Understanding Mortgage Calculators | Quicken Loans Education

Published on Feb 19, 2015

Eddie Berger, director of solution consulting at Quicken Loans, explains one of the most important tools someone considering a mortgage should consider – the mortgage calculator. Mortgage calculators allow someone to find out what their payment and interest on a mortgage would be, and also if they could save money with a lower rate. There are four variables in a mortgage calculator – term, loan amount, payment and rate. As long as you know three of them, you can use a mortgage calculator to find the fourth. For example, if you know the term (30 years), loan amount ($200,000), payment ($900), then you would be able to find out what the rate is. In the previous example, if you knew the rate and the other two variables, you would find out the payment. This is probably the most common way mortgage calculators are used. Anyone considering a mortgage to buy a home or refinance should use a mortgage calculator to better understand the cost of a mortgage. For more information go to http://www.quickenloans.com/blog/ or call 800-QUICKEN.

Please follow and like us:

Leave a Reply

Your email address will not be published.

By submitting this form, you are consenting to receive marketing emails from: CONNECTICUT REAL ESTATE - BIOS Building Technologies, 147 Elm Street, Thomaston, CT, 06787, http://connecticutrealestate.online. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact