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.

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     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.

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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.

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     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.

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A pyramid scheme is designed for a person to make money from others they recruit for a certain business. Those recruited are then required to recruit more people to join, earning them money in return. Travel pyramid schemes use recruits to sell travel packages. Recruits that sell the package make a commission, as does their recruiter. Know how to spot a travel pyramid scheme; if you invest in one, you could lose a significant amount of money.

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     Avoid schemes that pay you a commission for recruiting others to join, especially if those earnings are large amounts.

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     Do research on the business before joining, and learn all the claims the business makes to potential customers. You may be held liable for those claims should you participate in the scheme.

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Credit unions traditionally have better deals than banks and are more likely to work with you, even if you have shaky credit. Many have easy membership qualifications requirements, so taking advantage of great deals on different types of accounts is relatively easy.

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     Finding great deals at credit unions for various types of accounts are relatively easy using the Internet. There are several websites that offer such information such on the Bankrate website and the Credit Union Deals website.

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     Decide what type of account you want to open. For example, decide if you want to diversify your deposit accounts to include a money market account, where you intend to save for a big ticket item, or if you are looking for a CD.

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Mortgage loans are often jointly owned. These home loans are often quite costly and long term, and require a strong dual income to support the mortgage payment. In many cases, the two signers on the mortgage are married couples. In other cases, joint tenants are boyfriends and girlfriends, siblings or children and parents. However, if the time comes to split the mortgage, the process can be challenging. Unfortunately, the mortgage cannot be split evenly--instead, there is only one option: refinance.

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     Review the divorce agreement with your attorney, your ex-spouse and your attorneys, if you are getting a divorce. It is important to consult the agreement to make sure that you are following the orders of the divorce judge. Divorce court tries to be equitable--either requiring the house be sold or requiring one party to buy out the other. Consult this document before approaching a mortgage split.

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