can set your payment calculator to how frequent you want to make payments. It includes the dates on when you need to make the next payment and how much is due.
- It keeps you track of your mortgage payments, as well as your remaining balance. And because you have a record of how much you have paid and when you have made a payment, you are sure to have a record of it on the calculator. This way you can keep track of your payments and balances.
What Should Be in a Home Mortgage Calculator?
There are a lot of things that you can see in a mortgage calculator and they all look confusing. But don’t let all those numbers stump you. The good thing about mortgage calculators is that they include instructions and explanations on the things that are included in it. Other mortgage-related downloadables that include these kinds of features are mortgage amortization in Excel and mortgage amortization schedules. Below are the things that should be in a home mortgage calculator:
- The loan amount
- The first payment date
- The interest rates
- The total interest paid
- The term in months
- The monthly payment amount
- The payment schedule
- The total interest costs
- The month of payoff
- The loan balance
- The cumulative interest
- The final payment made
- The total interest saved
- Instructions on how to use the mortgage calculator
- Definition of terms or notes on the things included in it
The contents of the calculator may vary or may be different depending on who made it and the percentage rate being used. No matter what kind of mortgage calculator it is, as long as you put in the correct data then you will get the same accurate results. You can also see auto payment calculator samples.
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What Are the Advantages of Using a Mortgage Calculator?
You can truly find a lot of uses of a excel mortgage calculator. With its many uses, who wouldn’t want to use it? So we have decided to also provide you with the advantages that you can get with using a mortgage calculator to completely convince you that it is worth it.
- Mortgage calculators can help you in planning your budget. With this useful tool, you will be able to determine if you can afford to buy a particular house when doing your house hunting. It helps you make the computations on how much you need to pay for this particular house so that you can make a decision whether you want it or not.
- Mortgage off calculators can help you save money. Because you will be able to make the computations on your own, you will also be able to know the options available to you when selecting a house to purchase. This can be done by computing variables that are necessary for a mortgage. You can also save on the consultation fee as you no longer need to consult a bank rate mortgage broker to compute the mortgage details for you, which is very costly.
- Mortgage calculators allow you to learn more about it while using it. The more you use a mortgage calculator, the more you’ll learn about things related to mortgages. You will be able to make experiments on different percentages being used by different baking and lending institutions allowing to have a wide range of choices for getting your mortgage loan. You can choose the mortgage payment method and frequency that is most advantageous to you and helps you choose a mortgage affordable.
- There are different kinds of mortgage calculators available online. What kind of mortgage calculator do you need? Is it for monthly payment schedules or for interest computations? Regardless of what kind of mortgage calculator you need, all of it are available online for free. Some are even downloadable in Excel files so that you can carry a copy on your laptop or phone anywhere you go. You can also see mortgage amortization calculator templates.
What would you do without a mortgage calculator? You’d probably be in a mess or you’d probably be having trouble doing manual computations. You can solve all that just by using a mortgage calculator. Download them now!
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