Mortgage Calculators for Ann Arbor Area Home Buyers

I found a great resource for mortgage calculators for those planners and analytic types in Washtenaw County, along with a quick video.

Mortgage Calculators for Ann Arbor Home Buyers

Refinance Calculators

Borrowers contemplating a refinance want to know whether the financial gain from a lower interest rate more than offsets the refinance costs; whether it is cheaper to raise cash through a refinance than through a second mortgage;  whether the cost of refinancing an ARM into an FRM is justified by the reduction in risk; and whether paying down the loan balance  in order to lower the refinance cost is a good investment; and whether it pays to consolidate short-term debt into a refinance.

Mortgage Payoff Calculators

Borrowers use mortgage payoff calculators to learn how different extra payment plans will affect the payoff date and the total amount of interest they  will have to pay.

Mortgage Payment Calculators

Borrowers use mortgage payment calculators to find the payments on FRMs and ARMs of different types and/or carrying special options, such as payment options or temporary buydowns.

Amortization Calculators

Borrowers use amortization calculators to monitor their progress in paying down the loan balance and increasing their equity, to see how the process would be affected by extra monthly payments or biweekly payments, and to check their tax savings.

Buying a House

Home buyers may use a calculator to determine how much they can afford to spend, and whether they should buy now or wait.

Mortgage Comparison

Borrowers choosing between different mortgages, including fixed-rate and ARMs, can use these calculators to compare future values of net cost.

Mortgage Interest Calculators

Borrowers choosing between different mortgages, including fixed-rate and ARMs, can use these calculators to compare their interest cost.

Consolidation Calculators

Borrowers with substantial amounts of short-term debt may use consolidation calculators to determine whether and how best to consolidate the debts in a mortgage.

Mortgage Insurance Calculators

Borrowers putting less than 20% down may use mortgage insurance calculators to decide whether to purchase mortgage insurance, the best premium plan, and how long they will have to pay it.

Points Calculators

Borrowers with an opportunity to pay points  to reduce the interest rate can use these calculators to find the break-even period, or the rate of return on investment.

Down Payment

Borrowers can use these calculators to find the rate of return on an increase in down payment, whether cash is better used for down payment than for points, and whether cash for settlement costs is better raised from the home seller or the lender.

Second Mortgages

Borrowers can use these calculators to determine whether a second mortgage “piggyback” is less costly than mortgage insurance or a jumbo first mortgage, or to compare two piggybacks.

Mortgage Term

Borrowers can use these calculators to explore how the term together with the interest rate affect the mortgage payment, and to determine whether a shorter term is a good investment.

APR Calculators

Borrowers can use an APR calculator to estimate lender fees whereas lenders use them to make sure their APR disclosures are correct.

This is courtesy of the Mortgage Professor who writes for Inman News: His link is  and let him know what you think.

I just want to share more from one of the good guys – Huron Valley Financial.  They have these calculators too.

Mortgage Calculators
The following online calculators serve as helpful tools during the mortgage process.

Calculate your monthly payment and see how the principal is paid over time.
Rent vs. Own

      Calculate the difference between renting and buying a home.
Annual Percentage Rate (APR)

      Calculate the APR for fixed-rate or adjustable-rate loans.
Debt Consolidation

      Determine if you can consolidate your debt by combining it with your home mortgage.
Prepayment Savings

      Find out how soon you can pay off your mortgage by making a prepayment.
Early Payoff

      Determine the additional monthly payment amount needed to pay off the loan sooner.
Refinance Break-Even Point

      Find out how long it will take to “break-even” on a refinanced loan.
Tax Savings

      Determine the estimated tax savings with a new loan.
        The information provided by these calculators is for illustrative purposes only. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.

If you need help in getting into your Ann Arbor dream home, let our Ann Arbor Real Estpate Expert team help you.  734-274-9544.

We work with reliable lenders who are Ann Arbor Experts.