3118 N Croatan Hwy The Executive Center, Suite
Kill Devil Hills, NC 27948
Toll Free: 800-407-8746
A free resource for consumers, professionals and
researchers. This resource features over 100 different
financial calculators. Through the right column you can
quickly access all calculators (sorted by type). Below you
can find the 20 most common mortgage calculators. This
20-in-1 mortgage calculator can be added directly to your
website - to easily allow visitors to perform calculations.
Fixed Rate Mortgages
The most common type of mortgage program where your
monthly payments for interest and principal never
change. Property taxes and homeowners insurance may
increase, but generally your monthly payments will be
Fixed rate mortgages are available for 30 years, 20
years, 15 years and even 10 years. There are also
biweekly mortgages which shorten the loan by calling for
half the monthly payment every two weeks. (Since there
are 52 weeks in a year you make 26 payments or 13
"months" worth every year.)
Fixed rate fully amortizing loans have two distinct
features. First the interest rate remains fixed for the
life of the loan. Secondly the payments remain level for
the life of the loan and are structured to repay the
loan at the end of the loan term. The most common fixed
rate loans are 15 year and 30 year mortgages.
During the early amortization period a large percentage
of the monthly payment is used for paying the interest.
As the loan is paid down more of the monthly payment is
applied to principal. A typical 30 year fixed rate
mortgage takes 22.5 years of level payments to pay half
of the original loan amount.