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Loan Comparison Calculator
Use our Loan Comparison Calculator to compare up to three
different home loans. This will help determine which interest rate, loan terms,
and loan amount is best for you. This calculator will help you compare the
monthly cost difference for differently priced homes and a few different
interest rate options. You can also determine the overall interest you will
pay, depending on which loan terms and interest rate you use. The most common
home loans are for 15 or 30 year terms.
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Tax Benefits Calculator
Use our Tax Benefits Calculator to determine what the tax
benefits of buying a home could be for you. Purchasing a home can give you many
new tax deduction options. Interest paid monthly and points paid upfront are
eligible to be itemized deductions on your annual taxes. Input each value of
your loan to see what your additional itemized deductions could be with a home
purchase.
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Biweekly Mortgage Calculator
Use our Biweekly Calculator to see how much interest you could
save with a biweekly mortgage program. With a biweekly, 30 year mortgage
program, you would pay half payments every two weeks. This is 26 half payments
per year rather than the typical 12 monthly payments. These 26 half payments
equal 13 months of payments and the extra money gets applied to the loan's
outstanding balance and can take about 7.5 years off the standard 30-year loan.
This type of loan program can also take off up to 30% of the loan's interest
costs.
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Payment Loan Calculator
Use our Payment Loan Calculator to determine the total amount
you will be responsible for with a home purchase. This calculator adds the cost
of mortgage insurance, hazard insurance, and property taxes in addition to your
monthly loan payment
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How Much Will My Principal Amount Be?
Use our Principal Amount Calculator if you are wondering how
much the principal amount of your loan will be after a certain number years.
Enter the original loan amount, the interest rate, the annual terms, and the
number of years you plan to make payments. This will help you determine how
much of your monthly payment goes toward your principal balance and how much
goes toward the interest balance each year. This calculator can also help you
determine if you would like to keep your home as a short-term or long-term
investment. As the principal balance gets lower you will have more equity
invested in your home.
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APR Calculator
Use our APR Calculator to determine the actual APR or Annual
Percentage Rate after paying various upfront costs including points and closing
fees. These additional fees may also include the cost of processing the loan,
document preparation, and other underwriting fees.
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Mortgage Income Calculator
Use our Monthly Mortgage Income Calculator if you are
wondering how much monthly income you will need to purchase a home. This
calculator will help determine the required income for various loan values. The
typical mortgage payment ratio used by mortgage companies is 30% of your
monthly income should go toward a mortgage payment. Enter all the loan details
and the calculator will tell you what your monthly income should be to qualify
for a specific loan amount.
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ARM Calculator
Use our ARM Calculator to determine your mortgage payments
with an ARM or Adjustable Rate Mortgage loan. This calculator will give you the
payments on your current loan parameters, as well as the possible payments in
the future as the interest rate adjusts over the life of the loan.
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Loan Amortization Calculator
Use our Loan Amortization Calculator with the full
amortization option to determine the total amortization over the life of your
loan. This calculator will show how much of your monthly payment goes toward
the principal and interest balance throughout the entire loan period.
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Loan Points Calculator
Use our Loan Points Calculator to decide if you should pay
points for a lower interest rate or pay later in your loan period. This
calculator will help you figure out the cost of loan points paid upfront, and
also the amount of time it would take to recover your loan points over the life
of the loan. When paying points upfront, each point equals 1% of the total loan
amount.
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Debt Consolidation Calculator
Use our Debit Consolidation Calculator to determine your
monthly savings if you were to pay high interest loans in one payment. This
calculator will help you see the savings of obtaining a consolidation loan to
pay any high interest rate credit cards, car loans, or personal loans with a
consolidation loan. In most cases, a consolidation loan can also be tax
deductible. Consult with your tax adviser to determine if you would be eligible
for tax deductions with a consolidation loan
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