The Mortgage loan payment calculator is one of the most useful tools that you can have in your financial planning tool box. Everybody knows that making extra payments on your mortgage will allow you to finish paying off your mortgage loan much sooner; however, most people aren't aware of the specific results that the extra payments would generate. This is where the mortgage loan payment calculator comes in.

1. • 1

     First, you need to find a mortgage loan payment calculator. I always use the one at bankrate.com (I've included the link below). Once you get to the bankrate site, click on the "Calculators" tab at the very top of the page. And then select "Mortgage Payment Calculator" from the "Mortgage Calculators" list.

     Read more »

An online mortgage calculator is a great tool to help prospective home buyers estimate the cost of monthly mortgage payments. Because these online calculators are estimates and are not indicative of the exact mortgage rate and plan you'll qualify for, it's always best to speak with a professional mortgage counselor when purchasing a home to get concrete numbers.

1. • 1

     Determine your balance or principal. This figure is how much of the house you'll actually be paying on. For example, if you're purchasing a $230,000 home, but have a $30,000 down payment, your principal is $200,000. Enter this figure into the "principal" or "mortgage" amount in the first box of the mortgage calculator.

     Read more »

Are you considering a refinance, but you're not sure whether or not it's the right choice for you? There are a lot of things to consider when trying to determine whether or not now is the right time for you. In general you'll need to have at least 20% equity and above average credit scores to get the best interest rate, but in some cases, it may still be worth it to refinance.

1. • 1

     REFINANCE INTO A 30-YEAR LOAN IF:
     -You think you'll be in your home for 5 years or longer, AND the interest rate on your current mortgage is .75% or more higher than today's rates.
     -You're currently in an ARM (adjustable rate mortgage) with 10% or more equity AND you're planning on staying in your home for 5 years or more. You will probably have to refinance into a mortgage with "mortgage insurance" or take a second mortgage to cover any additional principal owed that is over an 80% equity value in your home. Another good option is to check with your current mortgage company first. They may be willing to stretch their standards and put you in a standard mortgage in order to keep you as a customer.

     Read more »

Using this guide, you will learn how to know if a home equity line of credit loan is right for you.

1. • 1

     If you are looking to borrow money, you might be wondering if a home equity line of credit loan is right for you. These types of loans are great if you need to borrow a large amount of money without paying the type of high interest rates that credit cards and unsecured loans charge.

   • 2

     The reason a home equity line of credit loan has a low interest rate is because you are using your home as collateral for the loan. Because of this fact, you will want to be careful to make sure you can afford to repay the loan, because otherwise you risk losing your home. Because of the fact that this is a lower risk loan for a lender, they can offer lower interest rates.

     Read more »

Before you start looking for your dream home, you must have an idea of what you can afford to spend, This means knowing how large of a mortgage you qualify for, allowing you to look at homes in your price range. You could be pre-approved by a bank or other lender, or you can figure this out yourself and continue to look at homes without committing to a lender until you are ready to buy.

1. • 1

     Write down all of your monthly bills. This is your debt liability. Exclude your current rent or mortgage payment.

   • 2

     Compile the monthly gross income for each person who will be listed on the loan application. Use all nontaxable and taxable income for the month.

     Read more »