A new loan calculator guide from Loan Love shows borrowers how these handy tools can help them to find the best loan for their individual situations. The guide also comes along with a number of free loan calculators, so borrowers can put the information in the guide to use immediately.
The Loan Love home loan calculator guide says, "Ah, the loan calculator: A consumer's best friend, at least if that consumer is looking to buy or refinance a home. Easy to use and faithful to the end, a loan calculator is all about YOU and your unique needs. OK, OK, so getting that excited by a mortgage calculator may seem like an excursion deep into Nerdville, but listen up: Loan calculators really are incredibly useful and they can help you "try on" different loan situations so you can get a real idea of what your best options are likely to be, based on your budget and income."
The free loan calculators that are available with the new guide include:
Loan Love say of these calculators, "One thing these loan calculators all have in common… They really are easy to use, too: You only need minimal data to use these calculators – typically the amount you want to borrow, the loan term and the interest rate; if you have an idea of how much property taxes you'd likely pay or a rough idea of home insurance costs, so much the better. Punch in the data and the calculator will reward you with your monthly projected costs and can even provide you with a complete amortization schedule – that's mortgage-speak for a chart that shows you what your mortgage balance would be as you make payments over the life of your loan or, in the case of an ARM, until the initial adjustment occurs."
The last piece of advice that the mortgage loan calculator guide gives is, "Of course, calculators can only tell you so much; while they're great for giving you a rough idea of specific scenarios, they're certainly no substitute for a real, live person (sorry, Siri®!). To get a more accurate picture of all your options, you need to speak with an experienced mortgage professional who can perform a more detailed review of your circumstances and make sure you get the best deal possible."