How do you use a free mortgage calculator?


Quick Answer

To use a free mortgage calculator, individuals have to enter personal financial details into an online tool to get an accurate estimate of their mortgage payments. Examples of information required include the home value, the interest rate, the loan amount and term, and property tax info.

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Full Answer

By using a mortgage calculator, individuals can get a rather accurate estimate for a new mortgage, but they can also use these tools if they are thinking about paying off an existing mortgage early or deciding whether an adjustable-rate mortgage is worth the risk. The information required by different free mortgage calculators may differ, but most of them require the user to provide information about mortgage insurance, lender's fees and down payment amounts.

Most banks offer their own free mortgage calculators. US Bank has an easy-to-use calculator for new and existing customers. Individuals looking for a mortgage can also use free mortgage calculators provided by third-party websites such as MortgageCalculator.org and Calculator.net. Both websites offer comprehensive estimates about mortgages including repayment charts and balance graphs that make it easy for users to determine what mortgage is the right choice for them. Historical rates are available as well, together with information about current mortgage rates provided by different banks.

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