http://www.pitithefool.com/mortgage/mortgage-calculator/ The value of a mortgage calculator cannot be underestimated, and neither will your financial obligations when you use a mortgage calculator to its fullest extent. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Every sucka mechanic be needing his tools - how else is a man supposed to fix his van in time for a fast escape with the team? At PITI the Fool there is only one tool you need to fix up your mortgage machine, and that's a mortgage calculator, fool! You'd better be ready to feel the delightful pain of mathematics getting clubbed into your skull, kid - or else you don;t deserve to be in the home loan game. An example of what the mortgage calculator can do A mortgage calculator can tell any fool what the difference will be in a few percentage points on your chump mortgage rates. take a good hard look: Lets say you're needing a $210,000, 30-year fixed rate home loan and you are quoted 8%. Using a mortgage calculator you will quickly computize that you'll own $1540.91 each month in principal and interest resulting in a total amount of $554,727.60 after 30 years, or $344,727.60 in interest. But for imagine you are one of the increasing millions of people in need of a bad credit mortgage, and your lender quotes you 12% for that same $210,000, 30-year loan. Expect to pay $2,160.09 each month, and $777,632.40 after 30 years, or $567,632.40 in interest. Even a real fool can see the difference between these two mortgage loans, even though they only had a difference of 4% because of your bad credit qualification. Mortgage calculations should give you hope Just because some punk lender be giving you jazz about your bad credit doesn't mean you're stuck in that high cost mortgage and doesn't mean you cant qualify for a second mortgage at prime interest rates. There is a magic word in the land of home financing, and that word is refinancing. No matter how bad your loan opportunity may be, you can always refinance when you prove your credit worthiness and qualify for the better rates of good credit. A mortgage calculator can even show you the benefits of a refinance and how long it will take for you to break even - the time it will take for your lower monthly payments to compensate for the refinancing costs. Furthermore, you can see how you'd save even more cash when you use a mortgage calculator to analyze the interest only mortgage. There are means to get your chump finances in gear, and only a real fool would ignore the mortgage calculator. Sat, 26 Jul 2008 15:00:00 EDT