“A penny saved is a penny earned” – hmm, I think you have heard this phrase since your childhood, right? There is no wrong to say money stays with them who use it wisely. And, If I talk about the current situation, then it is the perfect one. So, it is better to get an estimate of your spending and expenses with Mortgage Calculator before getting trapped into the web of debt or loan. So, before going to take the loan, you should consider the following points:
- Current financial situation
- Time validity of a loan
- Interest rates
- Down payment amount
Table of Contents
What is a Mortgage Calculator? Who can use it?
Let’s first know about the Mortgage Calculator Plugin for WordPress and where it can be used? A mortgage calculator is a tool/software that lets users get an idea of mortgage payments, with or without interest rate, installment duration, etc. With the use of the calculator, the users can select a monthly period or fee. Here, the mortgage calculator comes into play, helping the users by providing the estimated costs based on a given interest rate. It is a useful approach for agents and brokers.
“MORTGAGE CALCULATOR IS ONLY AS ACCURATE AS THE INFORMATION IS ENTERED IN IT.”
So, it is mandatory to know the Mortgage calculator’s usage before use in the actual situation.
General features of Mortgage Calculator
Home Purchase Price
Even if you haven’t decided yet about the type of home you are going to buy in the future, you can get an idea of the price of a house by entering the home type.
Use the down payment feature if you want to get an estimation based on your current financial situation. It would be best if you also consider other expenses like maintenance costs, emergency funds, etc. before deciding the amount of down payment.
With this calculator, you can determine the exact value of an interest rate over your loan value.
How to create a WordPress Mortgage Calculator?
In most cases, it is regarded as difficult to add a mortgage calculator plugin in WordPress, whether you have to install a third-party mortgage calculator plugin or to add a piece of code on your website. But, Loan & Mortgage Calculator Pro designed by Tekki Web Solutions Pvt. Ltd is one of the simplest plugins to install in WordPress. Just install it in WordPress and activate it, and you are good to go with it.
How to use the Loan & Mortgage Calculator? – An Easy Guide
Loan & Mortgage Calculator Pro, which is embedded with the features that would be beneficial for you to control your monthly or yearly savings expenses.
For instance, in Mortgage details, you can get an idea by filling in all the aspects like home value, down payment, mortgage amount, interest rate, PMI/year, Amortization Period, etc. What is more, it also provides the features with which you can maintain your home expenses. Once you have filled in all the details, all you need is to click on the Calculate button. After the compilation, it will show the result into three segments like Monthly Payment, All Payment, and Mortgage Payment Schedule.
It is an eye-catching and helpful part of the Loan & Mortgage Payment Calculator that displays the spendings and savings by showing it per month. It includes Monthly principals and payments, property taxes, homeowner’s insurance, PMI till (given)year, HOA Fees, and Total Monthly Payment.
For the quick estimation of the total expenses and payments, it is categorized into four parts like Down Payment & One-time Expenses, Principal, Interest, and Taxes, PMI, insurance & fees. It is displayed with the help of a graph to get to know which is the major contributing factor for the loan payments.
Mortgage Payment Schedule
With the mortgage payment schedule tab, developers have made it user-friendly, since you will get data from her according to the months until the months you have entered the Amortization Period. For instance, your start date is June 16, 2020, and you have filled the amortization period of 10 years, then it will display the payments and interest till June 2030.
On the Whole
Loan & Mortgage Calculator Pro is the most accessible mortgage calculator in the market till now. Mortgage Calculator shows such considerable data in a very user-friendly way. What’s more, the install of the plugin in WordPress is quite simple. A complete loan & mortgage calculator without any inaccuracies and bugs.