Bankrate Mortgage Calculator is a trusted and widely used tool provided by Bankrate, a leading online financial resource. It offers a range of features to help users estimate their mortgage payments, generate amortization schedules, and compare different loan scenarios.
Here are key features of the Bankrate Mortgage Calculator:
Monthly Payment Estimation:
The calculator allows you to estimate your monthly mortgage payment by entering the loan amount, interest rate, loan term, and down payment. It provides a clear breakdown of principal and interest portions, as well as the total payment amount.
Amortization Schedule:
Bankrate Mortgage Calculator generates an amortization schedule that shows the payment breakdown for each month over the loan term. This schedule illustrates how each payment contributes to the reduction of principal and the payment of interest.
Extra Payment Option:
This feature allows you to explore the impact of making additional payments on your mortgage. By entering extra payment amounts and frequencies, you can see how it affects your payoff timeline and interest savings.
Interest-Only Calculation:
Bankrate Mortgage Calculator can calculate interest-only payments for interest-only loans. This helps users understand the payment structure and potential costs associated with these types of loans.
Comparison Tool:
The calculator allows you to compare multiple loan options side by side. By inputting the details of different loans, you can compare interest rates, terms, and payments to make informed decisions.
Refinance Calculator:
Bankrate Mortgage Calculator offers a refinancing feature, enabling users to estimate potential savings by refinancing their mortgage. It helps users evaluate different scenarios and determine if refinancing is a viable option.
Taxes and Insurance:
The calculator provides the option to include property taxes and insurance costs in the calculations. This allows for a more accurate estimation of the total monthly payment.
Bankrate Mortgage Calculator is a valuable tool that provides users with essential information to make informed decisions about their mortgage. However, it’s important to remember that the results are estimates, and consulting with a mortgage professional is recommended for accurate and personalized advice based on your specific financial situation and loan requirements.