Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Using Mortgage Tools: the Lump Sum Repayment Calculators

By Crowin Smith Subscribe to RSS | December 13th 2011 | Views:

What do the rich people have in common when it comes to mortgages? Well, they are all averse to incurring debt. If you dream to financially succeed in the near future, you should be wary of simple yet meaningful things like repaying your debts as soon as you can. If you have a mortgage and you also have some extra money to spend, a good way of spending it would be by making lump sum payments in addition to what you normally pay each month. This practical approach to debt settlement works by decreasing your mortgage principal, your interest payments and eventually the term of your loan. The more frequent the payments, the better. However, this is something that can only be done provided you have some funds to spare. If not, then there’s no point in squeezing your budget just so you can repay your mortgage earlier.

Lump sum repayment calculators are some of the innovative online software that enables borrowers to better understand how their lump sum payments can save them a lot of money and time on their mortgage. The calculator will require you to provide some information about your loan. Once you’ve keyed all these information, you will also be asked to come up with a lump sum amount to complete the estimate. You can also determine the period in which you will continue to make additional lump sum payments.

The calculator will provide you with results in the form of several graphs and tables. What you’ll see includes the loan’s new term after the additional payments, the original loan term, and the amount of the debt. By comparing the results, you will realize just how the lump sum payments dramatically allow you decrease your payments and lower your mortgage term.

Since almost every mortgage website these days offer different mortgage tools, it would be wise to check out several mortgage calculators from different websites. Doing this enables you to determine the consistency and accuracy of results. But to find out the exact figures, you will have to approach your lender and discuss the figures so they can verify. Besides, they will definitely have their own computation.

And while the whole idea of lump sum repayments seems great, you have to take note of the original agreement between you and the lender. Some lenders do not allow additional payments especially when the loan is locked in fixed rate. They tend to penalize the borrower if he or she decides to avail of the additional payment option.

Lump sum repayment calculators provide an added boost to borrowers’ capability to better manage their mortgage. Just remember that these software only provides estimates, which means your lender will have the last say regarding your lump sum repayments.

Crowin Smith - About Author:
For more information regarding Repayment Calculators, Please visit

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Mortgage Articles Subscribe to RSS

Loan Calculator- What you require to recognize about a credit sum calculator
Published by Ian Foster on January 27th 2012 | Finance
Loan Calculator have lots of abundant websites on the internet that make available to their visits w...
Tips to taken into consideration while choosing mortgage brokers
Published by Geno on March 28th 2012 | Finance
Majority of the home buyers get struck off when it comes to mortgage loans. Lack of knowledge about ...
Beware of Yield Spread Premium on California mortgage rates
Published by Apil Gupta on June 24th 2012 | Mortgage
If you are going to refinance your mortgage because the California mortgage rates on your current pr...
Fall in mortgage rates leads to better home sales
Published by Apil Gupta on July 16th 2012 | Mortgage
Riding high on the phenomenally low mortgage rates, there has been an increasing demand for new US h...
Understand and consult bad credit mortgage rates
Published by Jack Smith on July 23rd 2012 | Mortgage
The people seeking bad credit mortgage rates first require to conduct complete research and pay atte...
Good mortgage rates are important for a comfortable mortgage period
Published by Jack Smith on June 22nd 2012 | Mortgage
Get mortgage rates that you can easily pay off even in the future because a mortgage affair can last...
Exploring best adjustable mortgage rates as per expectations
Published by Jack Smith on July 23rd 2012 | Mortgage
The act and need for searching best adjustable mortgage rates is common in the world, where people s...
Looking for refinance mortgage loan - How to find the right one
Published by Apil Gupta on June 24th 2012 | Mortgage
In case you are looking to refinance mortgage loan for your home, there are many things that need co...
Proper information about annuity quotes and annuity calculator
Published by Robert Jhonson on March 27th 2012 | Finance
Information about the various annuity quotes and the usage of the annuity calculator can help you ta...
You can still borrow money with bad credit mortgage
Published by Jack Smith on June 24th 2012 | Mortgage
Bad credit mortgage is really helpful for those who have bad history in past, and with the help of t...
Top 3 benefits of mortgage services for real estate investors
Published by Lending Expertsca on May 11th 2012 | Mortgage
Mortgage services offer several types of financial services for real estate investors as well as for...
Why is an adjustable rate mortgage so popular?
Published by Apil Gupta on June 24th 2012 | Mortgage
An Adjustable Rate Mortgage (mortgage ARM, for short), also known as the lender's Standard Variable ...
Adjustable mortgage rates opening paths for money saving
Published by Jack Smith on July 25th 2012 | Mortgage
In the field of finances, where Adjustable mortgage rates are becoming the most picked choice for al...
Bad credit and mortgage refinance option
Published by Kam Brar on December 16th 2011 | Finance
As people think, it is not easy to get mortgage refinance with bad credit. There are various factors...
Brokers getting importance for bad credit mortgage
Published by Jack Smith on July 24th 2012 | Mortgage
In the arena of bad credit mortgage the value of brokers, consultants and complete suggestion provid...
Consult well about Adjustable mortgage rates before selecting
Published by Jack Smith on July 23rd 2012 | Mortgage
Adjustable mortgage rates are turning worldwide popular because they offer variations on the rate of...
The best mortgage rate can make your dream come true
Published by Jack Smith on April 12th 2012 | Mortgage
The best mortgage rates can fulfill your dreams at a dreamlike cost. Get yourself the best deal in t...
Low interest rate brings cheaper mortgage deals
Published by Sandra Jeux on January 25th 2012 | Mortgage
Interest rates are at the lowest side for mortgages at current time which is leading people of the c...
Should you go for a 15 or 30 year mortgage?
Published by Apil Gupta on June 24th 2012 | Mortgage
There are many times in life when one wants to possess something due to the sheer need of it, but is...
Appeal for best adjustable mortgage rates
Published by Jack Smith on July 25th 2012 | Mortgage
In the field of getting adjustable interest rates via the options of best adjustable mortgage rates ...