WHICH CALCULATOR DO YOU NEED?
The Calculator's Assistant
For those who are not exactly sure which calculator will answer their question.
CONSOLIDATING NON-MORTGAGE DEBT
1a) Debt Consolidation Calculator: House Purchasers.
For those about to purchase a house who may want to consolidate non-mortgage debt in the purchase mortgage.
1b) Debt Consolidation Calculator: Home Owners With One Mortgage.
For borrowers with a first mortgage who may want to consolidate non-mortgage debt, either by refinancing the first mortgage with "cash-out", or by taking out a new second.
1c)Debt Consolidation Calculator: Home Owners With Two Mortgages.
For borrowers with a first and second mortgage who may want to explore a variety of consolidation options.
MAKING ADDITIONAL PAYMENTS TO PRINCIPAL
2a) Mortgage Prepayment Calculator: Extra Monthly Payments.
For borrowers who want to know when their loan will pay off, and how much interest they will save, if they make extra voluntary payments in addition to their required monthly payment.
2b) Mortgage Prepayment Calculator: Biweekly Payments Applied Monthly.
For borrowers who want to know when their loan will pay off, and how much interest they will save, if they shift to a biweekly payment plan, and if they make extra voluntary payments in addition to their required monthly payment.
2bi) Mortgage Prepayment Calculator: BiWeekly Payments Applied Biweekly.
For borrowers who want to know when their loan will pay off, and how much interest they will save, if they shift to a biweekly payment plan, and if they make extra voluntary payments in addition to their required biweekly payment.
2c) Mortgage Prepayment Calculator: Extra Monthly Payments to Pay Off in Specified Period.
For borrowers who want to know how much extra they must pay, above their required monthly payment, to pay off their loan within a specified period.
MORTGAGE REFINANCING
3a) Mortgage Refinance Calculator: Refinancing One Mortgage.
For borrowers trying to decide whether refinancing a mortgage will reduce their costs.
3b) Mortgage Refinance Calculator: Refinancing Two Mortgages.
For borrowers with two mortgages trying to decide whether refinancing into one or two new mortgages will reduce their costs.
3c) Mortgage Refinance Calculator: Refinancing One Mortgage Into Two.
For borrowers trying to decide whether they should refinance one mortgage into two mortgages to lower costs.
3d) Mortgage Refinance Calculator: Cash-Out Refi Versus Second Mortgage.
For borrowers with a mortgage who need to raise cash, trying to decide whether they should do a "cash out" refinance or take out a second mortgage.
3e) Mortgage Refinance Calculator: Refinancing an ARM into a FRM.
For borrowers with an ARM, worried about rising interest rates,trying to decide whether they should refinance into an FRM.
TERMINATING MORTGAGE INSURANCE
4a) Mortgage Insurance Calculator: Period to Termination.
For borrowers who want to know how long they will have to pay mortgage insurance premiums on their current mortgage.
HOUSING AFFORDABILITY
5a) Housing Affordability Calculator.
For borrowers trying to figure out whether they can afford a given-priced house.
6a) Down Payment Calculator: Small Down Payment Now or Larger One Later (Rent Versus Own).
For borrowers trying to decide whether they will be better off buying a home now with a small or no down payment, or saving for a down payment first and buying later.
MORTGAGE PAYMENTS
7a) Monthly Payment Calculator: Fixed-Rate Mortgages.
For borrowers who want to know the monthly mortgage payment on a fully-amortizing fixed-rate mortgage at different loan amounts, interest rates and terms.
7b) Monthly Payment Calculator: Adjustable-Rate Mortgages Without Negative Amortization.
For borrowers who want to know how the interest rate and monthly payments may change on an adjustable rate mortgage that does not permit negative amortization.
7c) Monthly Payment Calculator: Adjustable-Rate Mortgages With Negative Amortization.
For borrowers who want to know how the interest rate and monthly payments may change on an adjustable rate mortgage that permits negative amortization.
7ci) Monthly Payment Calculator: Adjustable Rate Mortgages With Flexible Payment Options.
For borrowers who want to know how the interest rate and monthly payments may change on a monthly adjustable rate mortgage that permits negative amortization if they select alternative payment options.
7d) Monthly Payment Calculator: Mortgage Payments With Temporary Buydowns.
For borrowers who want an amortization schedule that shows the lower monthly payments in the early years from setting up a buydown account, and the amount that must be deposited in the account.
7e) Unaffordable Payments: Trading a Payment Subsidy For a Share of Appreciation.
For lenders who have ARM borrowers who are facing rate resets they can’t afford, who may want to offer a payment subsidy in exchange for a share of the future appreciation in the borrower’s house.
MORTGAGE AMORTIZATION
8a) Mortgage Amortization Calculator: Amortization Schedule Including Tax Savings.
For borrowers who want an amortization schedule that shows the tax savings on the interest they pay, for their tax bracket.
8b) Mortgage Amortization Calculator: Amortization Schedule Including Property Appreciation.
For borrowers who want to know how long it will take for amortization on a fixed-rate mortgage combined with property value appreciation to reduce the ratio of loan balance to property value to some desired level.
COMPARING TWO MORTGAGES
9a) Interest Cost Calculator: Fixed-Rate Mortgage Versus ARM With No Negative Amortization.
For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) without negative amortization or a fixed rate mortgage (FRM) based on the lowest after-tax interest cost.
9ai) Future Value Calculator: Fixed-Rate Mortgage Versus ARM With No Negative Amortization.
For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) without negative amortization or a fixed rate mortgage (FRM) based on the lowest cost over a specified future period.
9b) Interest Cost Calculator: Fixed-Rate Mortgage Versus ARM With Negative Amortization.
For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) with negative amortization or a fixed rate mortgage (FRM) based on the lowest after-tax interest cost.
9bi) Future Value Calculator: Fixed-Rate Mortgage Versus ARM With Negative Amortization.
For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) with negative amortization or a fixed rate mortgage (FRM) based on the lowest cost over a specified future period.
9c) Interest Cost Calculator: Comparing Two Fixed-Rate Mortgages.
For borrowers trying to decide which of two fixed-rate mortgages they should select based on the lowest after-tax interest cost.
9ci) Future Value Calculator: Comparing Two Fixed-Rate Mortgages
For borrowers trying to decide which of two fixed-rate mortgagesthey should select based on the lowest total cost over a specified future period.
MORTGAGE POINTS AND FEES
10a) Mortgage Fee Calculator: Estimating Lender Fees From the APR.
For borrowers who want to know the fees charged by a lender on a fixed-rate mortgage, when they know the rate, points and APR.
11a) Mortgage Points Calculator: Break-Even Period on FRMs.
For borrowers who want to know whether they will save or lose money over a specified period by paying points in order to reduce the interest rate on an FRM.
11b) Mortgage Points Calculator: Break-Even Period on ARMs.
For borrowers who want to know whether they will save or lose money over a specified period by paying points in order to reduce the interest rate on an ARM.
11c) Mortgage Points Calculator: Rate of Return on FRMs.
For borrowers who want to know whether paying higher points to get a lower interest rate on an FRM is a good investment.
11d) Mortgage Points Calculator: Rate of Return on ARMs.
For borrowers who want to know whether paying higher points to get a lower interest rate on an ARM is a good investment.
DOWN PAYMENT AND MORTGAGE INSURANCE
12a) Down Payment Calculator: Rate of Return on Larger Down Payment.
For borrowers with enough cash to make a down payment in excess of the minimum required on a particular loan, who want to know whether using the cash to increase the down payment is a good investment.
13a) Mortgage Piggyback Calculator: Two Mortgages Versus One Larger Mortgage.
For borrowers trying to decide whether they should take a second mortgage, either to avoid mortgage insurance or to avoid the higher interest rate on a jumbo as opposed to a conforming loan amount.
13b) Mortgage Piggyback Calculator: Comparing Two Piggybacks
For borrowers trying to decide between two piggyback combinations.
14a) Mortgage Insurance Calculator: Mortgage Insurance Versus Higher Rate.
For borrowers trying to decide whether they should elect to pay mortgage insurance on a fixed-rate mortgage, or avoid mortgage insurance by paying a higher interest rate.
14b) Less-Than-20% Down Calculator: Mortgage Insurance Versus Higher Rate Versus Piggyback
For borrowers who cannot put 20% down, selecting betweenborrower-pay mortgage insurance, lender-pay mortgage insurance (higher interest rate to the borrower), and a piggyback consisting of an 80% first mortgage plus a higher-rate second mortgage.
14c) Less-Than-20% Down Calculator: Best Allocation of Cash Between Down Payment and Points
For borrowers who cannot put 20% down, looking for the best allocation of their cash between down payment and points.
MORTGAGE TERM
15a) Mortgage Term Calculator: Investing in a Shorter Term.
For borrowers with sufficient income to afford the higher monthly payment on a shorter term FRM, who want to know whether the higher payment is a good investment.
15b) Mortgage Term Calculator: Investing the Cash Flow Savings on a Longer-Term Mortgage
For borrowers with sufficient income to afford the higher monthlypayment on a shorter term FRM, who want to know the rate of return they must earn on the cash flow savings from a longer term to make the longer term pay.
CALCULATING APR
16) APR on Fixed Rate Mortgages
For lenders, mortgage brokers, loan officers or borrowers who need to calculate an APR on a fixed rate mortgage.
17) APR on Adjustable Rate Mortgages That Do Not Permit Negative Amortization
For lenders, mortgage brokers, loan officers or borrowers who need to calculate an APR on an adjustable rate mortgage that does not permit negative amortization.
18) APR on Adjustable Rate Mortgages That Permit Negative Amortization
For lenders, mortgage brokers, loan officers or borrowers who need to calculate an APR on an adjustable rate mortgage that permits negative amortization.