Both a mortgage calculator and an amortization table can be used to find out the monthly payment required on the property you would like to buy, but they approach the calculation differently.
Although they have similar functions, the mortgage calculator and the amortization table each have their own place in your mortgage control system.
Mortgage calculators range from ones that calculate a simple loan, to those that can work out exactly how much you can afford, to those that will determine how much you can borrow for a home loan depending on your current situation. Mortgage calculators are a good way for you to get a general idea of what you need.
An amortization table, on the the other hand, is an extensive spreadsheet of every detail of each type of loan, length of loan, interest rate, and many other factors that can confuse a novice.
A mortgage calculator may not give you as much information as an amortization table, but it may present basic information clearer and quicker. Once you have a good idea what you want in a loan, then an amortization table can help you delve deeper into the long-term ramifications of the loan.
They can be used separately, but their strength lies in a combination of both to enable a closer watch of the financial picture of your mortgage.
Karen Kirby has over 25 years' experience in the computer industry, an MS in Computer Science, and a BA in Honors English. She has been helping people with Internet marketing since 1995. For more information on mortgage
calculators and amortization tables see http://mortgage-calculators.eworldrewards.com/mortgage-loan-amortization-and-mortgage-calculators.htm and be sure to get a free copy of the "Internet Marketer's Guide to Free Traffic" at http://www.aimbright.com/ebook/
Copyright 2006 - Karen Kirby. All Rights Reserved Worldwide.
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