Mortgage Calculator Tools

Through my research for my project I found various tools for those who may be interesting in buying a home.

# Private Mortgage Insurance (PMI) Calculator

This tool estimates how much your PMI will be if you don't have the ability to put 20% down on your mortgage. http://www.hsh.com/calc-pmi.html From there, you'll be able to decide if it make sense to try to do an 80-10-10 loan vs. pay the private mortgage insurance. Note, there are tax implications that may make it more economical to avoid the PMI. I know that congress was looking in 2008 to also make PMI tax deductible.

# Neat Mortgage Calculator that Graphically shows you the amount of principal and interest you would pay.

It's really eye opening to see how a few extra payments really reduce your duration. I wish we would have found this earlier because we did all these calculations manually in our project!
http://www.jeacle.ie/mortgage/

# Run of the Mill Mortgage Calculator

http://www.bankrate.com/brm/mortgage-calculator.asp

# ARM vs. Fixed Calculator

http://www.interest.com/content/calculators/new/armvsFixed.asp

# General Tools -

The above calculators were all pertinent to our project. However, this link leads you to every possible mortgage decision you may have. The caclulaters you'll find by clicking this link are listed below. http://www.interest.com/content/calculators/index.asp. The below topics were cut and pasted from the link at interest.com

## Mortgage required income calculator

Will you qualify for a loan to buy the home of your dreams? Finding out the income necessary to qualify for a specific mortgage amount will answer your question.

## Interest-only calculator

The initial monthly payments may be low, but see how they’ll rise when you have to start repaying the principal and interest rate resets.

## Balloon mortgage calculator

Determine what you’re monthly payments will be and how much you’ll owe when the loan is up and the balloon payment comes due.

## Interest only mortgage calculator

An interest-only mortgage provides flexibility to the borrower in the early years of the loan.

Buying a home entails more costs than what is reflected in your monthly mortgage payment.

## Refinance interest savings calculator

Find out whether a mortgage refinancing makes sense for you.

## Mortgage points calculator

Paying points will reduce the interest rate and your monthly payments.

## Mortgage comparison: 15 years vs. 30 years

Which mortgage is right for you?

## Mortgage APR calculator

The annual percentage rate (APR) reflects the total cost of a loan by taking into consideration the interest rate plus any points and fees paid.

## ARM vs. fixed rate mortgage

Which is right for you?