Use These 10 Calculators to Answer Your Biggest Home Financing Questions
Whether you are house hunting, paying off debt or looking to buy car, financial calculators can help you explore financial decisions...before you spend any money.
Here are 10 financial calculators that can take the guesswork out of home finance:
- Should I refinance? Use this calculator to weigh the cost of refinancing against the interest you pay on your current loan.
- Should I consider a fixed-rate mortgage? Figure out what your principal payment might be, plus what you might pay in interest, for a fixed-rate loan.
- Should I consider an adjustable-rate mortgage? Determine the estimated payments and interest for an adjustable rate loan — where the rate increases by the maximum amount allowed at each interval, until it reaches the rate cap.
- Should I consider a mortgage with a balloon payment? This calculator estimates the cost of a mortgage with a balloon payment; using monthly interest, compounding interest and monthly payments.
- Should I rent or buy? Compare the cost of buying versus renting, to decide which is best for you.
- Which mortgage is better for me? If you’ve decided to buy, compare the cost of different types of mortgages.
- How much will I save by increasing my mortgage payment? Find out how much money you can save if you add a few dollars to your monthly mortgage payment. Over time, making a larger payment can reduce the principal on your mortgage, the number of payments you make and the amount of interest you pay over the life of the loan.
- What size mortgage can I afford? Most lenders decide whether or not to offer you a loan based on your total monthly gross income and your monthly expenses. This calculator can help you estimate how much you might borrow for a home.
- What size home can I afford? Trying to figure out your budget? This calculator determines the most expensive house you can buy based on the highest payment you can afford.
- Should I consolidate my loans? With this calculator, you can enter up to 10 different loans or credit cards to determine the pros and cons of consolidating your debts.
While these calculators can be extremely helpful for determining estimates, it is important to remember that the information you receive is hypothetical and may not apply to your individual situation. Your best bet is to consult with a personal financial counselor, either through your installation or Military OneSource.