Top Online Calculators That You Must Try


All of us, probably, know which online calculator should be used for performing basic mortgage calculations i.e. the amount that has to be paid every month, the amortization period and prevailing rate of interest. However, what options do you have for performing calculations of more complex nature, like the cost for breaking the mortgage or comparing three different mortgage options available while finding out the effective rate of interest?

Well, with resources like Calculator All and many others available to help you, there’s nothing so hard in performing even the most complex calculations. Given below are some of the top online calculators that you must give a try. They are categorized according to the end result you want to achieve.

1. Will you be able to save money with refinancing?

If you are interested in finding out the amount of money you’ll be able to save by choosing to refinance the mortgage, the online calculator from Industry Canada should help you. However, you should know what penalty charge would be there before determining the amount that will be saved in the end. If the penalty is not known, better use the calculator given below for penalty calculation. However, if you’re aware of the cost you’ll have to bear for breaking the mortgage then just input the required values and the calculator will give you the value you’ll be able to save through refinancing.

2. Penalty Calculation

Regardless of the reason why you have to terminate the current mortgage, you will have to consider the penalty costs that you’ll be bearing to break the mortgage. And, the best way to determine that is the Rate Super Market’s penalty calculator. The calculator works just fine for both the variable rate mortgages and the fixed rate mortgages.

3. Mortgage Comparison

When interested in comparing the rates and terms of three mortgages available to you, the calculator from is the solution you should look into. The calculator tells you how your payments will be affected by each of the mortgages under consideration. What’s even better is that you’ll be able to determine the effective interest rate i.e. the quoted or nominal rates adjusted for term of the loan and the compounding interest. As a result, you’ll be able to find out exactly how much you’ll be paying for the mortgage.

4. Variable Rate Speculation

If you’re interested in some variable rate mortgage but don’t know how the potential increases in interest rate would impact the payments and the final balance once your loan term ends, the variable rate speculation calculator from should help you. This American calculator can give you a fair bit of idea as to what you should expect.

5. Actual Monthly Payments

The calculator from is what you need if you are looking to find out what you’ll actually be spending every month after buying a home. The calculator is designed as an Excel spreadsheet that you can easily download as well and allows you to input the budget of your household along with the property taxes, condo, heat, water, and any other fees to be taken into consideration. Now, based on the provided information, the calculator shows the down payment amount you need, the insurance fees for the mortgage and maximum mortgage amount you might be eligible for.

6. Renting A Home Vs Buying One

If you are still living on rent and are interested in finding out whether you should think about buying a home or not, the Rent vs Buy calculator from NY Times would help you.

7. The Impact Of Down Payment

Interested in comparing the monthly payments you’ll have to make depending on how much you pay as down payment? The Mortgage Payment Calculator from is probably the right way to go about it. With this calculator, you can enter a purchase price for calculating the total amount you’ll borrow, including your fees for mortgage insurance, depending on the down payment you’ll make. You can then try different down payment values to find out what’s feasible for you.

So, if you are interested in shopping for a mortgage, the above calculators will give you ample insights to make the right choice. These are tried and tested tools and you can very much rely on the results being shown to you.

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