2nd Mortgage Loan Calculator2. mortgage calculator
A HELOC gives you a line of credit that allows you to lend up to a certain amount according to your wishes. There is a certain amount of borrowing space, known as the drawing space, followed by another stage in which you pay back the loan. You can see that this requires two different methods of calculation for loan payment.
This calculator can help you do both. Performing the computations for a home loan is quite easy. As these are usually fixed-rate mortgages that are paid back regularly, all you have to do is fill in the amount of the loan, the interest rates and the duration of the loan, and the calculator will make your money available for your use.
Click on the "Payment" icon on the calculator and then select "Fixed loan" under "Payment option". "Type in the amount of the loan, the duration of the loan in month and the interest rates and then click on "Calculate". "The calculator shows what your total amount of money is in your account each month. Or you can run the procedure backwards by specifying the amount of money you can pay for each month and let the calculator decide how much you can use.
Click on the "Loan amount" icon and then type in your preferred amount, the duration of the loan and the interest on it. This calculator shows you how much you can lend with this number. It is more difficult to find out the HELOCs. On the one hand, HELOC' s are pure interest bearing borrowings during the drawing season - you do not have to reimburse any principal at this stage, but you have to disburse all interest costs as they arise.
A HELOC is also a floating interest loan during the drawing process, so you cannot fix it at a fixed interest level. Since you also borrow different amount of funds during the drawing - and possibly repay them even though this is not necessary - you may not have a fixed credit amount to compute your payment.
As soon as the drawing ends, you no longer lend yourself any cash and start the repayment process, usually at a set interest rat. Thus from this point on it works like a normal home equity loan. With this calculator you can perform different kinds of computations to find out what your payment will be.
In order to calculate your cash flow during the drawing phase: Select "100 per cent of interest owed" as the method of interest collection and then follow the procedure described above. This calculator gives you your pure interest on the loan. In order to see how the taking out of more credit or a different interest would impact your repayments, use the rolling greens wedges to match these assets.
Used to calculate down Payments for the down Payment of the remaining amount at a certain rate: Select either 1%, 1. 5% or 2% of the account and the calculator will show you your account for repaying your loan principal at this interest rat. Please be aware that they may not fully disburse the principal by the end of the drawing years.
Used to calculate repayments during the payback phase: Do the same as for a regular home loan. Are you looking for a home loan or a line of credit? Looking for a home loan? To receive personalised course offerings from creditors, use the "Request a Free Quote" tabs at the top of the page. Defining what your montly payment can be will directly impact your choice of whether you can pay for a mortgage or a line of credit. However, you should be aware that this is not the case if you have a mortgage.
Wherever conventional mortgage loans usually involve a capital- and interest-based one-month mortgage repayment, a line of credit usually involves the borrower paying a certain amount of fair interest. Since the interest rates and the montly repayments on a line of credits may vary, the balances and necessary repayments may also vari.