By | May 19, 2018

Use the mortgage calculator plus to generate a repayment plan for your current mortgage. Quickly, see how much interest you will pay and the balance of the capital you borrowed. Even, you can determine the impact of any capital payment in advance! Fee that includes: capital, interest rate, taxes on property and loan term.

 

Glossary of the mortgage calculator

 

Loan Amount

The advance is the initial part of the total amount owed, which is paid in advance in cash.

 

Annual interest rate

The annual interest rate determines the interest that must be paid for the mortgage. Normally, a bank or lender will offer you two kinds of interest rates: fixed rate or variable rate (ARM).

 

Loan Term

The duration of the mortgage; the amount of time necessary to return the full owed amount to the lender.

 

Start Date

 

Property tax

The real estate tax (IBI) is a levy imposed by the local administration on homeowners. The amount payable in question is added to the monthly payment during the period of the mortgage.

 

PMI

Private Mortgage insurance partially protects and compensates the lender in the event of a possible loan default.

 

Mortgage Calculator Plus, at http://www.mortgagecalculatorplus.com/, is suitable for more complex calculations on mortgage credit (annuity loans) and creates a detailed repayment plan, also taking into account special redemptions and optional follow-up financing. One should use a mortgage calculator religiously whenever planning on purchasing a new home. A mortgage calculator enables one to make comparisons between the various prices of buying different homes and this helps tremendously during the selection course.