Not all mortgage calculators are created equal. The best kind of mortgage calculator is flexible; it will allow you to input a variety of data, from term and down payments to points and closing costs, ultimately spitting out the most accurate estimate of the house you’ll be able to afford.
A quality mortgage payment calculator will also give you an idea of your monthly payments, as well as how much your mortgage is going to cost over the life of the loan. If used correctly, these calculators can be an invaluable help when buying a home.
But with the overwhelming number of mortgage affordability calculators out there — from amortization calculators to home equity loan calculators to early payoff mortgage calculators — it can be difficult to cut through the clutter and find the one that’s right for you. That’s where we come in; we’ve put together a list of the six essential mortgage calculators, and where to find them.
Bi-Weekly Payment Calculator
If you’re looking to pay off your mortgage early, you might consider pursuing a bi-weekly payment plan. Why? By making 26 bi-weekly payments (instead of 12 monthly payments) you’ll have paid off an extra month by the end of every year. This will speed up your loan payoff and save you a lot of money in interest.
If you think this might be an option for you, try out Malvern National Bank’s bi-weekly payment calculator, where you can enter in the mortgage amount, interest rate and mortgage term, and figure out what your bi-weekly payments will be.
Adjustable Mortgage Rate Calculator
While many calculators only tabulate the cost of a fixed-rate mortgage, this mortgage rate calculator — also from Malvern National Bank — will help you figure out the cost of an adjustable rate mortgage, and even help you compare the two options.
15-Year vs. 30-Year Mortgage Comparison
Whether to opt for a higher monthly payment or a lower overall interest sum is a question that plagues many home buyers. Such is the decision when deciding on a 15- or 30-year mortgage term. Crown Financial Ministries’ 15-year vs. 30-year mortgage calculator puts that abstract mortgage comparison into concrete dollars.
Simple yet informative, this calculator produces the difference in payment and interest between the two term options, as well as a breakdown of how much each would save based on the interest rates available.
Mortgage Qualification Calculator
How much of a house can you afford? That’s one of the first and biggest questions when it comes to buying a home. Homefinder offers a calculator that will help you figure out the answer, with fields for the purchase price, down payment, property tax, insurance and several other factors to help you determine if you can afford your dream house.
With current mortgage rates finally rising from the nadir of the last decade, it’s tempting to look into refinancing options to cash in on current mortgage interest rates before they go up any further. It’s difficult to know whether refinancing will help your bottom line, however. To help, Zillow offers a refinance calculator that provides a thorough breakdown of how refinancing will affect your mortgage payments, monthly savings and lifetime savings, as well as when you will break even.
Simple Mortgage Calculator
Sometimes you just want a mortgage calculator that will tell you just how much you’re going to be paying, how long you’ll be paying it and what the mortgage is going to cost you when all is said and done. Dave Ramsey has a comprehensive mortgage calculator that’s simple enough to be user-friendly, but nuanced enough that you’ll get a realistic quote that will mostly resemble your actual mortgage payment.