COMEPARE MORTGAGE

How do I use the mortgage calculator? The Mortgage Mavin calculator is accessible from the Calculator link on the left side of every Mortgage Mavin web page. Working with the calculator involves a simple, three-step process: Describe the analysis. Choose your main goal and select options - produce an amortization schedule, include taxes and insurance, assess the prepayment effects, and compute tax savings. Enter data. Based on the options you select, the calculator will prompt you for inputs (mortgage type, interest rate, loan amount, loan term, etc.) needed to conduct the analysis. Report results. After you provide the data requested, click the Calculate button. The calculator displays a summary report that clearly presents key findings, based on data you entered. Which goal should I choose for my analysis? The mortgage calculator gives you a choice of six different goals. Here is what you get with each option. Find monthly mortgage. Select this goal when you are only interested in the monthly mortgage payment. Based on your input (loan amount, loan term, interest rate), the calculator will report monthly payment (principal and interest). If you wish, you can include the effect of other factors (e.g., property tax, hazard insurance, mortgage insurance, and prepayments) on the monthly payment. And finally, you can create an amortization schedule that tracks the amount paid and the amount due over the life of the mortgage. Find total mortgage cost. This option provides everything that you get with the monthly mortgage option (described above). In addition, you get more detail on mortgage cost (e.g., closing costs, points, settlement fees); and you can evaluate the effect of tax deductions for points and interest. Find savings from prepayment. Use this option to understand prepayment effects - how much quicker you can pay off your mortgage and how much money you can save over the life of your mortgage. In addition, this option provides everything that you get with the monthly mortgage option (described above). Compare two mortgages. This option allows you to easily compare two mortgages - interest expense, settlement costs, private mortgage insurance, loan duration, etc. The final report shows total cost over the lifetime of each mortgage, with and without tax deductions. An amortization report allows you to compare total cost for each mortgage at any point in time. And finally, this option computes monthly mortgage payments for each mortgage. Evaluate refinancing plan. This option allows you to easily assess the costs and benefits of refinancing your current mortgage. It compares loan duration and cost, with and without refinancing. And it shows how long it will take for refinancing savings to pay for refinancing costs. Display amortization table. This option allows you to easily generate an amortization table (aka, amortization chart, amortization schedule) for ten types of mortgage. The amortization table shows how much of each mortgage payment goes toward principal, how much goes toward interest, and the amount required to retire the loan in each payment period. Additionally, for each payment period, this amortization table shows the total loan cost (principal, interest, closing costs, etc.) if the loan is paid off in that payment period.