Being a numbers guy, I was always calculating how much I needed to pay monthly once I bought my dream house. I remember a year ago when my wife and I almost bought a house, I was using my pen and paper to write down all the necessary expenses like property taxes, home owners insurance. As a result, I gave my readers an option to calculate all this in an electronic form up at the top of the page.
Fast forward a year from now. I still haven’t bought my house, so the need for a mortgage calculator is still in tact but I found one that puts what I have in shame! 
Luckily, the website I came across has a free widget that I can embed into my site so I will be implementing that fairly soon on my website for all readers to enjoy.
The tool that I came across can be reached at mlcalc.com. Once you get to the main page, the page provides a clean and simple interface for two main calculators: Mortgage Calculator and Loan Calculator. The only difference between the calculators are that the mortgage calculator lets you put in variables like your down payment, property tax, property insurance and private mortgage insurance (PMI – the bank sometimes requires this if you put in a down payment of less than 20%) which you can see on the left.
Once you click calculate, the results are given in chart and table form so the exact monthly payment is shown like below. Note that I cut off the data after year 2019 to save space but the calculator gives out a full 30 years of data.
The pretty colors and easy to read layout are what originally attracted me to this calculator. However, now that I’ve played around with it, I believe I can easily use this with my internet enabled phone to negotiate with any lender right on the spot whether I’m buying a car or house! If you are always trying to come up with your own way to calculate your mortgage payment, why not give this a spin?
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{ 8 comments… read them below or add one }
I really like this tool – the colors really make everything that much easier to read. Thanks for passing this along.
I actually use the calculators at bankrate.com They show the amoritzation on the loan and give you options to show how additional month or once a year payments would effect the balance and pay off of the loan. Plus they have credit card balance calculators too!
Nice find. It’s a very attractive, but basic calculator. I’ve used the Bankrate calculators in the past, like Sarah. I’ve also used the calculators at the Mortgage Professor’s site on occassion, but his calculators aren’t as user friendly as the bankrate ones.
This is a pretty cool mortgage calculator. I know there are a lot of mortgage calculators out there, and it’s difficult to sort through all of them. Quicken Loans has a pretty good collection of mortgage calculators on their site, I found the variety to be pretty helpful. You can check some of them out for yourself on their website: https://www.quickenloans.com/mortgage-calculator
Hi,This is regards to the mortgage insurance calculators are used to calculate different aspects relating to mortgage insurance. They can calculate the length of time for which a person will have to keep making insurance payments on his or her mortgage…!!!
Hi,
This is a wonderful information for the people who are planing to purchase a new home or any thing. This will help them to calculate and plan before the go for it. Thank you for the information.
I’m linking this in my next link love – thanks for the mortgage link!!!
I love the info am planning on buying a home in the future i have also discovered t hat short term cash loans really help
…………………..
gin davis
http://www.loan-digger.co.uk/