A calculator that helps you to easily calculate the kind of mortgage you can get depending on your monthly payments is the Bank Rate Mortgage Calculator. The bank rate mortgage calculator is designed in such a way that it put all factors into consideration. These factors include the down payment, the length of the loan, and the interest rate involved. After calculation, it can bring out a list of mortgage rates that suits your current budget. If there is no list then you can increase your budget to get a real list.
Bank Rate Mortgage Rate Tables
This is more like everything you need to know about how the bank rate mortgage works. Bank rate is more like a channel where lenders decide to input their mortgage loan terms to bank rate for the purpose advertising. Bank rate claims to receive compensations from those advertisers. Many other lender terms are gathered together by bank rate through its own personal research of available mortgage loan terms and the information is visible on their rate table for available criteria. According to bank rate, it is pretty easy to distinguish between bank rate advertisers and other bank rate listings because they have a next button which is used to click through to the advertiser’s phone number or website.
Bank rate doesn’t take responsibility for the accuracy and availability of its advertising terms. For this reason alone, it is said that bank rate cannot fully guarantee the availability or accuracy of any of the loan terms shown. Bank rate also allows you compare different rates with confidence to help you find the right choice. You could also identify yourself as a bank rate customer to get the bankrate.com rate.
Alternative Uses of the Bank Rate Mortgage Calculators
There are many things which a mortgage calculator can be used for. For instance, a mortgage calculator can be used to calculate how to pay off your mortgage early, genuinely decide if an ARM is worth taking the risk, Find out the right time to get rid of private mortgage insurance. There is also a formula to help you calculate how much your mortgage would be manually. Here is the formula;
M = P[r(1+r)^n/((1+r)^n)-1)] where,
- M = the total payment of the monthly mortgage.
- P = the principal loan amount.
- R = your monthly interest rate. It is said that the lenders provide an annual interest rate so you have to divide it by twelve to get the monthly interest rate.
- N = this is the number of payments that would be made over the loan’s lifetime.
How to Access the Calculator
The bank rate mortgage calculator can be accessed via the official website. To get to the bank rate mortgage calculator website, open your web browser and progress to (https://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx). When the page loads completely, you would be on the official bank rate mortgage calculator website.