Mortgage Loan calculator >> Karl's Mortgage Calculator
According to few sites Karl's Mortgage Calculator uses a standard amortization formula commonly used around the world. Generally interest is calculated on a monthly basis, and most financial institutions use this formula for calculations, but many will calculate interest on a daily, weekly or even annual basis. So when using this figures keep in mind that these are just approximates and exact figures will be provided by lenders. It is advisable to contact the lender for exact details on how and when they charge interest on outstanding principal balances.
How this Karl's Mortgage Calculator Works
This mortgage loan calculator is split into three sections which are Sliders, Data display and Input box
Sliders : It is used to set the values of your principal, interest rate, loan length, and mortgage start date. In order to set the slider you need to move the slider.
Data display: Data display is used to display the output of the calculator. In order to choose how you want your output to be displayed you need to use the buttons. Following things are displayed in data display
- Summary
- Amortization Graph
- Repayment Chart
- Balance Graph
- Annual Amortization Table
- Monthly Amortization Table
- Settings
Input box: There are 2 parts in input box 1) Initial Loan Data 2) Prepayment Data. When you enter values "Input Box", make sure you press "Return" after you enter the last value you can also click the mouse over the next box, but just make sure the last value you enter has been recognised by the calculator.
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