Mortgage interest rates continue to hover at all time lows making it a homeowner’s dream to lock in new rates or refinance their mortgages and save thousands of dollars on interest. According to BankRate.com the current 30 year fixed rate is at 4.84%, down from 5.2% in early April. It’s crazy to think that it some scenarios that someone who locked in a fixed mortgage 3 months ago could possible refinance and it be totally worth it- even if you have to pay charges to do so.
Whether you’re buying a home or refinancing an existing loan, a home loan calculator can help you make the right decision. Determine exactly which deal offers the lowest monthly payments, how much home you can afford, and whether it makes sense to rent or buy. Each of these should prove to be helpful depending your mortgage situation.
Interest.Com Mortgage Calculators
Doing a quick search in Google reveals that Interest.com has a slew of mortgage calculators depending on your situation. Whether you’re trying to determine “how much house you can afford” or if you should “rent or buy”, they have the mortgage interest calculator for you.
Here’s a few that are most relevant:
The site sounds like a perfect fit, does it not? Mortage Calculator.org is actually the site that we used constantly when we were trying to figure out what exactly our payment was going to be when we were purchasing our new home. At the time, interest rates were all over the place; just as they are now. Their mortgage interest calculator proved to be a valuable resource through the process.
The other great site for mortgage interest calculators (and every other calculator for that matter) is Bank Rate.com. Bank Rate does a tremendous job of providing practical and very use calculators to help you better asses your situation. On top of that, they have tremendous amounts of resources to really help you better understand your calculations or what numbers you need to enter to get an accurate calculation.
Here are some of examples of the mortgage calculators they offer:
Bonus: Mortgage Note Calculator
If you have a Mortgage Note and you want to know how much you’d get if you sell it, you can check out this note value calculator.
Have you recently had to use a mortgage interest calculator for your housing needs? If so, which one did you find to be the most helpful?