A software calculator to evaluate and compare various mortgage offers.
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How It Works
Here is how Mortgage Calculator works:
1. Lenders offer you mortgage loans
A lender offering you a mortgage loan will give you certain loan parameters — for instance, the interest rate, the loan term and the payment frequency. You should collect details of the offers that were made to you and enter them into Mortgage Calculator as detailed in step 2.
2. You enter the offers into Mortgage Calculator
All of the parameters for a given loan comprise a loan project. You should create a loan project for each mortgage offer you want to evaluate (see Creating a New Loan Project for details). After you have entered the required values, the new project will appear in the table:
3. It calculates bottom-line values for each mortgage offer
After you have created a loan project, you can view the monthly payment (the Payment, $ column), total interest and total repayments over the loan term. Mortgage Calculator also generates an Amortization Schedule table. This shows how the amount of your debt decreases throughout the loan term:
4. You compare these values to select the offer that suits you best
To find which particular mortgage offer is best for you, compare the projects listed in the table. You can click a column header to sort the projects by parameter. For instance, if your goal is to pick out the cheapest mortgage you would sort the projects by payment - an example is shown in the screenshot below:
To get started with the Mortgage Calculator, read the Getting Started page.