This mortgage calculator can be used to help a current or potential real estate owner determine how much they can afford to borrow to purchase a piece of real estate. It can also be used to compare the costs or real interest rates between several different loans and determine the impact on the length of the mortgage loan. This automated tool that enables the user to quickly determine the financial implications of changes in three variables in a mortgage financing arrangement. The variables are the principal, and interest rate, and length of the loan in years. This calculator assumes that interest is compounded 12 times a year, and payments are made every month.
