Mortgage Calculator: 3 options for simulate

A mortgage calculator is a tool that will offer a range of options to simulate and calculate various aspects of a mortgage.

This tool will help you and others individuals to estimate various aspects of a mortgage loan.

In this type of calculator, you will need to input specific financial details related to a mortgage, such as the loan amount, interest rate, loan term, and additional costs, and then calculate important information like monthly payments.

To exemplify, you can use a mortgage calculator in this kind of situation:

“Sarah is buying her first home, and she’s considering a property priced at $300,000. She plans to make a 20% down payment, take out a 30-year mortgage with an interest rate of 4.5%, and wants to understand her monthly financial commitments.”

Sarah can input all this information into a calculator that will help her in a matter of seconds.

3 options of mortgage calculator to use

If your goal is to buy a house with a mortgage, you can use a mortgage calculator, and luckily, there are several calculators on the market that can meet your needs.

1 – Bankrate

Bankrate is a good all around option for a mortgage calculator, they offer a lot of features.

To use this site you need to input a home price, down payment, interest rate, zip code and loan term.

As an optional tool you can add taxes and insurances too, so you can have a complete result.

After you put the needed information, the website will provide your total monthly payment related to the mortgage.

2 – Mortgage Calculator

More than a tool to mortgage, you can also receive advice and more information in this calculator.

To use the features, you need to input information in three groups: home price & down payment, original loan structure, and additional payment.

In the first group you will inform the home price, down payment and loan amount in dollars. In the second group, original loan structure, is requested the interest rate in percentual and loan term in years.

And the last group, additional payment will ask you to input initial extra payment and additional monthly loan payment, both in dollars.

When you’re done, the calculator will provide the monthly principal & interest payment, total monthly payments, interest savings, length and time saved.

3 – Investopedia

Investopedia is a good option if you’re looking for a calculator that’s more in-depth, they have a variety of features, as well as home price, down payment, loan term and apr, or your credit score.

The site will provide you with the monthly payment, information of principal & interest, property taxes and homeowners insurance.

Also you will receive the mortgage size, interest and the total that will be paid assuming a fixed interest rate.

To know the best mortgage calculator you’ll need to test and analyse the results, since the will depends on your individual needs and preferences.

If you’re not sure which calculator is right for you, we recommend that you compare the different websites and try out a few different calculators before choosing the one.