May 23, 2013

Mortgage payment calculators are a simple and fast way to find out a lot about a home loan. Columbia, MO has many options for learning about mortgage rates and refinancing. Our local website team has taken the initiative of including an online mortgage payment calculator  free-to-use on this website. Most people use our mortgage calculator for one of three reasons:

Learn about getting a mortgage

With so many people in Columbia, MO graduating from a rental to a permanent residence each year, the need for understanding mortgage payments and interest rate options is a year round task. A mortgage calculator can help people who want to understand:

  • How much home they can afford to buy.
  • What their monthly payments might be.
  • How variable interest rates may create risk, versus a fixed rate.
  • When they might be able to get rid of the mortgage insurance part of their payment.
  • How the costs of the mortgage change based on the length of the loan, like 30 years or 20 years.

 

Learn about refinancing a current mortgage

Current mortgage holders might be interested in seeing how their payments could change based on a lower interest rate being offered. A few percentage points can save a significant amount of money over the term of the mortgage. In addition, they frequently look into how refinancing for 20 years instead of 30 would affect their payments and the paying off of the principal amount.

Learn about paying off a portion of the mortgage early

Paying a little extra each month can have a significant impact on your loan. Loan mortgage calculators can help to illustrate just how much these savings can be. Even as little as $100 per month can have an impact, taking years of payments from the backend of some mortgages.

We’d like to help you with your mortgage calculations in Columbia, MO and surrounding areas. We help people with buying homes every day. Please contact us if we can be of any service. As the oldest independent community bank in Missouri, The Callaway Bank combines old-fashioned values like fairness, integrity, honesty, and respect with modern banking products and services. Our customers have been our greatest assets since 1857.

The Callaway Bank is an equal housing lender.