This mortgagecalculators.info Review is about my recent experience with using mortgage calculators for home loan payment options.Sharing it as a blog post thinking it is helpful for the readers who likes to know about using mortgage calculators.
Buying a home is in everyone’s dream. However it needs a lot of money. Unless you inherit it, financial planning is essential for buying your dream home. That is why these days most people afford their home using mortgage facilities. But, applying for mortgage loan requires a bit of research. Although your property agent can explain you everything, it is good to do your homework before your first appointment with the bank or property agent. Then you know what is actually going on. If you plan buying a house then refer to these tools and resources too.
In case if you do not plan your home purchase and mortgage options,then your home loan can be a burden.This is why understanding the mortgage and learning mor eabout it is really important.
Things that affect your home loan
According to this article by CNBC, Mortgage demand spikes 28% from the homebuyers. Although you can dream about any property, owning it directly relate with your income. Considering your monthly income and repaying potential, your ultimate property price is decided. But how do you estimate all these before contacting a consultant or an agent? This is where a mortgage calculator is beneficial.
To find out mortgage payment details I searched for a mortgage calculator on the web and mortgagecalculators.info came up in the results. So I tried it to find out different mortgage calculator options.This mortgagecalculators.info review is about my experience using this site and calculators.
My findings with mortgagecalculators.info
A mortgage calculator should give accurate information with correct calculations. This is the first thing I wanted to know. As an engineer who mostly use a calculator and excel sheets to prepare construction estimates, I tried this digital property on the web to see which is easier to use. My purpose was to compare mortgage calculations using mortgagecalculators.info and my own calculator.
The first finding is about convenience. Obviously if I use my calculator I want to use all the equations and data for the calculations on loan repayments and monthly interest rates. That was time consuming. And little bit boring too even for me who does cost calculations most of the days!
I didn’t use the calculator method for this finding. The old school method with equation, paper and calculator was no longer to my interest though I gathered the tools and my notes together.Considering the convenience,mortgagecalculators.info wins!
Let’s move further.
The next issue was the accuracy. Although use of mortgage calculators online is fast and easy, it is also important to check the accuracy. For this I used Monthly Mortgage Payment Amount Calculator from mortgagecalculators.info.
At the same time I used an excel sheet with the relevant formula to find my own solutions. Compared to calculator method, it was much easier to use the excel sheet with the right formula. However mortgagecalculators.info’s Monthly Mortgage Payment Amount Calculator was fast and convenient to use.
As I did both in excel and using mortgage calculator, I compared the results. Calculations of the mortgage calculator are accurate because the final results were same in both methods.
Below shows a deatailed analysis.
Therefore compared to the factors such as convenience, accuracy and easy availability, I will use the mortgage calculator for my home mortgage calculations. You can try and compare too same as I did.
After this analysis I came up with below conclusions.
Conclusions after the mortgagecalculators.info Review
- Use of a mortgage calculator is fast and easy.
- Mortgage Calculators shared at mortgagecalculators.info are accurate.
- To use mortgagecalculators.info, you don’t need to know the relevant equations. Therefore anyone can use it.
- It is free to use
Finally, I am happy that I don’t have to do boring calculations using the long equations for finding the monthly loan payment amount.Further I am also going to use these details and calculations for my research work under my MBA as it is relavent to the course Managerial Accounting.
I hope this mortgagecalculators.info review is helpful for you to find a home loan calculator.There are other calculators too in this site to carry out different calculations regard to home mortgage.Visit the site and try it out!
How about you? Do you prefer using an online mortgage calculator or do you prefer your own calculations by using the equations and formulas? Please share your thoughts as a comment.
Amila Gamage Wickramarachchi is the founder of this blog where she shares her parenting and lifestyle experiences. She is an engineer and a trainer who works in the construction industry. She is the founder of Sihela Consultants.(www.sihelaconsultants.com)