Compare Mortgage Calculators Loan Amount 1: Interest Rate 1: Term (in years) 1: Loan Amount 2: Interest Rate 2: Term (in years) 2: function compareMortgage() { var loanAmount1 = document.forms['mortgageCalculatorForm']['loanAmount1'].value; var interestRate1 = document.forms['mortgageCalculatorForm']['interestRate1'].value; var term1 = document.forms['mortgageCalculatorForm']['term1'].value; var loanAmount2 = document.forms['mortgageCalculatorForm']['loanAmount2'].value; var interestRate2 = document.forms['mortgageCalculatorForm']['interestRate2'].value; var term2 = document.forms['mortgageCalculatorForm']['term2'].value; // calculate the monthly payments var mRate1 = (interestRate1/12) / 100; var mTerm1 = term1 * 12; var monthlyPayment1 = loanAmount1 * mRate1 * (Math.pow(1 + mRate1, mTerm1)) / (Math.pow(1 + mRate1, mTerm1) - 1); var mRate2 = (interestRate2/12) / 100; var mTerm2 = term2 * 12; var monthlyPayment2 = loanAmount2 * mRate2 * (Math.pow(1 + mRate2, mTerm2)) / (Math.pow(1 + mRate2, mTerm2) - 1); // display the results var result = "Monthly payment 1 = $" + monthlyPayment1 + "<br>Monthly payment 2 = $" + monthlyPayment2; document.getElementById('result').innerHTML = result; } Discovering the Best Mortgage Calculator for Your Needs If you’re in the process of purchasing a home, you know how important it is to calculate your payments. A mortgage calculator is the perfect tool to help you estimate how much you'll need to pay each month, and how long it will take you to pay off your loan. With so many different lenders and models of mortgages available, it’s important to find the most accurate approach when estimating your payments. To determine the best way to calculate your mortgage payments, it’s important to weigh the pros and cons of each calculator. Online or Paper Calculator? You have two primary options for doing your mortgage calculations: online or paper. While online calculators are the easiest to use, paper ones are usually more accurate. Paper calculators allow you to compare different lenders’ rates and terms, as well as view the effects of rate changes over time. Paper calculators are also more user-friendly for those who prefer to work with pen and paper. Online calculators are ideal for those who already have a good understanding of their loan options and are looking for quick and easy calculations. Comparing Mortgage Payment Calculators When comparing online and paper calculators, it’s important to take into account the features each offers. Many online calculators offer a variety of personalized options, such as calculation of taxes, insurance, estimates on closing costs and more. It’s important to make sure the calculator you use will provide you with the most accurate estimates. Paper calculators are often more detailed in their calculations and may include such items as prepayment penalty, loan discounts, points paid at closing and more. Be sure to compare calculators carefully to determine which one is best for your needs. It’s also a good idea to look at calculators with multiple payment options, such as an adjustable rate mortgage. Calculations for Homeowners and Homebuyers For those who are already homeowners, it’s important to use a calculator that can accurately calculate the amount of interest, taxes, insurance and other items associated with refinancing your mortgage. Online calculators can provide quick estimates, but paper calculators are often more reliable and detailed when it comes to refinancing. For homebuyers in search of a new home or property, it’s important to consider the cost of the dwelling and potential costs associated with purchasing the property. When choosing a calculator, be sure to select one that has the ability to factor in all of the upfront costs, such as taxes, insurance, points paid at closing and other associated costs. Securing the Best Mortgage Rate When taking out a loan, it’s important to compare various lenders and the interest rates they offer. Different lenders offer different interest rates so it’s important to use a calculator that helps you compare different loan options. Similarly, it’s important to consider the type of mortgage you’ll be taking out. An adjustable rate mortgage or a fixed rate mortgage should be taken into consideration when calculating your monthly payments. In order to make sure you’re making the best decision, it’s important to use the right calculator. Comparison shopping for a calculator can help you find the best tool for you and your financial situation. Conclusion When you need to calculate your mortgage payments, it can be helpful to use comparison shopping for mortgage calculators. Different calculators offer different features and levels of accuracy. Some calculators are better for those who are already homeowners, and some are better for homebuyers. Make sure to compare calculators and find one that best meets your needs, as well as accurately calculates your payments.