5 Top Mortgage Loan Calculators for Landlords
There’s one thing that we don’t mourn of the long gone “manual” days: calculating mortgage related numbers with pen and paper. Today’s property management tools are a blessing many times over, making our lives so much easier for both landlords and property managers. Whether you’re looking to buy a new home, another rental property or just trying to estimate the market, the first thing you do is calculate. Of course nobody looks forward to pen and paper anymore. You either call your trusted property management company, or you jump online in search of mortgage loan calculators. We’ve got just the right ones for you.
Affordability Calculator
First off, before you even go out there and start looking, you have to evaluate your own pocket. It does sound unnecessary but you’ll be surprised to know how number crunching can bring you back to reality. Here’s where the affordability calculator by Mortgage Calculator comes in handy. This calculator tells you exactly how much you can spend on your mortgage repayment based on your total income (including spouse’s), other loans, and taxes. It’s a nifty tool that allows you to see yourself from the lender’s perspective and offers you a no-nonsense picture of whether you can afford the mortgage, or not.
Mortgage Loan Calculator
Let’s say you’ve seen a really cool property down the street that you’d like to buy. You know it’s price, and you also have some down payment saved. Hop on to US Mortgage Calculator a comprehensive tool that will give you a complete picture of what you need to find. Just enter the value of the house, the mortgage amount, down payment, and HOA (homeowner’s association) fees if any. What really impresses us is that the calculator offers flexibility of inputting percentage as well as dollar amount.
Once you insert the necessary amounts, you get a table of how the monthly payment will be like, total payments including principal, extra payments, interests and PMIs (private mortgage insurance), all presented in chart and tabulated form. It even shows a graph of how the repayment will be distributed over the years. And the best part is, you can get a printed report of the same too!
Amortization Calculator
While the U.S. Mortgage Calculator also provides an amortization calculator, we like the NerdWallet’s version . It’s ideal for those who are numberphobic. Just add in your mortgage down payment, interest rate and the loan term to get a visual representation of your amortization amount. The graph gives you the status of principal repayment, interest and how much you are remained with. Click on the tabs and you’ll get even more details like payment schedules that you’ll pay. It also provides you the option of estimating fixed and flexible interest rates, and how it affects your payment terms. The handy thing that we like here is the ability to search for rates and home value according to the state you are in.
Property Tax Calculator
Of course owning a property doesn’t end with securing a mortgage. You have to pay property taxes as well so you want to be prepared for that. Smart Asset’s property tax calculator is just the tool for you. Just enter your city, state and the assessed home value. The tool will calculate your average tax rate along with annual property tax. You can even compare your county or city’s taxes with others and at national level, just for your curiosity.
Mortgage Refinancing Calculator
So, let’s say that mortgage is proving too much for you. While you can’t get out of it, you can refinance your mortgage. To see how much benefit refinancing will prove to be for you, you can use the Zillow’s refinance calculator. Insert your current loan, interest rate, term duration, and the original year which you got the mortgage. A detailed report will be generated with breakdown on how much you can revise your repayment amount with the new rates, and how much you will save at the end of the term.
Last but not least, you have the option to go to your local mortgage company or a property management company for a consultancy. This way you’ll get tailored advice according to your requirement and circumstances.
