The Money Store

The following calculators are available to help you with the mortgage loan process.

Mortgage Payments - Use this calculator to generate a mortgage amortization schedule and to calculate total interest and total principal balances. These balances can include the impact of principal prepayments.

Mortgage Affordability - What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.

Accelerated Payments - This calculator shows the possible savings of using an accelerated mortgage payment. Bi-weekly payments accelerate the mortgage payoff by paying 1/2 of a normal monthly payment every two weeks. By the end of each year, one will have paid the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off a mortgage and save thousands of dollars in interest.

Arm. Vs. Fixed Rate - A fixed rate mortgage has the same payment for the entire term of the loan. An adjustable rate mortgage (ARM) has a rate that can change, causing your monthly payment to increase or decrease. Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.

Rent Vs. Buy - Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision.

Mortgage Points - Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each "point" will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points, or use the money to increase your down payment.