What's a mortgage calculator?
Mortgage CalculatorsIt's a free online tool that helps you to quickly calculate the monthly mortgage, interest and repayment plans. By entering the amount, years and interest rate of the loan, the tool automatically calculates detailed repayment information.
The mortgage calculator supports two main repayments: the principal and the principal equivalent. Different ways of paying off will affect the amount of monthly payments and total interest, and help you make more informed decisions about buying a house.
Main features
- Equivalent principal calculation - The same amount is paid monthly to facilitate the budget
- Equivalent principal calculation – Interest savings due to high prior period repayments and low later payments
- Detailed statistics - Show monthly contributions, total interest, total repayments, etc.
- Real-time calculations - Modify parameter to update results immediately
- It's totally free. - No registration, no restrictions on use
- Privacy protection - All data processed locally.
Equivalent principal vs. Equivalent principal
| Comparative | Equivalent | Equivalent principal |
|---|---|---|
| Monthly contribution | Same monthly | Declined monthly |
| Prior period repayments | Interest is high and principal is low | I'm a big guy, I'm a little bit short. |
| Total interest | More | Less |
| Fits for people. | Income stability | Higher income |
How to use
- Enter the amount of the loan - Enter the amount you want to borrow.
- Set the loan period - Selecting the loan length, usually 5-30 years
- Enter interest rate - Enter the annual rate of interest, which allows for querying the current bank rate
- Select the way to repay - Select the principal or principal equivalent
FAQ
Q: Which is more cost-effective for the principal and principal?
A: Total interest on the principal equivalent is relatively small, but there is a high pressure on prior period repayments. Equivalent interest-months are fixed and easily budgeted. Which way to choose depends on your income and your preferences.
Q: Are the calculations accurate?
A: The calculation is based on a standard mortgage formula with high accuracy. Actual repayments may, however, vary depending on, inter alia, banking policy, interest rate adjustments, etc.
Q: Support for early repayment calculations?
A: The current version does not support the calculation of early repayments. You can calculate the effect of early repayments manually on the basis of a repayment plan.