4 Painless Home Mortgage Calculators That Will Save You Thousands

Posted by Chris on March 24, 2016

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Want to save money? Who doesn’t want to save big, right?

We’re not talking about the kind of “big savings” that “financial gurus”  like to preach about. We’re not talking about cutting back on latés, and trendy lunches. We’re talking about the kind of savings that can help you do more of that.  Instead of trimming the fat on the already lean parts of your life, the small things that make life pretty awesome, we’re going to focus on the largest expenses.

For the average American household those expenses are:

  • Housing
  • Transportation
  • Food

Instead of sweating the small expenses in your budget, shift your focus on reducing expenses in the big three areas.  And since housing is largest of all these expenses, spending just fifteen minutes playing with these home mortgage calculators could save you tens of thousands of dollars- that’s a real savings win, and a lot of latés. These mortgage calculators can be used by anyone, they're free and simple to use.

Bi-Weekly Mortgage Payment Calculator

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Do you already own your dream home and looking for a way to reduce your payments so you can enjoy it more? Then look no further.

Bi-weekly payments allow you to sneak in an extra mortgage payment a year. This might not seem like a lot at first but over time the amount of interest you save can be a large amount of money. #Winning.

Chances are, like most people,  you get paid bi-weekly, so your bi-weekly mortgage payments can line up nicely with your paycheck. But don’t rush into making bi-weekly payments, check with your lender and see if there are any additional benefits that they can add to this strategy to make it even more effective.

Mortgage Payoff Calculator

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Similar to the bi-weekly mortgage calculator, the payoff calculator shows you how much quicker you can payoff your mortgage by making a larger payment every month.

It’s pretty straightforward to reduce the amount of interest you have to pay in the  long-term by increasing the size of your monthly payment. The numbers are big- we're talking about savings thousands of dollars just by paying an extra $100-$200 a month on your mortgage.

Home Mortgage Refinance Interest Savings Calculator

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Mortgage interest rates are at historical lows, and have been for some time. With the possibility of negative interest rates the chances are pretty high that they’ll stay that way for some time. So if you want to see how lower interest rates could impact your payments once you refinance, check out this calculator.

That's exactly what this mortgage calculator does. You can play with the interest rates and the length of the loan to see how low your mortgage payments can go. With low interest rates it's not unrealistic to see huge savings every month. But since mortgages are a case by case basis, you’ll never see what’s possible if you don’t run the numbers yourself. .

Mortgage Refinance Break Even Calculator

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There’s no such thing as a free lunch when it comes to refinancing your home. There are always costs associated with getting a new home loan, and there are many ways to go about dealing with those costs. Sometimes people pay them up front,  and out of pocket. Other times people prefer to roll the costs into the loan, also known as a "no-fee" or "no-cost" refinance.

However, you can still save big despite these costs. A simple break even analysis will tell you if refinancing your mortgage currently makes sense. If you use this calculator together with a refinance interest savings calculator, you can get a better picture of how much money you’ll save between reduced payments and lower interest.

Want to get a real rate quote in real time? You can see what rates you qualify for in less than 30 seconds by using the Lenda rate quote tool. Once you answer a couple of questions our smart suggestion engine will tell you how to improve your quote to get the best deal. 

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Topics: Mortgage 101, Refinancing 101, Saving Money