Kirkland, WA, November 03, 2010 --(PR.com
)-- In today's busy life time is of the essence. A new mortgage calculation website is available that is built with less clutter and quicker, more precise answers. www.mortgagecalc.me does not require clicking on a submission button to see results. As you enter input data, such as mortgage amount and interest rate, the resulting monthly payment is displaying instantaneously. What's more - a summary by each year of interest, principal, and remaining balance is displayed and updated automatically.
To help prospective homeowners save money, bi-weekly payment option is displayed side-by-side. Many mortgage information sites, such as mortgagecalculator.org, calculate bi-weekly payments by making the one extra payment always on December 31st. What if your mortgage started in July? You would only have saved half the extra payment by December 31st. If you had the other half in July, it would have been added to the down payment in order to lower the loan amount immediately.
www.mortgagecalc.me calculates bi-weekly payment correctly by assuming an extra payment every 12 months from the loan start date, instead of a fixed date. This provides more precise simulation of what would happen in real life.
As an extra, www.mortgagecalc.me has an option to add extra to each monthly payment and see interest and term savings side by side. By clicking on “1/12th” button, 1/12th of one monthly payment (what is saved for the bi-weekly approach) is added to each regular payment, making it clear that it’s always more advantageous to make an extra payment immediately than to save it for one full payment later (the bi-weekly option).
There is a way to add in property taxes and even estimate Private Mortgage Insurance (PMI). PMI is estimated taking into account down payment percent and loan size, unlike one-size-fits-all approach on many other sites, such as mortgagecalculator.org.
For a bit of entertainment, look at historical mortgage rates chart, dating from 1971.
If you want less clutter, faster, and more precise results when budgeting for a mortgage, look no further than http://www.mortgagecalc.me. It even helps you estimate how to save for a down payment with Savings Calculator on site. Make http://www.mortgagecalc.me your companion in realizing your dream of owning a home.