- Posted November 3, 2015 by
People defaulting on their and losing their physical property to the lenders
Today newspapers are filled with news of people defaulting on their and losing their physical property to the lenders in legal disputes and you might have heard from your peers the stories about how someone miscalculated their mortgage payments and ended up paying many times more than what they originally should have. These incidents occur due to human errors and negligence and can be easily avoided.
Everybody wants a dream house but not everybody can afford to get one right now, that’s where mortgage comes in, one can fulfill their dream of owning a house but getting the money to buy it now (from banks or other money lenders i.e. mortgage providers) and then paying for it through monthly installments over a large period of time. Mortgage loans are kind of necessary evil, we cannot avoid them but what we can do is minimize their damage by carefully strategizing how we tackle this problem and in this endeavor of yours a mortgage calculator can be greatly beneficial.
A mortgage calculator helps you determine your total monthly installments of mortgage payments, including the principal amount, the interest, the government levied taxes and the insurance. The amount to be paid monthly or annually is determined by the cost of the home, property taxes, insurance for the residence, PMI or mortgage insurance and a few other small and miniscule parameters.
In paying off the monthly installments Mortgage calculators with PMI are a real boon. They tell you with great accuracy how much amount you have to pay to lead a peaceful and tension free life. Our calculator is best in this niche. We have used our vast experience and knowledge in developing it, to bring to you the best PMI mortgage calculator.
To get the result from our PMI mortgage calculator you just have to enter the home value, the amount of mortgage you own, the interest rate you have to pay and the amortization period (the repayment period i.e. the amount of time in which you aim to payback your loan) and our calculator will tell you your monthly installment calculated both in compound and simple forms, and will tell you the monetary difference between those two , it will also show you what is the principal and interest ; percentage share in the amount you are paying monthly.
Our mortgage calculator also supports PMI i.e. If you have availed mortgage insurance (note: mortgage insurance is generally required until 20% of property value is paid), the calculator can even include that parameter and also the levied property tax and can tell you the monthly installment payments after including those two. If there is some extra yearly or one-time payment our calculator can even facilitate that and can inform you in which month there abnormal is increase in payment.
With so many advantages why would you like to take on the hassle of calculating your monthly installments manually? Use our calculator and remain informed of how much to pay and when to pay.