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Mortgage calculators are used for all types of mortgages in the market, whether they are for commercial or residential property, in the form of offices, malls and even warehouses. A mortgage is a legally binding document; and therefore, before one gets into the agreement with the lender, the calculations have got to be on target.

Mortgage calculators help the borrower come up with an accurate timeline by which the mortgage should have been paid back in accordance with the rules and regulations of the lending establishment of choice. Aside from being able to calculate the timeline for the conclusion of payments, the mathematics also helps the client determine the amount of money to be paid consistently over the years.

These calculations give the borrower the capacity to plan their finances around their mortgages as well as make preparations for any unforeseen circumstances that may cause them to default. Nonpayment is a worst case scenario but should be planned for either way because after a certain number of defaults, the lender has the legal right to take charge of the property or any collateral that may have been put up as security for the mortgage.

With mortgage calculators, interest is part and parcel of the equation and these are set by the Federal Reserve Bank or the central bank of the nation. Another advantage with mortgage calculators is that they help consumers predetermine the right time for a refinance for the property.

The lock in period also comes into the picture when the computations are being done because this is the time frame the client is working with when it comes to paying off the mortgage. This is important, because; should the payments be completed before the lock in period is over, then chances are there is an extra charge to be borne by the consumer.

As the client carries out the mortgage calculations, the one thing that will be evident is the fact that commercial mortgages are given out at higher percentage rates than residential mortgages. This should be a good indicator of the kind of mortgage they ought to take.

Last but not least, mortgage calculations help consumers slot in all the different charges that might crop up as they endeavor to secure the loan. These include legal fees, loan application fees and even appraisal fees all of which are geared towards making the application process faster and smoother.

To conclude, the mortgage calculators used should cater to all these aspects of borrowing with the most important angle being the value of the property itself.