Mortgage & Loan Payment Calculator
Mortgage calculators are automated tools that enable users to determine the financial implications of changes in one or more variables in a mortgage financing arrangement. Mortgage calculators are used by consumers to determine monthly repayments, and by mortgage providers to determine the financial suitability of a home loan applicant.[1]
The major variables in a mortgage calculation include loan principal, balance, periodic compound interest rate, number of payments per year, total number of payments and the regular payment amount. More complex calculators can take into account other costs associated with a mortgage, such as local and state taxes, and insurance.[2]
Mortgage calculation capabilities can be found on financial handheld calculators such as the HP-12C or Texas Instruments TI BA II Plus. There are also multiple free online free mortgage calculators, and software programs offering financial and mortgage calculations.
An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process.
The amortization repayment model factors varying amounts of both interest and principal into every installment, though the total amount of each payment is the same.
An amortization schedule calculator is often used to adjust the loan amount until the monthly payments will fit comfortably into budget, and can vary the interest rate to see the difference a better rate might make in the kind of home or car one can afford. An amortization calculator can also reveal the exact dollar amount that goes towards interest and the exact dollar amount that goes towards principal out of each individual payment. The amortization schedule is a table delineating these figures across the duration of the loan in chronological order.
Norman
Norman /ˈnɔːrmən/ is a city in the U.S. state of Oklahoma 20 miles (30 km) south of downtown Oklahoma City in its metropolitan area. The population was 110,925 at the 2010 census.[1] Norman’s estimated population of 120,284 in 2015 makes it the third-largest city in Oklahoma, and the city serves as the county seat of Cleveland County.
Norman was settled during the Land Run of 1889, which opened the former Unassigned Lands of Indian Territory to American pioneer settlement. The city was named in honor of Abner Norman, the area’s initial land surveyor, and was formally incorporated on May 13, 1891. Economically the city has prominent higher education and related research industries, as it is the home to the University of Oklahoma, the largest university in the state, with approximately 30,000 students enrolled. The university is well known for its sporting events by teams under the banner of the nickname “Sooners,” with over 80,000 people routinely attending football games. The university is home to several museums, including the Fred Jones Jr. Museum of Art, which contains the largest collection of French Impressionist art ever given to an American university, as well as the Sam Noble Oklahoma Museum of Natural History.
The National Weather Center, located in Norman, houses a unique collection of university, state, federal, and private sector organizations that work together to improve the understanding of events related to the Earth’s atmosphere. Norman lies within Tornado Alley, a geographic region where tornadic activity is particularly frequent and intense. The Oklahoma City metropolitan area, including Norman, is the most tornado-prone area in the world. The Storm Prediction Center (SPC), a branch of the National Oceanic and Atmospheric Administration (NOAA) is located at the NWC. SPC forecasts severe storm and tornado outbreaks nationwide. Additionally, research is conducted at the co-located National Severe Storms Laboratory (NSSL), which includes field research and operates various experimental weather radars.
In 2008, CNN‘s Money Magazine ranked Norman as the sixth best small city within the United States to live in.