| A Mortgage Calculator and Mortgage Audit
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| | With downloadable mortgage calculators,
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| Software (also known as a Mortgage Error
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| | the main concern is the risk of being
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| Calculator) are great tools to help you
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| | infected with a virus or spyware. As with
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| save thousands off your mortgage, both
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| | any download, it is best to source it
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| during the planning phase and over the
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| | from a reliable web site and to virus
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| life of your mortgage loan. But what is a
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| | check it before using it.
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| mortgage calculator and what can it do
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| | Apart from the above warnings, the choice
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| for you? Do you need a mortgage error
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| | of using an online mortgage calculator
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| calculator as well? This article compares
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| | and/or downloadable mortgage calculator
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| mortgage calculators and mortgage audit
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| | is a personal one. You can get started
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| software, when to use them and how each
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| | with online calculators straight away,
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| can save you thousands.
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| | whilst downloadable calculators take a
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| Mortgage Calculator - What Is It and What
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| | little more effort to set up. However, if
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| Can it Calculate?
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| | you can see yourself using one often over
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| If you are currently shopping around for
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| | the coming weeks, then the additional set
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| a mortgage, you've probably found out by
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| | up effort will pay-off.
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| now that they come in all shapes and
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| | Mortgage Calculator - What It Isn't and
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| sizes. Interest rates that can be
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| | What It Can't Calculate
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| variable or fixed, loan terms ranging
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| | A mortgage calculator does have its
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| from a few years to 30 years (even 40
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| | limits. Once you have signed up for the
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| years in some cases), options of repaying
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| | mortgage of your choice, and start the
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| monthly or bi-weekly and more fees and
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| | long journey of repaying it, then a
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| clauses than you can poke a stick at. To
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| | mortgage calculator becomes less useful.
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| make matters worse, just to calculate the
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| | For example, the mortgage calculator
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| amount you can borrow, your repayment
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| | amortization tables (listing all your
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| amounts and the total cost of the loan,
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| | loan repayment amounts, broken into
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| you need to plug all these numbers into
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| | interest and principal amounts) are
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| some pretty ugly financial formulas.
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| | useful when you start out, but soon
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| A mortgage calculator is designed to do
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| | become obsolete if interest rates change,
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| all the complex calculations for you. By
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| | or you start making additional
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| entering your income and living expenses,
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| | repayments.
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| you can calculate the repayment amount
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| | This is because a mortgage calculator is
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| you can afford each month, and from this
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| | designed to estimate future values,
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| you can calculate the total mortgage loan
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| | providing you with information so that
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| amount you can afford.
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| | you can make decisions (eg choosing the
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| A mortgage calculator is also great for
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| | right mortgage). Unfortunately, it's not
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| comparing different loans with different
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| | so good at helping you track the
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| fees and interest rates, as it lets you
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| | repayments on your own mortgage, or
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| see the true cost of each loan. You enter
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| | providing you with summary information as
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| in all the relevant information and it
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| | to how much your loan is actually costing
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| calculates expected repayment amounts,
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| | you. Most importantly, it won't provide
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| amortization schedules and the total cost
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| | you with tools to check your mortgage
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| to you.
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| | statements for bank errors, or protect
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| For example, assume you are looking for a
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| | the thousands you pay in interest each
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| mortgage for 150,000 over 30 years. Bank
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| | year from lender mistakes.
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| A is offering you an interest rate or
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| | Therefore, once you start the repayments
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| 6.9% with no upfront fees, and bank B is
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| | on your loan you need a tool that will
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| offering you and interest rate of 6.7%
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| | help you track your mortgage. You don't
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| with 750 of establishment fees. Which is
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| | want to be working with estimates, you
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| the cheaper option over the life of the
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| | want to be dealing with the actual
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| mortgage?
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| | figures.
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| Bank A (at 6.9%) will end up charging you
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| | Mortgage Calculator vs Mortgage Audit
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| 205,644 in interest payments over the 30
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| | Software
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| years, and bank B (at 6.7%) will charge
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| | If you have a mortgage, or are about to
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| you 198,451 in interest payments plus the
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| | sign up for one, then it is time to
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| 750 upfront fee (a total charge of
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| | switch from a mortgage calculator to
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| 199,201). Despite bank A being over 6,400
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| | mortgage audit software (also known as a
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| more expensive than bank B (205,644
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| | mortgage error calculator). Mortgage
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| compared to 199,201), many people still
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| | audit software helps you check your
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| go with bank A to avoid the upfront fees.
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| | statements for errors and allows you to
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| | manage your mortgage over the life of the
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| It's worth remembering that when dealing
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| | loan. You simply type in (or import) your
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| with mortgages, the smallest change in
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| | mortgage loan information, statements,
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| interest rates can make a big difference
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| | transactions and interest rate changes,
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| to the total amount you end up paying. A
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| | and the software does the rest.
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| mortgage calculator can help you
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| | Mortgage audit software is designed to
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| calculate the true cost of a mortgage
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| | help you:
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| before you sign up with a lender.
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| | Track your mortgage repayments over the
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| If you are currently looking for a
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| | life of your loan.
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| mortgage, want to know how much you can
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| | Check your mortgage statements for bank
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| borrow, and which mortgage is the best
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| | errors and lender mistakes.
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| deal for you, a mortgage calculator can
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| | Calculate your expected refunds from any
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| save you thousands by helping you chose
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| | bank errors.
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| the right mortgage.
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| | Check you are receiving the full benefit
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| Mortgage Calculator - Online or Software
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| | from your offset account.
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| Download
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| | Calculate how much your mortgage is
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| There are two main types of mortgage
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| | costing you each year, broken down by
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| calculators, the ones that you use online
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| | interest payments, fees, deposits and
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| over the Internet, and those you download
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| | withdrawals.
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| and run on your own computer.
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| | Compare mortgage costs from year to year
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| Most banks and mortgage lender websites
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| | and statement to statement.
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| provide some sort of free mortgage
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| | Gain insight into your bank's
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| calculator to help you calculate how much
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| | calculations, by providing you with the
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| you can borrow. Some provide additional
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| | daily breakdown of your mortgage interest
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| calculators that produce amortization
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| | charges and calculations.
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| schedules, monthly and bi-weekly
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| | Calculate and plan for changes to your
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| repayments schedules, prepayment
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| | repayment amounts due to interest rate
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| calculators and more.
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| | rises.
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| A word of caution with online mortgage
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| | Repay your mortgage earlier by providing
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| calculators. The information you are
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| | you with up to date estimates of the
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| providing may be recorded and used for
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| | amount to increase your repayments by, to
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| marketing purposes, so be careful how
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| | meet you early repayment goals.
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| much personal information you enter. If
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| | Guard against bank errors and protect the
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| you have to type in an email address,
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| | thousands you pay in interest over the
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| phone number or street address just to
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| | life of your loan.
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| use the calculator, then you may find
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| | In summary, mortgage audit software can
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| yourself on the receiving end of a sales
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| | help you avoid expensive mistakes. An
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| pitch. Try to find a mortgage calculator
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| | undetected error will compound over the
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| that allows you to enter financial
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| | life of your mortgage and could end up
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| details (eg how much you want to borrow,
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| | costing you thousands.
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| interest rates, etc) without having to
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| | Mortgage Calculator and Mortgage Audit
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| enter any personal details (eg name,
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| | Software - What Next?
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| address, email, phone numbers, etc).
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| | If you are currently searching around for
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| The other limitation of online mortgage
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| | a mortgage, then a mortgage calculator is
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| calculators is that they don't let you
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| | a good option to help you compare
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| save your calculations. Therefore, if you
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| | mortgages. If you already have a
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| are trying to compare multiple mortgage
| |
| | mortgage, then you should download a
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| loans over a period of time, it can
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| | mortgage audit software package, check
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| become a little cumbersome having to
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| | your statements for lender mistakes, and
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| re-enter the same information over and
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| | use the software to help stay in control
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| over.
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| | of your loans.
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