Mortgage Calculators

This resource features a variety of financial calculators. You can find some of the most common mortgage calculators.

**Mortgage Loan Calculator (PITI) Overview (click to view)**

The mortgage loan calculator (PITI) will allow you to calculate the monthly mortgage payments for various types of mortgages that include the principal, interest, taxes and insurance portions of your monthly mortgage payment. The mortgage loan calculator will also allow you to figure out the amortization schedule for each type of mortgage.

There are many different mortgage options to choose from whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own. There are fixed rate mortgages, fixed to adjustable rate mortgages and adjustable rate mortgages to choose from.

**Balloon Mortgage Loan Calculator Overview (click to view)**

The balloon loan calculator will help you to calculate the monthly mortgage payment that you can expect to pay on a balloon loan. This calculator will also tell you what the balloon payment that will be due at the end of the mortgage.

The main difference between a traditional mortgage and a balloon loan is that at the end of the term of the balloon loan (five to seven years) the borrower is required to pay off the outstanding balance on the loan. Since most borrowers cannot afford to pay off a large lump sum at the end of the term this usually means that borrowers must either refinance, sell the home or convert the balloon loan into a traditional mortgage at the current interest rate.

**Mortgage comparison: 15 years vs 30 years Overview (click to view)**

This calculator will allow you to compare the monthly mortgage payments of a 15-year fixed to a 30-year fixed term mortgage. The fixed rate payments will be based on a fully amortized principal and interest payment over a 15-year period and a 30-year period. You can also calculate and compare the total amount of interest that you will pay with each type of mortgage.

**Fixed Rate Mortgage vs. LIBOR ARM Calculator Overview (click to view)**

Fixed rate mortgages have a fixed interest rate for the entire term of the mortgage loan. Typical fixed rate mortgage options are 15 and 30 mortgages. Fixed rate mortgages also have fixed monthly mortgage payments for the entire term of the loan so that the balance of the mortgage is completely paid off at the end of the mortgage term.

A LIBOR ARM is an adjustable rate mortgage that is based on the LIBOR index, which stands for the London Inter Bank Offered Rate. When a LIBOR ARM is due to adjust, a margin is added to the LIBOR index in order to figure out what the adjusted rate will be. The margin that is added to the index is established when the mortgage is originally set up and is fixed for the term of the mortgage.

**Interest Only Calculator Overview (click to view)**

The Interest Only Mortgage calculator will help to determine what the amortization schedule will be for an interest only mortgage. The calculator will also help to determine how principal payments made to reduce the mortgage balance will affect the amortization schedule.

**Mortgage APR Calculator Overview (click to view)**

The mortgage APR calculator will help you to determine the annual percentage rate (APR) that you will be charged on your mortgage. This calculator will also help you to calculate your monthly mortgage payment, the total interest that you will pay on your mortgage, and the total amount your payments will add up to over the term of the mortgage.

When you obtain a mortgage you will hear the lender quote an interest rate and the APR. APR stands for the annual percentage rate, which is defined as an annualized cost of credit. This means that the APR is the rate that you will really be paying on your mortgage because this figure includes upfront costs such as points, closing costs, and prepaid interest. Mortgage lenders are required by law to disclose the APR to borrowers when quoting the interest rate. Because the APR includes other costs besides the actual amount of the mortgage, it is higher than the interest rate that is used to calculate the monthly mortgage payments.