There are millions and millions of free mortgage calculators on the internet, so I decided that there was no point re-inventing the wheel by creating yet another one. Genworth Financial has created one of the best online mortgage calculators I have ever seen. The user interface is easy to use and understand, there are graphs that will help you visualize paying down the mortgage after you calculate the mortgage payments. The best of all, these online mortgage calculators are free to use — so use them as much as you want.
This mortgage calculator is very powerful. You can use it to calculate things like Mortgage Payments, Amortization and total Mortgage Amount.
When you click the link above a new window will open which will take you to Genworth Financial's Mortgage Calculator. This is a Flash based calculator so you need to have Adobe Flash installed on your computer.Here is a basic guide for you to follow:
Mortgage Payment Calculator – For the online mortgage calulator will open and default to the payment calculator, so you won't have to do anything special here. Just input the mortgage amount, interest rate, amortization and term you prefer and click CALCULATE. It will do the rest.
Calculate Mortgage Amortization – To calculate how long it will take to pay off a mortgage giving a specific payment amount just look on the right-hand side half way down and you should see "Choose what you want to calculate" with a dropdown selection list. Change the dropdown and select Amortization and just input the values and click CALCULATE.
Mortgage Amount – If you know an interest rate and you have a payment amount you can calculate the maximum mortgage amount. This will help you figure out how much of a mortgage you can get after you have done a budget to see how much you can afford monthly. For example, how much of a mortgage can I get for $750/mth at x.xx% interest rate.