Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it!
Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information.
Each financial calculator also includes a View Report option. The mortgage repayment schedule and other reports are fully customizable. These reports are designed for you to print out and keep...
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Mortgage amount
Original or
expected balance for your mortgage.
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Interest rate
Annual interest
rate for this mortgage.
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Interest rate after
taxes
Annual effective interest rate after taxes are taken into
account.
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Term in years
The number of
years over which you will repay this loan. The most common mortgage terms are
15 years and 30 years.
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Monthly payment
Monthly
principal and interest payment (PI).
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Federal tax rate:
The marginal
federal tax rate you expect to pay.
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%=CustFullState=% tax
rate:
The marginal state tax rate you expect to pay.
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Annual Percentage Rate (APR)
A
standard calculation used by lenders. It is designed to help borrowers compare
different loan options. For example, a loan with a lower stated interest rate
may be a bad value if its fees are too high. Likewise, a loan with a higher
stated rate with very low fees could be an exceptional value. APR calculations
incorporate these fees into a single rate. You can then compare loans with
different fees, rates or different terms.
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APR after taxes
Annual
percentage rate after taxes are taken into account. Unlike your after tax
interest rate the APR after taxes takes closing costs into
account.
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Loan origination percent
The
percent of your loan charged as a loan origination fee. For example, a 1% fee
on a $120,000 loan would cost $1,200.
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Discount points
Total number
of "points" purchased to reduce your mortgage's interest rate. Each "point"
costs 1% of you loan amount.
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Other fees
Any other fees that
should be included in the APR calculation. These fees can vary by lender, but
at a minimum usually includes prepaid interest.
