Where can I find a mortgage calculator to see differences if I pay more principal?
Question by : Where can I find a mortgage calculator to see differences if I pay more principal?
The only ones I am finding are for new loans. I need one where I can plug in what I owe on my mortgage interest rate etc then how much I would save by adding additional principal each month. We already pay some additional principal but I want to compare it to my mortgage company’s bi-weekly payment plan.
Best answer:
Answer by Spock (rhp)
best is to do it yourself in Excel
bi-weekly payment plan is a rip — you’d get same result by making an added 1/2 payment each six months and no promises of more. This preserves flexibility — if you get squeezed, you can put off the added payment. In a time of “rolling unemployment” preserving financial flexibility is essential.
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caLcuLator, differences, Find, more, Mortgage, Principal
Try http://www.dinkytown.com or http://www.bankrate.com. They both have excellent calculators.
Oh, and nothing stops you from sending in a check more often: you don’t need your company’s bi-weekly plan.
Please consider, however, if you’re ever going to need this money. It’s harder to get out than it is to put in.
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Here are a few.
The last one should be the one you’re looking for and should help you in your quest. Good luck.
http://www.mlcalc.com/
http://www.mortgagecalculator.com/
http://www.mortgagecalculator.org/calculators/mortgage-principal-calculator.php
The link below should provide some useful tips for you.
http://www.ehow.com/info_7941069_paid-extra-principal-mortgage.html
Finding a good mortgage calculator is pretty easy. They’re all over the net. The thing is, you need to understand how these mortgage calculators work, what types of mortgage calculators are out there, and how best to use them.
Mortgage calculators put multiple factors into play – such as monthly repayment amounts, your interest rate, any discount points or premium points you might pay, overfall loan costs and the length of your loan term. What you’ll want to do with your mortgage calculator is to play around with as many of these figures as you can so you’ll be aware of how each impacts your bottom line.