Mortgage Calculator or Amortization Table?
Both a mortgage calculator and an amortization table can be used to find out the monthly payment required on the character you would like to buy, but they approach the calculation differently.
Although they have similar roles, the mortgage calculator and the amortization table each have their own place in your mortgage control system.
Mortgage calculators range from ones that calculate a simple loan, to those that can work out exactly how much you can provide, to those that will determine how much you can borrow for a home loan depending on your current situation. Mortgage calculators are a good way for you to get a general idea of what you need.
An amortization table, on the the other hand, is an extensive spreadsheet of every detail of each kind of loan, length of loan, interest rate, and many other factors that can confuse a novice.
A mortgage calculator may not give you as much information as an amortization table, but it may present basic information clearer and quicker. Once you have a good idea what you want in a loan, then an amortization table can help you delve deeper into the long-term ramifications of the loan.
They can be used separately, but their strength lies in a combination of both to permit a closer watch of the financial picture of your mortgage.