Mortgage Rate Calculator Guide

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The Homeowner’s Home Mortgage Rate Calculator Guide

Edited by Honey B Wackx

Using a home mortgage rate calculator can let you know just how much your house is worth, how much you can afford to pay every month and other important things that you need an answer for but too shy to ask a home mortgage agent about.


This is arguably the most popular type of home mortgage calculator. With this mortgage rate calculator, you’ll be able to compute for answers to the following questions:

Lowest Monthly Payment – For this question, you’ll usually be asked how much your total debt and monthly payment is and the state you’re living in. The rest shall be computed by the calculator.

Debt Consolidation – To make the mortgage rate calculator work out the best debt consolidation program for your needs, you’d have to provide them information about the amount of mortgage you’ve taken out on your home, the total amount of your other debts and the estimated value of your home. You should also indicate where you’re living and if you also have a second mortgage on your home.

Ideal Mortgage Term – State your current mortgage balance and your monthly mortgage payment, indicate your resident state and the term you prefer for your new mortgage. The calculator will then provide you with quotes for that particular term. If you find the quotes disagreeable, simply input the same information but this time with another mortgage term. Repeat until you find something you like.

Cash Equity – To know how much you still have on your home, just let them know how much money you need, the estimated value of your home and your present mortgage balance.


These calculators will compute and provide possible refinance rates for your home. To use this, all you have to do is let them know how much money you need, how much you’re already paying every month for the first mortgage and of course, where you live right now.
Be sure that you understand commonly used mortgage terms as this calculator will provide several mortgage comparisons for you.


As you’ve seen above, there are several calculators that would ask you for the estimated value of your home. If you can’t place an accurate figure for that, just use yet another free online calculator to arrive at the right amount.

For this calculator to work, you’ll need to answer the following questions:

Where do you live in? Provide name of the state and zip code.
How much did your house cost and on what month and year did you purchase it?
How much have you spent in remodeling, improving and restructuring your home?
When “month and year will suffice” was the last time you made improvements to your home?
How much is your current mortgage balance and how much are you paying every month?


If you are interested in taking out a home mortgage to buy a house, what you’re looking for is a first-time-home-mortgage. With this mortgage, you’ll be able to learn how much you can afford in a home and how much you’ll have to pay for your mortgage every month.

For this calculator to work, you’ll have to enter the following information:

The amount of mortgage payment you can afford to pay every month

Taxes and Insurance (optional)

The amount of money you have for down payment

The state where you wish to live

Remember that although home mortgage calculators are fairly accurate, it’s still better to ask a home mortgage agent for expert advice. We Wish Good luck to you!

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