The table below the graph contains a comprehensive break up of the entire payment. The bar at the extreme left represents the year in which your mortgage will begin while the one at the extreme right represents the last year of the term. Each bar in the graph represents one year in the mortgage term. The graph below shows the amortization of the mortgage, it represents the entire term of the mortgage. It has two features, the graph, and the table. The payment schedule of the mortgage amortization calculator gives you the option to pick the month and year in which you’d like your mortgage to begin and the schedule changes in accordance. On the right of the pie-chart, you can see the amounts for the Principal, Interest Payable and the Total Payable. The blue part represents the principal while the red represents the interest. This is represented in terms of percentage contributed towards the principal and interest. It displays the monthly mortgage payment, as well as the breakup of the total payable. The pie chart is positioned below the see-saw. The means that your savings on the mortgage aren’t high or low. This happens when the Principal amount and the Interest Payable are equal. Scenario 3 - When the see-saw is at a 180-degree angle. This happens when the Interest Payable is higher than the Principal amount. As soon as the home moves down, the weather in the background turns dark to indicate that the mortgage won’t make a very good investment. Scenario 2 - When the piggy bank is up and the home is down: This means that the mortgage is heavy on your wallet. It indicates that the Interest Payable is lower than the Principal amount and it is a good financial investment and you will start building equity on the home soon. Scenario 1 -When the home is up and the piggy bank is on the lower side: This means that the mortgage is light on your pocket and your savings are higher. The see-saw could represent 3 types of financial investments. Depending on the interest payable, the home and the piggy bank change their position on the see-saw. The see-saw has a home on one side and a piggy bank on the other side. It also has a comprehensive payment schedule that gives you a clear breakup of the full payment. The Mortgage Calculator has a see-saw and a pie-chart to help you understand whether the mortgage is a good investment. All you need to do is enter your loan amount, the interest rate and the term of the loan and all the parameters will be calculated. This loan calculator calculates the Interest Payable, Total Payable and arrives at the Monthly Mortgage Payment depending on the duration of the term.Įach Monthly Payment comprises of an amount contributed towards the principal and the interest. After you enter the specifics of the mortgage in these fields, press ‘enter’ or click anywhere on the screen. The loan amount is referred to as the Principal and the total cost of interest on the loan is referred to as the Interest Payable. The Interest Only Mortgage Calculator has three fields– loan amount, interest rate and term. How to Use the Interest Only Mortgage Calculator?
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