Prior to the wide availability of mortgage calculators, those wishing to understand the financial implications of changes to the five main variables in a mortgage transaction were forced to use compound interest rate tables.
When purchasing a new home, most buyers choose to finance a portion of the purchase price via the use of a mortgage.
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There are also multiple free online free mortgage calculators, and software programs offering financial and mortgage calculations.
Mortgage calculation capabilities can be found on financial handheld calculators such as the HP-12C or Texas Instruments TI BA II Plus. More complex calculators can take into account other costs associated with a mortgage, such as local and state taxes, and insurance. The major variables in a mortgage calculation include loan principal, balance, periodic compound interest rate, number of payments per year, total number of payments and the regular payment amount. Mortgage calculators are frequently on for-profit websites, though the Consumer Financial Protection Bureau has launched its own public mortgage calculator. Mortgage calculators are used by consumers to determine monthly repayments, and by mortgage providers to determine the financial suitability of a home loan applicant. Mortgage calculators are automated tools that enable users to determine the financial implications of changes in one or more variables in a mortgage financing arrangement.
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