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Home Affordability
The Home Affordability calculator helps you determine
your maximum affordable home price based upon monthly income,
debts, interest rates, and the length of your loan.
Home
Mortgage
The Home Mortgage Loan calculator helps you analyze
home mortgage loans. How much can you afford to borrow, for
how long, and at what interest rate?
Fixed vs Adjustable
Rate
The Fixed vs. Adjustable calculator will help you determine
whether you should choose a fixed rate loan or an adjustable
rate loan. The interest rate for a fixed rate loan stays the
same for the life of the loan. But with an adjustable rate mortgage
(ARM), the interest rate fluctuates periodically based upon
an index like the U.S. Treasury Security Yields (1 Year T Bill),
the Cost of Funds Index (COFI) and the London Inter-Bank Offer
Rate (LIBOR).
Rent vs Buy
This calculator allows you to estimate the cost of owning a
home and the cost of renting and allows you to evaluate which
option to choose by comparing them. There are several factors
that determine the overall costs of renting or owning.
Down Payment
The Down Payment calculator will help you compare the
benefits of different down payment options. For example, if
you have a high savings rate, you may want to make a lower down
payment and keep the rest of money in the bank collecting interest.
For most homebuyers, it makes sense to make a higher down payment
because it will result in lower monthly payments and less interest
paid on the loan.
Mortgage Points
The Points vs. No Points calculator will help you determine
whether or not paying for points is the best option for you.
Points are sometimes referred to as loan discount points.
Points are prepaid interest on your loan. Usually, home buyers
will pay points to lower the interest rate and save on taxes,
since points are usually tax deductible as interest, You may
want to follow the rule of thumb that says that the longer you
intend to keep the loan, the more points you should consider.
Refinance
The Should I Refinance? calculator will help you determine
whether refinancing your loan for a lower interest rate is a
wise decision for you. While a lower interest rate will mean
lower monthly payments and less total interest, a refinance
will also mean paying closing costs and, in some cases, points.
If the monthly savings exceed these closing costs, refinancing
is a good option.
Bi Weekly
The Biweekly Mortgage calculator helps you analyze
your mortgage needs. It computes the biweekly mortgage payment
in comparison to the regular mortgage.
