The Mortgage Calculator by Quicken Loans is a reliable and user-friendly tool provided by Quicken Loans, one of the largest online mortgage lenders in the United States.
Here are some key features of the Mortgage Calculator by Quicken Loans that you must take a look at. These features will help make your calculation easier.
Monthly Payment Estimation:
The calculator helps users estimate their monthly mortgage payment by entering the loan amount, interest rate, loan term, and down payment. It provides a breakdown of principal and interest portions, as well as the total payment amount.
The calculator generates an amortization schedule that shows the payment breakdown for each month over the loan term. This schedule helps users understand how their payments contribute to the reduction of principal and payment of interest.
Users can adjust various parameters, such as the loan term, interest rate, down payment, and property taxes, to explore different scenarios and see how they impact monthly payments.
The calculator allows users to compare multiple loan options side by side. By inputting the details of different loans, users can compare interest rates, terms, and payments to make informed decisions.
Quicken Loans’ Mortgage Calculator includes a refinancing feature, allowing users to estimate potential savings by refinancing their mortgage. It considers factors such as the new interest rate, loan term, and closing costs.
The calculator helps users determine their home affordability by considering their income, monthly debts, and down payment. It provides an estimated price range based on these inputs.
Property Tax and Insurance:
Quicken Loans’ Mortgage Calculator allows users to include property taxes and insurance costs in the calculations. This provides a more accurate estimation of the total monthly payment.
The Mortgage Calculator by Quicken Loans offers a seamless and intuitive user experience, empowering users to estimate their mortgage payments, explore different loan options, and understand their affordability.
However, it’s important to note that the results provided by the calculator are estimates, and consulting with a mortgage professional is recommended for accurate and personalized advice based on your specific financial situation and loan requirements.