Mortgage is a term referring to a type of loan, offered by banks and other financial institutions to help tackle your financial requirements regarding the construction or acquiring of a home. In such loan, the property itself is the guarantee and the institution has all rights reserved to take over in case you fail to pay back the loan.
Mortgage handling is not an easy job for a common person; especially to keep an eye on the monthly installments, calculation of the installments, consideration of taxes and restrictions, interest rates and many other things. For that purpose, we have mortgage calculators available; which do all of the jobs and answers all the queries related to mortgage handling of a common man. Mortgage calculators are easy available to every person, who has access to the computer and the world of internet, these days.
Here is preview of this Free Sample Mortgage Calculator created using MS Excel,
Mortgage calculator in reality is system software, or a program developed to calculate the mortgage related information; with a few basic facts provided to the mortgage calculator, it can calculate the other required information in the matter of few seconds. A mortgage calculator can be easily downloaded for free or either can be bought from internet at a very cheap price. A common mortgage calculator works on the following set of procedure described briefly as below:
- The first field requires the amount of loan you have acquired. It is the actual amount you have applied for, as a loan from bank. This is mostly the first required information in most calculators. For example, if you applied for $30,000, this will be your amount of loan.
- Afterwards there is a field which inquires about the interest rate applicable on your mortgage loan. It is different for different banks. For example, if your bank takes 1.5% interest on the applied amount then you will enter 1.5 in this field.
- The third basic information is the duration in which you have to pay the loan back. It depends on the feasibility and the banks’ offered time period. Most calculators give the option to enter the number of months; in that case you will have to convert your years into months. Some others give the option to enter the number of years.
- After that the calculator will calculate your monthly installments and other related information.
- In some advanced calculators, the option to consider property tax and other taxes is also offered. These taxes vary from country to country and region to region even within a country. So you should have to know about the applicable taxes before you can use this feature. And after that, the calculator will calculate the installments etc.
These calculators are also available on the internet, where you can put up your data right in, at the webpage and don’t need to be downloaded on your computer. The calculators are an effort by the software engineers and the bankers; the engineers converted the mathematical calculations and formulae of the bankers into an easy-to-use interface for a common man. Some of these calculators also indicate graphs for the payment options and other necessary data. The invent of such calculators lead to a lot of problem solving options other than to have to visit the bank more often and inquire the bank officer and wasting a lot of time.
Here is download link for this Free Mortgage Calculator,