Mortgage calculator, a new world
Prospective homeowners of today have more mortgage loan choices than they know what to do with. First lets look at the old standby fixed rate mortgage loan. Above all else, fixed rate mortgage loans offer homeowners the security of a fixed monthly mortgage payment. The loan interest rate remains constant regardless of fluctuations in the overall interest rate. Even though payments made at the beginning of the loan term are mainly applied toward interest, homeowners can always pay their principal down faster by making larger monthly payments.