Wednesday, May 28, 2008

Calculator and simulator of loans

I am thinking of getting a house and I am looking into options to get it right. Because I have never done it before, I ask a tone of questions around me about how to do an amortization for the loan. To get an idea on how to pay it over the course of the years is very hard, because there are so many parameters to take in consideration. I found this great tool that I recommend to everyone who is in my situation. A cool interface with a simulator that works as a loan calculator for getting to know how you can reimburse a house over the course of the years.

It is just a calculator but takes into account Purchase price, Down payment, Mortgage term, Interest rate, Property tax, Property insurance, PMI, First payment date. You can then show the Amortization per month or per year. It does not offer any third party loan recommendation neither does it give an average of interests for specific loans, but it is a pretty neat free tool if you want a reality check on the next thing you buy. I have never found a sophisticated free calculator with such a clean interface. Enjoy!

1 comment:

helen said...

Very impressive calculator Cati, thanks for sharing it. Have you looked online at price comparison sites such as eComparison
to see which is the best deal you can get in terms of loan amount. Maybe you already have and if I think of any other ideas I shall post them here.