Retirement Savings Calculator

These calculators are provided for educational purposes only.

Retirement Savings Calculator

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What is Compound Interest?

Compound interests is when the interest that accrues on an investment is added to the principal and then future interest accrues on the total amount. In layman terms, think of it as interest on interest.

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Mortgage Loan Calculator

What Will Your Mortgage Actually Cost?

This Mortgage Calculator is based on a complex formula that factors in your mortgage principal, the interest rate you’re paying and the duration of the loan to determine how much that monthly mortgage payment will be. It lets you try out different scenarios of how much you might borrow and what varying interest rates will do to the amount you’ll be asked to pay. Read below to understand what each of these terms mean.

Home Price

This is the full price you will pay for the home. Some of that price will come from your down payment and the balance will come from the mortgage. To make sure you are paying the right price for the home you want, consult real estate websites and talk with your real estate agent to compare the price you are considering to similar properties in the neighborhood where it is located.

Down Payment

The mortgage down payment is the amount of money you are putting down, in cash, for your new home. Ideally, it should be at least 20% so that you can avoid having to pay private mortgage insurance in addition to your monthly mortgage payment. 

Mortgage Term

This is the number of years during which you will be making payments on your mortgage. The most popular mortgage is a 30-year fixed, with 15-year fixed coming next. Common terms for fixed mortgages are 15 and 30 years, but some banks offer mortgages in other five-year increments from 10 to 40 years. Stretching out payments over 30 years or more will mean that your monthly outlay will be lower, but the overall cost of your home will be more because you’ll be paying interest for more years. To make your home cost less, choose a shorter term, such as 15 years.

Interest Rate

The interest rate a lender charges you will depend on your credit rating and the rates prevalent in your region, and are influenced by economic indicators, such as the federal funds rate (what banks charge other banks to borrow money overnight) and the yield for 10-year Treasury notes.

Mortgage Loan Calculator
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Financial Calculators
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