When applying for a mortgage loan for your home, you can choose between a standard loan and an interest only loan. An interest only loan allows the home loan borrower to make monthly mortgage payments that include only the interest due on the loan without reducing or paying any of the principal.  The lender will usually require that the principal payments be at a later date.  The interest only payment option may only be available during a predetermined initial interest only payment period.

The interest only calculator offers the user a quick a review of the total interest payment for each month.  The mortgage calculator user can compare monthly payments for interest only loans with traditional fully amortized mortgage loans.  In addition, users of the interest only loan calculator can change the interest rate and mortgage amount to see how much their mortgage payment will change as these amounts change.  Simply fill in the loan amount, interest rate, total loan term and interest only term for the loan to see the interest only calculator results.

Home loan borrowers may have several choices regarding interest only loans.  The mortgage calculator can quickly compare different interest only loan offers to find the best mortgage loan and mortgage rate to match your budget.  Compare the results of different variables for either buying a home or refinancing a home with an interest only loan.

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Proper use of a mortgage calculator used to determine loan qualifications, mortgage loan payments or loan options requires good data first and foremost.  One of the most important data points to input into the mortgage calculator is the current mortgage rate.  For the week that ended on August 5th, the average 30 year mortgage rate from the top three bank mortgage lenders moved down by four basis points or 4/100ths of a percent to 4.417 percent.  The top three bank mortgage lender rates in the survey are Bank of America mortgage rates, Chase mortgage rates and Wells Fargo mortgage rates. 

Using the mortgage payment calculator and the current average 30 year mortgage rate, the monthly mortgage payment for a $225,000.00 loan would be $1,128.97.  Using mortgage rate date from the prior week, the mortgage payment calculator results show a monthly mortgage payment of $1,134.43.

The relatively minor mortgage rate change over a period of one week resulted in a monthly payment change of $5.46 for a $225,000.00 loan.  It is unlikely that a change of this magnitude will throw a potential home buyers budget into overload but the purpose of the exercise is to show how the mortgage calculators can be used to measure the impact of mortgage rate changes and force borrowers to closely scrutinize their own budgets and financing needs.

Carrying the exercise on to the shorter term, 15 year mortgage rate, with the mortgage payment calculator and the same loan amount gives us a different result.  The average 15 year mortgage rate from the top three bank mortgage lenders was unchanged this past week at 3.542 percent.  The mortgage payment coming from the mortgage payment calculator is therefore also unchanged at $1,613.13.

 The average mortgage rates used as input for the mortgage calculator were based on the 30 year and 15 year mortgage rates as of August 5, 2011.  The mortgage rates, points and APRs from the top bank mortgage lenders for the 30 year home loan were as follows:

Chase Mortgage rate for a 30 year term loan is at 4.500% and 0.375 points and a 4.596% APR.
Wells Fargo mortgage rate for 30 year term is 4.375% with 1.0 point and a 4.529% APR.
Bank of America mortgage rate with a 30 year term is 4.375% and 0.75 points with a 4.501% APR.

Additional mortgage calculators that can be used in conjunction with a monthly mortgage payment calculator to help find the best mortgage loan to fit your needs:

Bi weekly mortgage calculator
Mortgage down payment calculator
Monthly mortgage payment calculator
Mortgage payoff calculator

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The online mortgage loan calculator can be used to review a variety of home equity loan scenarios before acquiring a new loan.  The terms home equity loan, line of credit and second mortgage are often used interchangeably in the lending industry and the credit line mortgage calculator can be used to evaluate the terms and costs on most all home equity loans.

The value of home equity credit line is that the interest rate you pay on most home equity lines of credit are often lower than the interest rate that is paid on credit cards or various other types of unsecured consumer debt.  The credit line calculator can be used to compare the terms on a number of different equity loan offers with an almost infinite amount of options for loan amounts and interest rates.  Shopping for an equity loan with the information obtained from the credit line calculator can help you get the best financing deal available.

The line of credit calculator operates slightly differently than the traditional mortgage payment calculators since the interest rate and payments on an equity line of credit are often variable.  The term of the equity loan may be different as well with the term being established by a draw period  as well as a repayment period.  

A line of credit is generally based on a percentage of the value of your home.  The greater the home’s value, the larger the line of credit may be less any existing mortgage loans on the property.  The line of credit granted by a lender will take into account any outstanding mortgages on the property. 

The monthly line of credit payment each month on an equity loan is based upon the outstanding loan balance and the current interest rate.  With a line of credit, the monthly payment due may not be required cover any of the loan principal and is applied to just the accrued interest.  For home equity loans or lines of credit that do have a principal repayment, the credit line calculator will calculate the monthly payments that are applied to principal to calculate the available credit increases accordingly.

The line of credit calculator can also be to generate an amortization schedule for a current equity loan or line of credit.  By using the amortization schedule feature, users can even determine the impact of any principal prepayments on a loan.  The loan calculator will establish how big a line of credit you may qualify to receive from a bank or mortgage lender and the terms of repayment to match your budget needs.

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To see on the most recent mortgage rate changes from the nation’s top three bank mortgage lenders would impact an average monthly mortgage payment; Selectcalculators.com has compiled the mortgage rates and processed the payments using the online mortgage payment calculator. 

The average rate for a 30 year mortgage from the big three mortgage lenders of Chase Mortgage, Bank of America mortgage and Wells Fargo mortgage ended the week of July 29 at 4.458 percent. 

Based on the average mortgage rate of 4.458 percent on a 30 year loan with a loan amount of $225,000.00, the mortgage payment calculator displays a monthly payment of $1,134.43.  This monthly payment is a reduction of $16.74 from the previous week, a rather sizeable monthly payment change based on just one week of mortgage rate fluctuations. 

The average rate from the top three mortgage lenders for a 15 year mortgage was 3.542 percent.
Using this mortgage rate in the mortgage payment calculator for a $225,000.00 loan leads to a monthly mortgage payment of $1,613.13.  This week’s monthly payment results in a reduction of $13.87.

The average mortgage rates used as input for the mortgage calculator were based on the 30 year and 15 year mortgage rates as of July 29, 2011.  The mortgage rates, points and APRs from the top bank mortgage lenders for the 30 year home loan were as follows:

The dramatic changes in mortgage rates based on the week over week changes in mortgage rates from the top three bank mortgage lenders shows the impact that seemingly innocuous changes in mortgage rate have on mortgage payments.  The mortgage payment calculator as well as other online mortgage calculators can be very useful tools to learn and quantify the costs of a new home loan.

Chase Mortgage 30 year rate is at 4.500% and 0.375 points and a 4.596% APR.
Wells Fargo mortgage rate for 30 year is 4.500% with 1.0 point and a 4.656% APR.
Bank of America 30 year mortgage rate is 4.375% and 1.125 points with a 4.559% APR

Additional mortgage calculator resources include:
Bi weekly mortgage calculator
Mortgage down payment calculator
Monthly mortgage payment calculator
Mortgage payoff calculator

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Many mortgage shoppers often focus on the monthly mortgage payment and interest rate when comparing loan terms and products.  While the mortgage rate and mortgage payment is a significant measurement when evaluating loans, the total costs or closing costs necessary to obtain the loan also needs to be taken into consideration.  Comparing two mortgage loans based on rates and payments alone will tell not the prospective borrower which loan is more expensive.  Full loan comparisons need to look at the whole loan costs including the closing costs and a key tool to help regarding this issue is the mortgage closing cost calculator.

As an example on the value of closing cost comparison, a loan (A) can have a mortgage interest rate of 5.25 percent for a $125,000.00 loan and another mortgage loan (B) may have a mortgage rate of 5.375 percent for the same loan amount.  The lower rate loan (A) will have a monthly mortgage payment of $1,028.80 while the higher rate loan (B) has a monthly mortgage payment of $1.038.51.  Based on this simple analysis, loan (A) is clearly the better deal.  But, what if loan (A) has 1.5 origination points and a processing fee of $450.00, underwriting fees of $375.00, a $500.00 application fee along with other fees such as title charges and settlement charges that add another $1,250.00 to the costs.  For simplicity sake, assume loan (B) has just $750.00 in total charges or closing costs.

Now, the results show a mortgage payment that is the same but with different loan closing costs.  The mortgage payment is based on the amount borrowed, not the costs to obtain the loan or the actual amount of the loan that are delivered to the borrower if the closing costs are subtracted from the original loan amount.  Note – with a home purchase, closing costs will be paid at the loan closing while a mortgage refinance may allow the borrower to roll the closing costs into the loan amount.  Loan (A) has a payment of $1,028.80 and $4,450.00 in costs while loan (B) has a payment of $1.038.51 but only $750.00 in closing costs.  Loan (A) has a lower payment by $10.51 and higher closing costs of $3,700.00.  In this closing cost and mortgage rate comparison, loan (A) will save $10.51 a month but it will take 352 months to recover the difference in closing costs between loan (A) and loan (B).

The mortgage closing cost calculator calculates the mortgage settlement charges or closing costs based on a given set of loan terms.  The mortgage calculator separates the categories of closing costs to assists the user in comparing cots for more than one mortgage loans or loans from more than one mortgage lender. 

Closing costs include a variety of expenses over and above the price of the property or the amount needed to refinance and existing home loan.  Mortgage lenders should be able to give potential mortgage loan borrowers an estimate of their fees and closing costs before they apply for a loan.  Home loan borrowers need to keep these costs in mind when they are shopping and comparing new mortgage loans.  Using the closing cost calculator will help facilitate this task and assist in comparing the numerous loan options in today’s mortgage marketplace.

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The average mortgage rate from the nation’s top three mortgage lenders increased to 4.583 percent this week from 4.542 percent in the previous week.  The monthly mortgage payment for a home loan in the amount of $225,000.00 with the current average mortgage rate would be $1,151.17 based on the results of the mortgage payment calculator.  This is a change of $5.51 from the previous week’s mortgage rate figures.

The mortgage payment calculator results for the 15 year term mortgage loan were slightly more dramatic.  The average payment derived from the mortgage payment calculator for a 15 year home loan in the amount of $225,000.00 and an average rate of 3.667 percent, the prevailing average 15 year mortgage rate, is now $1,627.00.  The current monthly payment is an increase of $9.33 from the previous week.

The results of the mortgage payment calculator reversed direction from the previous two weeks when mortgage rates had steadily declined.  The mortgage rates used in the mortgage calculator are based on the average rate from the top three bank mortgage lenders: Chase Mortgage, Bank of America and Wells Fargo Mortgage.

The mortgage payment calculator will show home loan borrowers how much their monthly payment will be based on a variety of different mortgage rates and loan term options, the average rates from the top three mortgage lenders are used just as a barometer for mortgage market conditions, individual mortgage rates and terms will vary. 

Mortgage loan borrowers can also use other mortgage calculators to assist in their home loan decisions including the mortgage payoff calculator to show the effect of adding extra payments or the bi weekly mortgage calculator which can be used to review the acceleration in equity build up that can be accomplished with bi weekly mortgage payments.

The average mortgage rates used as input for the mortgage calculator were based on the 30 year and 15 year mortgage rates as of July 22, 2011.  The mortgage rates, points and APRs from the top bank mortgage lenders on a 30 year mortgage were as follows:

Chase Mortgage 30 year rate is at 4.625% and 0.500 points and a 4.733% APR.
Wells Fargo mortgage rate is 4.625% with 1.0 point and a 4.782% APR.
Bank of America 30 year mortgage rate is 4.500% and 0.875 points with a 4.656% APR

Additional mortgage calculator resources include:
Bi weekly mortgage calculator
Mortgage down payment calculator
Monthly mortgage payment calculator
Mortgage payoff calculator

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For the week ending July 15, 2011 the average 30 year mortgage rate based on a survey of the top three bank mortgage lenders dropped down to 4.542 percent from 4.625 percent in the previous week.  The 30 year rate reduction of just eight basis points, a basis point is 1/100th of a percent, on the week has led to a monthly payment reduction of $11.15 on a $225,000.00 loan amount.

The foundation for this monthly payment change comes from the mortgage payment calculator.  Using the mortgage payment calculator with the loan variables of a $225,000.00 loan, a 30 year term and a mortgage rate of 4.542 percent results in a $1,145.66 monthly mortgage payment.  Using the online mortgage payment calculator with the average 30 year mortgage rate of the previous week, 4.625 percent, results in a monthly mortgage payment of $1,156.81 or a difference of $11.15 per month.

The average 30 year mortgage rate used in the mortgage calculator is the average rate from the top three bank mortgage lenders in the U.S.  As of July 15, 2011 the mortgage rates form these mortgage lenders was as follows:

Chase Mortgage 30 year rate is at 4.625% and 0.375 points and a 4.722% APR.
Wells Fargo mortgage rate is also at 4.625% with 1.0 point and a 4.782% APR.
Bank of America 30 year mortgage rate is 4.375% and 1.125 points leading to a 4.544% APR.

The monthly payment change of $11.15 is a measurable difference based on a weekly change in mortgage rates.  The difference in payments reinforces the need for home buyers and mortgage refinance shoppers to use the available mortgage calculators to calculate what their mortgage payment will be and how much they can afford before they decide to apply for a new loan. 

Highlighting the average mortgage rate and monthly mortgage payment is important so consumers can review their home loan budgets however; this step is just the beginning of the mortgage loan search and home loan calculations that a potential borrower should make before submitting their new mortgage loan application.  Using the mortgage rates and mortgage costs listed by multiple lenders, such as the three top mortgage lenders listed above, can help prospective borrowers compare the best mortgage loan options to match their needs.

The mortgage calculators can be used for more than just monthly payment calculations.  The mortgage payment calculators and associated online mortgage calculators are indispensible tools for comparing mortgage loan programs quickly and easily to help find the right loan.

The mortgage calculators available can be used to calculate the payment difference between different mortgage rates and loan options as well as calculate changing amortization schedules by using a mortgage payment calculator with extra payments or by using the mortgage rates calculator to compare mortgage rates from a number of different fixed rate mortgage options and adjustable rate mortgage options.

The mortgage rates listed are current as of July 15, 2011 for loans based in California and are only sample mortgage rates from three mortgage lenders and do not represent the average or best mortgage rate that may be available in your area.  Always compare mortgage rates from multiple lenders to find the best mortgage rate with the lowest costs to match your needs.

Mortgage calculator additional resources:
Mortgage rates calculator

Mortgage down payment calculator

Mortgage calculator with taxes and insurance

Monthly mortgage payment calculator

Mortgage payoff calculator

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The average rate from the top three bank mortgage lenders on a 30 year home loan dropped down to 4.625 percent for the week ending July 8, 2011.  Using the Selectcalcultors.com online mortgage payment calculator for a loan amount of $225,000.00, the monthly mortgage payment for the 30 year fixed rate home loan would be $1,156.81.  The dip in mortgage rates brought about a monthly mortgage payment reduction of $11.21 compared to last week’s mortgage rates. 

The monthly mortgage payment on a 15 year fixed rate home loan for a loan amount of $225,000.00 would be $1,631.57 which results in a monthly payment reduction of $4.68 from the prior week’s figures.  The average rate on a 15 year mortgage loan from the top three bank mortgage lenders ended the week at 3.708 percent. 

The three mortgage lenders used each week to determine the average mortgage rate to be input in the mortgage payment calculator include Chase Mortgage, Wells Fargo and Bank of America.

The online mortgage payment calculator can be used to quickly determine the monthly mortgage payment for any loan amount with any mortgage interest rates.  A key aspect of using the mortgage payment calculator is using accurate and timely mortgage rates to avoid obtaining flawed results. 

The mortgage rate for a 30 year home loan from Chase Mortgage on July 8th is 4.750% with 0.375 points and 4.848% APR.

The 30 year home loan rate from Bank of America is at 4.500% with 1.25 points and an APR of 4.674%.

Wells Fargo mortgage rate is 4.625% and 1.0 point and an APR of 4.782% leading to a mortgage payment of $1,156.81 on a $225,000.00 loan amount.

These mortgage rates listed are, of course, just sample mortgage rates from three lenders and do not represent the average or best mortgage rate that may be available in your area.  Compare mortgage rates from multiple lenders to find the best mortgage rate with the lowest costs to match your needs.  The mortgage payment calculator as well as the mortgage rates calculator can help compare mortgage loan programs quickly and easily to help find the right loan.

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One of the most basic functions of the interest only mortgage calculator is to calculate the monthly mortgage payment for an interest only home loan.  This information can be used by potential borrowers to simply ascertain the amount of the payment needed or to compare it to traditional mortgage loan or as a stepping stone to make further evaluations regarding an interest only loan.

The basic monthly mortgage calculation for interest only mortgages is rather straightforward.  An interest only monthly mortgage payment is based on only the interest portion of the monthly payment without a principal payment amount and any corresponding principal reduction.  However, the interest only payment option is generally available for only a predetermined period of time after which the remaining payments are fully amortizing. 

After this interest only period expires, which may a period of a few years or several years, the monthly mortgage payments are increased to repay the principal fully in the remaining term of the loan.

The interest only mortgage calculator can be used to determine the monthly montage payments both during and after the initial, interest only period of the loan.  To make this calculation, the user has to input the mortgage interest rate, loan term and the term during which the mortgage payments are interest only. 

The mortgage calculator can produce an amortization schedule for an interest only mortgage.  With the amortization schedule on an interest only mortgage, the user can determine how the principal payments reduce the mortgage balance once the interest only period ends.  The amortization schedule also shows how much interest the borrower will pay and the principal balance on the loan over time up until it is paid off.

An interest only calculator can also be helpful for determining if refinancing into a fixed rate loan with full amortization is a good option rather than hold onto the interest only loan.  For home loan borrowers that have an interest only loan at a high mortgage rate or an interest only loan that is resetting to higher monthly payments, refinancing into a fixed rate mortgage loan can extend the mortgage repayment over 30 years.  The longer term will save money in the short term and if today’s mortgage rates are low enough this savings could help over the long term as well. 

The selectcalculators.com interest only mortgage calculator calculates the monthly payment of a typical interest only mortgage contract.  The mortgage calculator user should enter the dollar amount of the home loan then enter the mortgage interest rate and to finish the input, enter the number of years to pay or the term on the mortgage.  To find the payment, click on the calculate button and the monthly payment will be returned.  The users can click reenter the loan values at anytime to do another calculation.

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With the assistance of the mortgage payment calculator, the results of this weeks mortgage rates change led to an increase on the average monthly mortgage payment of $9.85 from the previous week.

The average rate on a 15 year mortgage loan from the top three bank mortgage lenders ended the week at 3.750 percent.  Using the mortgage payment calculator to find the monthly mortgage payment of a 15 year loan with a balance of $225,000.00, the monthly payment increased slightly to $1,636.25.

The top three bank mortgage lenders that are surveyed each week by selectcalculators.com include Chase Mortgage, Wells Fargo and Bank of America.

The mortgage rates and points charged for each mortgage lender with the corresponding monthly mortgage payment on a $225,000.00 are listed below:

Chase mortgage rate is 4.750% and 0.375 points yielding a monthly mortgage payment of $1,173.71.

Bank of America mortgage rate is 4.625% and 1.375 points with a mortgage payment of $1,156.81.

Wells Fargo mortgage rate is 4.750% and 1.00 points which also leads to a monthly mortgage payment of $1,173.71.

The mortgage calculator will show the user how much the monthly mortgage payment will be based on the loan amount and mortgage rate.  The points charged by the mortgage lenders will impact the cost of the loan but will not alter the monthly payment. 

The mortgage payment calculator can be used for a variety of different loan terms as well as different loan amounts and mortgage rates.  The online mortgage calculators can be used to calculate the payment for the 15 year term loan or even a shorter 10 year term loan or any term that may be available in today’s mortgage market.

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