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Using a Mortgage Interest Calculator will Shock You!

  mortgage interest calculator home 

The results that appear from using a  mortgage interest calculator are shocking to say the least, and pretty much unbelievable. The amount of interest anyone pays over the life of their mortgage is astonishingly high.


Welcome to home ownership!

Everybody is in the same boat who owns their own home. You pay interest over the life of your loan and it adds up over time! Nothing you can do about it.
Only if you pay cash for your home do you totally eliminate paying interest. Not too many of us are in that good of financial position to do this and even if you could you would lose one of the best tax write offs there is.


Reasons Most People Own a Home

  • The tax breaks you receive from the government are second to none. There is no better tax write off!
  • It usually is a necessary evil, financially speaking of course
  • It's the best way to build up equity (bar none)

With that being said lets go into how to work your numbers.

Steps to Using a Mortgage Interest Calculator


An interest calculator will typically only ask you for:

  • Loan amount
  • Expected interest rate
  • Term: how many years you expect to have the mortgage

It will then calculate your total number of payments and total interest that you will incur over the life of your loan.


How Will a Mortgage Interest Calculator Help You?

Using an mortgage interest calculator to compare interest rates can help you decide which company to go with. While you may like one company over another, the least liked company may try to reel you in with a lower interest rate.
However, by comparing the two, you can calculate if going with that other company is really worth it by how much money you will save.

Start Crunching your Numbers

A mortgage interest calculator is a great tool to use whether you are shopping around and comparing mortgage rates or whether you are trying to decide to speed up your home-buying plans while you can still snag a good interest rate.
Making use of an mortgage interest calculator, is one of the best methods to use when researching your total cost for a new home.

Get ready to be financially "shocked" by all the interest you pay on a mortgage when you insert your numbers!

For a more in depth explanation of some of the more popular mortgage calculators and programs click online mortgage calculator top ten.

Read about the new breed of loans that are sweeping the mortgage industry and their pros and cons below. Work your numbers on these calculators and you will easily understand how they really work!

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