If you are looking for a simple and easy way to calculate your mortgage payments, you should look at the different mortgage calculators we offer at http://www.pmtcalcs.com. Our website offers various types of calculators that can help you estimate your monthly payment, total interest, and other costs associated with your mortgage. Whether you are buying a new home, refinancing your existing loan, or just curious about how much house you can afford, pmtCalcs.com can help you make informed decisions and plan your budget.
What Types of Calculators Does pmtCalcs.com Offer?
pmtCalcs.com offers five types of calculators that can help you calculate your mortgage payments:
- Simple Monthly Payment Calculator: This calculator allows you to quickly estimate your monthly mortgage payment which includes principal and interest plus the total amounts paid over the life of the loan. All you need to do is enter the loan amount, number of years, and interest rate. The calculator will then show you your monthly payment, total principal paid, total interest paid, and total paid.
- PITIA Payment Calculator: This calculator allows you to estimate your monthly mortgage payment which includes principal and interest, taxes, insurances, and home owner association fees. These are also known as PITIA payments, which stand for Principal, Interest, Taxes, Insurance, and Association fees. In addition to the loan amount, number of years, and interest rate, you also need to enter the down payment amount or percentage, annual property tax rate, annual home insurance cost, annual HOA dues, and annual PMI rate. The calculator will then show you your monthly payment breakdown by each component, as well as the loan amount and whether PMI is required or not.
- Amortization Schedule Calculator: This calculator allows you to see how your loan balance and monthly payment change over time. It shows you a table that breaks down each monthly payment into principal and interest and shows how much of each goes toward reducing your loan balance or paying off your interest. It also shows how much equity you build in your home over time. You can use this calculator to see how different scenarios affect your amortization schedule, such as making extra payments, changing your interest rate, or refinancing your loan.
- Extra Payment Calculator: This calculator allows you to add extra payment and helps you estimate your monthly mortgage payment and figure out how much time and money you could save compare to just paying the standard monthly payment. The extra charts let you compare standard payments against extra payments and gives you a nice visualization of how much money you could save by applying extra payment to your monthly payment.
- Advanced Payment Calculator: This calculator combines all the features of the other calculators together. It helps you calculate your monthly mortgage payment and provides a detailed breakdown of principal & interest, taxes, insurance, HOA and PMI. The five charts produced by the calculator give you a nice overview of your loan.
All five calculators provide nice looking charts that presents your mortgage details in easy to read format. They also have a link that is automatically generated. It’s very helpful when you want to share the details of the loan. For example, if a realtor or a loan officer wants to show their client what their monthly payment is, all they have to do is send their client the link.
How to Use pmtCalcs.com to Save Money and Time
pmtCalcs.com can help you save money and time in several ways:
- Compare different loan options: You can use pmtCalcs.com to compare different loan options and see how they affect your monthly payment and total interest paid. For example, you can compare a 30-year fixed-rate loan with a 15-year fixed-rate loan or a 5/1 adjustable-rate mortgage (ARM). You can also compare different interest rates, down payment amounts, and loan amounts. This can help you find the best loan option for your situation and budget.
- Find the best interest rate: You can use pmtCalcs.com to learn how interest rate can affect your buying power and see how much you have to pay in interests for your loan. This will help you shop for the best interest rates as they are vary by lender, loan type, credit score, and market conditions. By finding the lowest interest rate, you can save thousands of dollars in interest over the life of your loan.
- Plan your budget: You can use pmtCalcs.com to plan your budget and see how much house you can afford. By entering your income, expenses, and savings, you can determine how much money you have left for your monthly mortgage payment. You can also adjust your inputs to see how different scenarios affect your affordability, such as increasing your down payment, reducing your debt, or changing your loan term. This can help you avoid buying more house than you can comfortably afford and prevent financial stress.
- Prepare for closing costs: You can use pmtCalcs.com to prepare for closing costs, which are fees and charges that you have to pay when you finalize your loan. Closing costs typically range from 2% to 5% of the loan amount and may include appraisal fees, title fees, origination fees, recording fees, and prepaid items such as taxes and insurance. You can estimate your closing costs using an online tool or ask your lender for a loan estimate that details all the costs involved in your loan. By knowing how much money you need to close your loan, you can avoid surprises and delays at closing.
Final Thoughts
pmtCalcs.com is a handy website that can help you calculate your mortgage payments with ease and accuracy. It offers various types of calculators that can help you compare different loan options, find the best interest rate, plan your budget, and prepare for closing costs. By using pmtCalcs.com, you can make informed decisions and get the best deal on your mortgage.