For a user-friendly mortgage calculator, enter in your data below and hit calculate – a very nice graphical representation of the rest of your mortgage is provided. It’s nice to see a mortgage calculator with a little artistic flare! :) For a more in-depth explanation and for slightly more detailed reporting, you can visit the website of this calculator provider, MLCALC.com.
very cool calculator, thanks!
How often is the interest compounded with this calc?
You’re welcome MG – glad to be of service. :)
FT – I don’t know, but I sent an email to MLCALC for clarification and will let you know what they tell me.
Preet
Another really nice one – http://www.jeacle.ie/mortgage/
Hi FT – here is what MLCALC said:
Interest is calculated monthly, using standard US formula:
M = P * ( J / (1 – (1 + J) ^ -N))
where
J = I / (12 x 100)
I = Annual interest rate
P = Principal
N = Number of months