About Free Home Loan Calculator
The “Home Loan Calculator” software is a great piece of software particularly because it answers much of your questions relating to mortgage repayment. One has to feed in some facts and figures about the home loan that he intends to obtain, into this software and it returns various things, like the monthly payment that has to be made and the total interest that has to be repaid.
The interface of the “Home Loan Calculator” software is quite good and clear cut. On the left hand side there is the “Mortgage parameters”, where figures relating to the loan that is to be obtained, has to be put in and on the right hand side the software returns the “Mortgage Summary”, based on the data that is fed in the ‘mortgage parameters’ side.
The first thing that is to be put in on the right hand side is value of the home that is intended to be bought. The next thing is the credit profile of the individual who wants to obtain the loan. It could be either Excellent, good, fair, or poor. Next information that has to be put in is the loan amount that is to be obtained. After that is the purpose of the loan; it could be either - new purpose or refinance. Likewise, the other information that have to be put in are the interest rate, loan term, start date, property tax, and PMI (Private Mortgage Insurance).
Once all the above information has been fed into the left hand side, the “calculate” button at the bottom has to be clicked upon and the right hand side will display all the figures about repayment. The first and the most important thing that would be displayed is the monthly amount that has to be repaid. The next things on display are the total interest paid, the total tax paid, and the amount paid on PMI. The software also displays the total amount to be repaid (Principal plus interest) to the lender. The date on which the total loan has to be repaid in full is also on display. The monthly PMI to be paid and the PMI pay off date are also displayed.
Once all the above information has been fed into the left hand side, the “calculate” button at the bottom has to be clicked upon and the right hand side will display all the figures about repayment. The first and the most important thing that would be displayed is the monthly amount that has to be repaid. The next things on display are the total interest paid, the total tax paid, and the amount paid on PMI. The software also displays the total amount to be repaid (Principal plus interest) to the lender. The date on which the total loan has to be repaid in full is also on display. The monthly PMI to be paid and the PMI pay off date are also displayed.
A pie-chart on the bottom of the screen shows the amount of principal in blue and the amount of interest in orange. By this one can get a feel of the magnitude of principal versus the interest that has to be repaid. This is a great piece of software for prospective loaners which would answer all their questions about repayment of the loan.
