You might have heard about mortgage calculators from your potential lender, or perhaps you’ve stumbled across their potential whilst researching your loan online. However you’ve learned about these helpful tools, you might want to discover a little more about just how beneficial they can be to those hoping to undertake a mortgage application.
There are many benefits, but you’ll find three of the most prominent right here for your convenience.
The ability to stay on top of interest rates
Many banks offer their own individual interest rate percentages and so rather than calculators proposing a fixed amount within the specific input field, they leave them open and editable. This makes it easy to add a rate that you’ve currently learnt about from a lender, or a variety of different ones, to ensure that you stay on top of the offers from opposing banks.
The potential to work out repayment frequency advantages
Some people prefer to repay monthly, while others prefer weekly. Fewer still opt for bi-weekly payments, but you will only really see how each one could stand to benefit your financial situation by playing around with these options. By modifying your payment frequency, you’ll be able to see what your payments can cost each week, fortnight, or month.
The capability to calculate a lump repayment sum
The most important thing that you will be able to walk away with when using calculators, is the knowledge of how much you will be expected to pay. By modifying the amount borrowed, the deposit, the interest rate field and the payment frequency section, you’ll be presented with a final sum that will represent what you will need to pay back either weekly, or monthly – depending on your selection. Your interest rate will also have been calculated and applied to this amount, making it even simpler for you to get to grips with what you’d owe specifically.