Loan calculators are quite simply a series of mathematical tools designed to help you understand every mortgage option that is available for use. Different people's monetary situations require different payment plans. Mortgage calculators help you find the best mortgage plan based on your unique needs. Mortgage calculators are also invaluable tools through which you can plan any type of refinancing that you may find yourself in need of. When mortgage rates drop, loan calculators help you to see the amount of money that can be saved through refinancing.
Example:
Jon is in need of an $80,000 loan to be paid back over the course of a 30-year period. Jon cannot afford to pay more than $600 /month in payments. With the assistance of a home calculator, Jon can determine that he cannot afford a plan with anything higher than an 8.2% interest rate. Otherwise he would exceed his $600 /month limit.
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