How To Choose The Right Mortgage Calculator For Your Needs
Hear about those people who, by adding $50 per month to their mortgage payment cut their loan in half? You can actually do that. Look on the web for a mortgage accelerator calculator.
To start with, a simple mortgage calculator is useful. They let you input the amount of the principal you will be borrowing, the current interest rate, and the number of years to pay off the loan. These calculate mortgage repayments as a fixed amount over a fixed time with a fixed interest rate.
If you want to work out how much you can afford, based on your current standard of living and income, a more complex mortgage calculator is useful. It takes into account other monthly expenses. The sort of mortgage calculator that works out how much you can borrow will use similar information to give you a rough estimate of what a bank or mortgage lender will conceivably offer you.
Other sorts of mortgage calculators can be used if you are considering refinancing your current home loan, or wish to consolidate your current loans.
If you are currently in debt with personal loans, for example, and want a home...
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