Where to find a mortgage interest rate calculator

You just bought a new home and want to find out what exactly your mortgage interest rate is. Calculating mortgage rates helps potential home owners and real estate owners figure out how much they can afford to borrow. In this article, you will discover where to find a mortgage interest rate calculator.

Online sources

Free calculators online
Many things are free on the Internet these days, and this includes financial calculators that are capable of calculating mortgage rates on your home. Many sites have specific formulas for monthly mortgage payments, mortgage payoff calculations and mortgage interest calculation. Most sites will also teach you how to calculate your mortgage interest rate. Below are a few free online websites that have free mortgage interest rate calculators. These sites can calculate both fixed mortgages and jumbo mortgages. Just plug in the numbers. Interest.com
Bankrate.com (Mortgage calculators)
Mortgagecalculator.org

Other sources

Stores
Many home office stores and other stores will have financial calculators that are capable of calculating interest mortgage rates. Check around your local area. How to calculate your mortage interest rate
Keep in mind that the Financial Services Authority in the UK has yet to standardise a method for calculating mortgages. Use a calculator to map out your own mortgage interest rate. It is simple to calculate how much total interest you will pay on the lifetime of the loan. To do so, take your home mortgage amount and multiply it by the amount of mortage payments you will make. Then, subtract the amount of principal left on the loan. The equation looks like this: I=cN-P where I is the interest, c is the fixed monthly payment, N is the number of mortgage payments and P is the principal. Things to remember Research and read reviews mortgage companies first, seeking out the cheapest mortgages and deals. After you apply for a loan mortgage, you will most certainly want to check how that interest will add up over the next year. This will also help you figure out if you found one of the better mortgage offers and one of the cheap mortgages or an expensive one. A good interest rate should be from 3 to 4.5% for a home loan in the UK or the US. It is advised to first get a home loan quote so you can analyse and find the cheapest mortgages. If you a refinancing a mortgage, you want to be sure your remortgage interest rate is better than your last. If you go with the same mortgage company, you might be eligible for some remortgage deals.