Utah Real Estate News Clips - Utah Real Estate

New calculator available for mortgage shoppers
June 22, 2007

Online tool calculates equity, future payments

If your clients are having a difficult time selecting a mortgage product, a new calculator may be able to make shopping for a home loan a little easier. The Federal Reserve announced Tuesday that it is offering an online Mortgage Comparison Calculator that consumers can use to compare payments and equity for six types of fixed- and adjustable-rate mortgages.

“We have created a tool that will allow consumers to look ahead to see how much equity they will build and what their mortgage payments might be three, five, seven or 10 years down the road with different mortgage products,” said Federal Reserve Board Governor Randall S. Kroszner in a prepared statement.

Using detailed figures, including information about home values, mortgage insurance and expectations about future interest rates, the calculator can estimate the loan balance in future years, home equity in future years, the initial monthly payment, future monthly payments with no interest rate change, and future monthly payments with an interest rate change.

One Source Realty is a full-service Austin TX real estate brokerage. One Source Realty agents specialize in residential real estate sales in the Greater Austin Metro Area.

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