# Mortgage_Rate_Calculator by fanzhongqing

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```									How Can a Mortgage Rate Calculator Help?
(mortgage, refinance mortgage, mortgage amortization, low mortgage rate, mortgage lender)

So you’re thinking of taking out a mortgage or a refinance
mortgage and are being showered with lots of mortgage deals
with varying interest rates and terms? How do you work out
which is best for you? There’s no need to spend hours and
hours trying to figure out what can be a complicated
calculation all alone. Use a mortgage rate calculator that can
provide you with the answer in seconds.

A mortgage rate calculator is a simple mortgage tool that you can find
on a myriad of websites online. This calculator can enable you to work
out what the best mortgage interest rate and term of the loan is for
refinancing a mortgage is worthwhile. Let’s look at some
circumstances of how a mortgage rate calculator can help.

If you are thinking of taking out a mortgage
 Calculate what monthly payments you would have to make on a
particular mortgage interest rate you have seen advertised or
been offered by a mortgage lender. See just how affordable it
 Compare monthly payments on different mortgages in seconds
simply by changing the interest rate.
 See how shortening the term of your mortgage can save you
thousands of dollars in interest payments. You should be aware
that the shorter the term, the higher your monthly repayments
will be as you have less time to pay back the loan.
 Obtain a Mortgage Amortization Schedule. This will enable you to
understand how the amount of interest you pay decreases as
your principal payment increases throughout the life of the loan.
 See how taxes and insurances will affect the monthly repayment
by adding these into the equation.

If you are thinking of making additional payments on your
mortgage
 If you are thinking of making additional payments, either a one
off payment or additional monthly repayments use a mortgage
rate calculator. This will illustrate just how much you will shorten
the term of the loan and how much you will save in interest.
If you are thinking of a refinance mortgage
 Identify if a refinance mortgage will be right for you. Being
offered a low mortgage rate can be particularly attractive but if
number of years, it may not make financial sense to move the
mortgage now. As you will already have paid a substantial
amount in interest, a mortgage rate calculator will allow you to
work out if you would actually end up paying more in interest by
switching.
 See what impact a refinance mortgage will have on the amount
of interest you are currently paying. If you can afford to shorten
the term of the mortgage as well as benefiting from a lower
interest rate, you could save yourself thousands of dollars.
 A simple use of a mortgage rate calculator is to compare interest
rates on different refinance mortgages you are being offered.

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