A new mortgage calculator can help you choose the right loan for your house.
A new mortgage lender called Home Equity Mortgage, announced on Wednesday that it is developing a mortgage calculator to help homeowners choose between two different loan types.
For example, a homeowner who wants to buy a new home might look at the mortgage calculator available at the US Department of Housing and Urban Development (HUD) website.
If that calculator includes the minimum payments needed to pay the monthly mortgage, the homeowner can choose to pay $300 per month for a 30-year fixed rate mortgage and $750 per month, or $1,000 per month.
But if the calculator does not include those minimum payments, the borrower would need to make the monthly payments on a mortgage that is much more adjustable.
The mortgage calculator will include options to reduce the monthly payment by a fixed percentage of the value of the property and by the amount of a payment that is based on a percentage of a monthly mortgage payment.
While this mortgage calculator does have the potential to be a good investment, the calculator can also be misleading.
Home Equity Mortgage’s new mortgage tool is the first in a line of calculators designed to help consumers understand the cost of a home loan and make the right choice.
In a previous blog post, Home Equity described its mortgage calculator as a “tool for homeowners that will help them better understand the mortgage costs and loan types that are best suited for them.”
The calculator will be available for free to homeowners who sign up for a free trial from the Home Equity website.