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Monthly Mortgage Calculator - Features of a Monthly Mortgage Calculators - When Will Your Home be Paid Off?, Extra Payments

Monthly Mortgage Calculators Do More Than Calculate Payments

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Monthly mortgage calculators are fantastic tools for people who own a home or are interested in buying one. Many people think they only show the payment amounts. They actually do quite a bit more, though.

When Will Your Home be Paid Off?

Most people like to have goals when they are paying for things. A monthly mortgage calculator will allow you to have your goals in sight. After you input the price, interest rate and acquisition date into the mortgage calculator, you can see when your home will be paid off.

Extra Payments

After you see when your home will be paid off, you can begin to make adjustments. For instance, you can decide if you want to pay extra each month. If, for example, you wanted to pay an extra $100 each month, you would input that into the mortgage calculator. It would then show you when your loan would be paid off if you paid the extra $100.

You can also choose to make an extra yearly payment and then see how that would affect your pay off date. Many people make an extra payment after they get their tax refunds. You can estimate what your refund amount will be and then input it into the calculator to see the impact the money will have on your pay off date.

You can also use it to see what would happen if you made one additional payment. For example, if you came into some money and wanted to put it toward your house, you could go to a mortgage calculator, put in the money and see the new pay off date. Then, you will find out how many months or years you managed to shave off the date by paying the extra money.

If you use a mortgage monthly calculator, you will be able to stay on top of your mortgage payments. You will find out important information, and thus, be prepared to make sound financial decisions regarding your mortgage.

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