Mortgage Calculator Comparison

Mortgage calculator differences

There are many calculations to be done when taking a mortgage deal, remortgaging, or refinancing, and they can be difficult, especially to first-time home buyers. This is when a mortgage calculator comes in handy. However, not all calculators in the market can be helpful and there are many differences that exist between the various lender (e.g. Money Supermarket, Halifax, Nationwide) provided options. In fact, some can even make computations complicated to do and to understand. This is why a homeowner should make a mortgage calculator comparison to get the best one that will meet his or her computation needs. Here are the features and benchmarks to understand that make a mortgage calculator a good investment:

● The navigation keys should be user-friendly and easy to use. The menus should allow a user to enter information without limiting the analysis capability of the calculator, so that a user can use it in whatever circumstances. Some mortgage calculators even have customized settings.

● Aside from recognizing the basic elements of a mortgage—loan amount, term, and interest rate—a good online calculator comparison should consider devices with advanced fields. Here are some of the essential advanced features:

  • Tax and Insurance – When calculating for a mortgage cost, property taxes and borrower’s insurance must be accounted for. This piece of information allows a more accurate evaluation of the affordability of real estate properties. Moreover, it can help a borrower to make a sound budget plan.
  • PMI (Private Mortgage Insurance) – This is an additional fee that is paid every month. Though it may not be included if the down payment is 20% of the loan, it may prove to be a significant expenditure.
  • Closing Costs – The interest rate can be greatly affected by the closing costs. A good mortgage calculator must include a computation for the APR (Annual Percentage Rate). The APR accurately indicates the true cost of a mortgage loan. It can make mortgage quote comparisons much easier. Moreover, it reveals the tactics of lenders in masking costly closing fees even with a low original rate.
  • Credit Information and Personal Income – To make a great mortgage calculator review, these factors must be taken into consideration. Part of the analysis must enable a user to enter his or her credit information and the amount of money he or she makes on a monthly basis into the calculator’s interface.
  • Sum of Amount Payable – The calculator must be able to show the total amount that a borrower will pay over the life of the loan, not just the repayment amount every month. This is essential information that helps a borrower to choose a mortgage lender and compare mortgages more accurately. Furthermore, it shows the effect of loan terms to the total amount to be paid.
  • Adjustable Rates – Since there are mortgages offered with rates that can be adjusted, a good calculator should be able to show if adjustable rates is a good deal or not.

● There are mortgage calculators that allow users to convert results to a PDF file, email, or document that can be printed.

You don’t have to look any further, as we have great UK based mortgage calculators on this website that have received great customer ratings. Just pick your choice, and you’re ready to make a more informed mortgage loan decision and hopefully find the cheapest mortgage rates available.