When you are seeking a mortgage for a house to purchase or refinance, it’s nice to be able to make some calculations on your own without having to be rocket scientist. Online mortgage loan calculators allow you to do some tinkering on your own without having to contact a mortgage lender for this type of number crunching.

There is one great site that has mortgage loan calculators of every conceivably type that you will ever need, sixteen in all. Interest at www.interest.com is the name of the site and here are some of the things you can do with their mortgage loan calculators.

They have a Simple Mortgage Calculator that will allow you to determine the monthly payments for any fixed-rate loan. You can also see how much interest and principle you are paying each month for the whole length of the loan and how much money you could save if you made some extra payments.

There is a Required-Income Mortgage Calculator that determines how much money you must earn to qualify for the mortgage that you are seeking. The How Much Home Can You Afford Calculator determines how high of a mortgage you can afford based on your monthly income and the interest rate of the mortgage you are seeking.

The Interest-Only Mortgage Calculator Payment shows how interest rates can soar on adjustable rate loans after the initial introductory period ends. This is quite a sobering calculator to play with and can help you from getting sucked into any type of predatory loan.

The Balloon Mortgage Calculator will show you how much of a balloon payment (payoff amount) will come due at the end of the loan term. Most loans of this type are 5-10 years in length and only a fraction of the debt during that time is repaid.

The Fixed Rate Mortgage vs. Interest Only Mortgage Calculator shows you how much less your interest-only mortgage payments will be for the first few years compared to a fixed rate mortgage. However, with the interest-only mortgage you are not really reducing your debt on the loan during the introductory period.

The Adjustable Rate Mortgage Calculator gives you information on what can happen after the introductory period of an ARM mortgage ends and the mortgage resets. This calculator lets you enter in different interest rates and shows you what impact these adjustments will have on your monthly payment.

One of the very interesting mortgage loan calculators is the Rent or Buy Calculator. It shows you when buying your first home is more preferred to renting by considering all of the associated costs and tax break advantages of home ownership.

The Refinance Mortgage Calculator allows you to work out how much money you could save with a new lower interest rate loan. The Does A Cash-Out Refi Make Sense Calculator shows you what the cost would be to consolidate credit card and auto debt into a new mortgage.

Two other mortgage loan calculators the Interest-Only, Fixed-Rate Mortgage Calculator and the Interest-Only, Adjustable-Rate Mortgage Calculator shows you how your low initial payments will rise when it is time to begin repaying the principal. With respect to the ARM loan the rise in monthly payments can be significant if the interest rates rise.

The Mortgage Comparison: 15 Years vs. 30 Years Calculator shows you how much less interest you will pay on a 15-year mortgage compared to a 30-year mortgage. Of course your payments will be higher with the 15-year loan. Most people can’t manage this type of loan but it is interesting to see how much you could save.

Another one of the very useful mortgage loan calculators is the Points or Down Payment Calculator. It shows you whether it is better for you to buy down your interest rate or use that money for a larger down payment. One major factor in making this determination is how long you plan to live in your home.

The ARM vs. Fixed Rate Mortgage Calculator gives you information to decide which of the two loans is right for you. A fixed rate mortgage provides you with the same monthly payments for the life of the loan. You can budget knowing each month your payment will always be the same. ARM loans provide lower rates and payments in the beginning, but can result in sharply higher payments in future years if interest rates increase.

The last of the mortgage loan calculators is the APR Mortgage Calculator. This calculator lets you accurately evaluate a mortgage loan by taking into consideration the total cost of a loan including the interest rate plus any points and fees paid.

I can’t think of any more mortgage loan calculators that you would ever need. Please take advantage of the Interest.com site and get to know more about the mortgage loan that you are interested in pursuing. When you experiment with these mortgage loan calculators enough, you will be a better-informed consumer ready to get the best mortgage loan for your financial situation. Most importantly, you will not be giving your power away by having to rely totally on the word of a mortgage lender.