Mortgage Calculator - How Financemate Beats BBC Mortgage Calculator

Not all mortgage calculators' help you work out with the same ease. Let me put down my experience of how I could draw a difference while calculating the instalments of my loan with Financemate calculator as against BBC calculator.

Amortisation Schedule: The Financemate produces Mortgage Calculator an amortisation schedule which is most important advantage of this calculator over the BBC mortgage calculator. The schedule produces a very clear picture (month by month) about the payments or cash flow of the borrower over the tenure of the loan selected. For example, if I input,

I will get the following output, month by month, year by year payment schedule. So I can judge whether I will be able to repay so much amount per month from my income or salary.

The second most important benefit is that the schedule produced by the Finance Mate calculator also provides the option to save the schedule in a CSV format which is again editable, the other advantage of CSV format. There is no such facility available in the BBC Mortgage Calculator of a payment schedule and hence CSV saving facility.

The Finance Mate mortgage calculator explains what exactly is to be filled in the space provided i.e. like what exactly is loan amount, interest rate and term of the loan.

The BBC mortgage calculator cannot be used for a period of five or less than five years whereas the Financemate Calculator has no such limitations. The Finance Mate calculator has kept its options wider on both sides.

-It is a free tool, which can be easily used to lay hands on some of the best Mortgage deals available as you can check different available options readily.

-Helps in identifying the correct combination of rate and tenor which suits your need and capacity to repay with the handy amortization schedule feature.

-Provides the flexibility by giving the option of saving the schedule in an editable CSV file.

-Easy to understand with the simple input box which is clearly explained on the website. Hence, even a layman does not need to worry.

-The interest only calculator specially designed to suit the needs of those who choose to pay only interest during the loan tenor and principal at the end of the tenor.

-The wonderful tool of additional Payment Calculator helps you draw a clear picture of interest savings on the bulk payments after a specific period of loan.

-Working backward is not a problem with the APR calculator and borrowing calculator assisting you to find how much can you borrow for a payment that suits your pocket and how much is the effective rate that you would be paying for an option selected.

-Hence, choose the right tool which has all the features including ease, flexibility and hassle free results. The one that you select should be able to assist you in understanding you loan and repayment structure, should help you to understand and compare several options available.