Karl's Mortgage Calculators

Using Karl’s Mortgage Calculators can help you decide if it is the right time to take out a home loan. With more options than many online calculators, Karl’s gives you a chance to input an assortment of variables and see the results based on your information. Of course, sitting down with a home loan officer will give you the most accurate results, but knowing a ballpark figure will let you know if a visit to the office is worth it or not.

Mortgage Calculators

Karl’s Mortgage Calculators: More than the Basics

With most mortgage calculators, a potential home buyer will input the basic data: principal, down payment, interest amount, and length of mortgage. However, Karl’s Mortgage Calculators give you more options to achieve a closer rate to what a loan officer may quote you.

Not only do you input the basic data for a fixed rate mortgage into a worksheet, you can add in an estimate of annual Mortgage Insurance and property taxes on the home. After inputting the data, Karl’s will calculate the monthly payment, total interest, total interest percentage, and real interest paid.

Adding in prepayment data can adjust the rates significantly. Options for figuring the difference in interest, savings, and how much the term is shortened by making a prepayment can be determined by inputting any of the following information:

• Monthly prepayment amount and start date
• Annual prepayment amount and start date
• One-time prepayment amount and start date

Any changes will be reflected in an interest and principal graph at the top of the page.

Visual Aides

Karl’s Mortgage Calculators has several visual aides to help you understand the data you receive. A graph is featured at the top of the calculator. Sliding scales for principal, start date, and interest allow you to do a simple mortgage calculation and see the results in a color-coded graph. The graph depicts principal, interest, and extra payments. The graph changes with the new information added to the more extensive questionnaire at the bottom of the calculator.

In addition to the graph, potential homebuyers can pull up an annual table showing interest and principal for each year, along with the mortgage balance. This can also be done for monthly payments. Alternatives to the principal and interest graph and worksheet include:

• Summary listing the most important information, like total payments and savings from prepayments
• Interest rate scale chart
• Options to change settings for decimal interest, payments, type of graph

Worksheet Options

At the bottom of the calculator page, Karl’s has options for changing the prepayments. For example, you can click a button to find out the impact on interest paid and payment amounts by switching the worksheet to figure an adjustable rate mortgage.

Another worksheet option is to input up to six extra payments by month and amount. Or, you can change the interest rate options and the amount of time they are in effect. The comes in useful when looking at Adjustable Rate Mortgages Finally, you can calculate interest-only payment options.

All of these changes to the worksheet will be reflected in the graphs and visual aides at the top of the calculator.

Summary of Karl’s Mortgage Calculators

Knowing whether or not you can afford the home of your dreams is the first step in home buying. Having an idea of what kind of interest you would be paying, along with monthly payment amounts, can prepare you for the interview with your financer. Karl’s Mortgage Calculators gives you the opportunity to not only find out your monthly payments on a fixed rate loan, but play with prepayment and adjustable rate scenarios. This can arm you with more knowledge of the type of loan you are looking for when you sit down to figure out your mortgage.

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