Mortgage Calculators

These Mortgage Calculators are part of the suite of free online finance calculators designed and maintained by iCalculator. Please choose one of the mortgage calculators from the selection below. If you are looking for a bespoke mortgage calculator for a certain mortgage calculation that is not featured in our suite of mortgage calculators, please contact us and we will build the mortgage calculator and add it to our suite for you and our other communities free use online.

You can also access our Mortgage section which contains Mortgage guides, news and supporting mortgage calculators.

Mortgage Calculators. This image shows a new homebuyers considering the costs of a new mortgage and monthly mortgage repayment using the mortgage calculators provided by iCalculator.

Are you planning to apply for a mortgage? Or curious to know about the figures that apply to your existing mortgage? If your answer to any of these questions is yes, then you are on the right track. In this mortgage section we provide:

  • Access the free, online calculators that are designed to complete the calculations that you need to do before you take a new mortgage.
  • Access calculators that are created for existing mortgage loan holders, who are hoping to remortgage their property or perhaps even looking for a foreclosure.
  • Mortgage guides that are relevant to the calculators and contain important information about eligibility, criteria, mortgage fees & other charges and associated taxes, in short all the cost that you would have to bear as part of the new mortgage process.
  • Clarity about the types of mortgage available to you to support informed, accurate financial decisions.

The origin of the word "Mortgage" is believed to be from the French language, by combining two words, 'mort' meaning dead and 'gage' meaning pledge. So, the word literally translates to death pledge as the mortgages are based on the fact that the pledge dies either when the obligation is fulfilled or the property is taken through foreclosure.

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Introduction and the process of borrowing using a mortgage

A mortgage or mortgage loan could mean two things, first, you could take a mortgage to purchase real estate or you could mortgage your pre-owned property in order to generate funds for your needs. Both kinds of mortgages, however, will mean that a lien will be placed on your property by the lender. A lien is a right to keep possession of a property owned by another until an agree debt is discharged.

Mortgages lenders are generally banks and some non-banking corporations, like credit unions and building societies. This varies according to the norms and financial regulations between countries where the property is located. A borrower could be an individual willing to buy a property as a dream home, as an investment option or the mortgage could be for a business.

Corporations generally take mortgage loans for their business to use as company premises, as an asset to add to their investment portfolio and/or they buy residential and commercial properties to rent them to tenants. You can make arrangements for your mortgage application through a professional representative, or you can apply directly.

The lending criteria of the banks and other firms varies considerably. The term and conditions, eligibility, your profile evaluation of creditworthiness, the amount of the loan, the loan to value can be different between bank and in differ between countries. Since the property is under lien, it can be taken over by the lender in the event of default or nonpayment. The circumstances surrounding defaulting on a mortgage and legal actions that follow are defined with mortgage terms and conditions, these also vary between countries and mortgage lenders so always read the small print, never assume the mortgage conditions you are subject to on your home are the same for a holiday home in Spain for example.

You can apply for a mortgage by filling a mortgage application form and providing the defined documentation to the lender. Progress of the mortgage application starts when your application goes into the process of underwriting. You are required to submit your KYC (know your customer) documents along with your financial statements.

In many countries it is mandatory that borrower(s) pay a processing fee in advance to cover the process of evaluating a property and going through the detailed underwriting process. These fees cover the costs of the lender, or delegated representative, to visit the premises and/or take paid help from external parties (certain checks or to address a specific concern). The underwriting process could take a few days or a few weeks. In order to get the best out of your mortgage you can take the following steps:

Check your eligibility

The very first thing that you should do is to check your financial eligibility yourself so that you know how much money you can expect to borrow. The methods used by lenders might be a bit different than you use to check your eligibility, however, the rough amount will also be helpful.

You can call your bank to get details about eligibility and use online tools available on the internet. One of these tools is the mortgage affordability calculator developed by iCalculator that can help you determine the approximate amount that you can borrow. This calculator can be accessed by the following link:

Check the approximate monthly payment amount and cost of the mortgage

The second step is to budget for your mortgage repayments. You must consider a lot of things that are going to cost you when applying for a mortgage. There are many costs such as processing fees, stamp duties, and most importantly the interest rate that would impact the actual cost of a mortgage.

When you receive an offer from your lender on your mortgage application, you can evaluate this yourself. The following calculators can assist you in making the right choice for your situation.

Would you prefer a balloon mortgage?

There are numerous options to pay for your mortgage and one of them is balloon payments. This kind of mortgage lets you pay a small amount during the term of a mortgage and a large sum at the time of maturity. So, if you think you can pay this balloon payment at the end of the term you can go for a balloon mortgage.

This approximate value of payments on this plan can also be determined with the help of online calculators such as the balloon mortgage calculator. You can gain access of this calculator by clicking the link below:

Buying real estate to let it out on rent

If you are planning to take up a mortgage to buy property that you are going to rent out, you may want to know if this is going to be beneficial for you. Going through the entire process and investing your money should be worth something.

You can collect some data about the property location and rental values of those properties in order to make these calculations. You may do these calculations manually; however it ismuch easier and less time consuming if you make use of the following calculators.

Consider prepayment/foreclosure of a mortgage

Mortgages generally are taken for a long term. It is feasible that you manage to save enough to pay a big chunk off the mortgage owed or perhaps just pay it off. With this possibility in mind, it is good to have an understanding of the cost of pre closure or making those extra payments.

The Early repayment calculator can help you perform these calculations for you. All you have to do is go through your contract or call your bank to gather the details according to your situation and click the link below to use the calculator to calculate the costs of paying off your mortgage early.