Why Do People Think Mortgage Calculator is a Good Idea?




As we Compare current mortgage rates, shall we commence by looking at the weekly trends? The mortgage rates today stand as follows, according to one company:


 

●       30-year fixed – 5.83%

●       15-year fixed – 5.06%

●       10-year fixed – 5.04%

●       5/1 ARM – 4.29%

 

Talking of average rates, the 30-year fixed mortgage attracts 5.61% and that represents a decrease of 22 basis points compared to a week ago. Similarly, refinance rates have also decreased over the past week, both for the 30-year fixed refinance and the 15-year fixed refinance.

 

Meanwhile, for the sake of comparison, check out a second company. They claim that the national average 30-year fixed mortgage APR stands at 5.620% while it is 4.900% for the 15-year fixed mortgage APR. Seeking quotations, we have samples for the 30-year fixed mortgage, 20-year and 15-year too. Let us see what interest rates they are asking for.

 

We are imagining a property in zip code 90210 with a purchase price of $400,000 with a down payment of $80,000.

 

The single offer for the 30-year fixed has an interest rate of 6.375% with an APR of 6.577, upfront costs of $6656 and monthly payments of $1996.

 

The 20-year fixed mortgage has three offers as follows:

⮚     The first offers a rate of 6.125%, APR 6.347%, upfront $5619 and monthly $2316

⮚     The second offers a rate of 6.250%, APR 6.379%, upfront $3305 and monthly $2339

⮚     The third offers a rate of 6.500%, APR 6.509%, upfront $275 and monthly $2386

 

The three best 15-year fixed mortgage offers:

⮚     The first offers a rate of 5.375%, APR 5.725%, upfront $7181 and monthly $2593

⮚     The second offers a rate of 5.625%, APR 5.830%, upfront $4246 and monthly $2636

⮚     The third offers a rate of 6.000%, APR 6.029%, upfront $636 and monthly $2700

 

Importance of the Mortgage Calculator

 

As seen from these few samples, calculations are complex and the possibility of error is high. Besides, everything cannot be left to the officials. You should be satisfied and understand the nuances. An automated calculator helps by taking the stress out of the complexities, online and offline. Make sure it is a reputed company.

 

The format of the calculator enables you to enter the values and change them according to need. Enter the home price and the down payment to start with. Loan term, interest rate and start dates are mentioned. Among the further entries are the property taxes, home insurance, PMI insurance and HOA fees. Other Costs are also included. What will the monthly payments add up to and when will you complete the loan term? Total payments of monthly instalments and the payoff date are also reflected if all the payments are regularly made.

 

In this sample calculator, the latest mortgage rates are also shown. They are 4.82% for 10 years, 4.86% for 15 years and 5.62% for 15 years.


Use the Mortgage Payment Calculator carefully

A single error can mean confusion. Enter the Mortgage Calculator values slowly and carefully. 

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