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## Mortgage Calculators – How They Can Help You

Florida mortgage calculators are used to confirm whether a user is able to obtain a Florida mortgage or refinance a home loan. Mortgage calculators can calculate the total home loan payment, commonly known as PITI, including principal, interest, taxes and insurance.

Such calculators are useful for conventional loans as well as loans insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA).

**Florida Mortgage**

The Florida real estate market is currently booming with declining interest rates and below average home prices. Florida mortgage lenders are offering many types of loans and special mortgage loans to attract customers. There are also different loan packages to suit all needs and preferences, even those who currently suffer from less than perfect credit – however, these are becoming increasingly difficult to find.

Florida mortgage loan companies offer mortgage loan calculators, which make determining your home loan eligibility easier. These calculators are very simple to use and very efficient. Mortgage loan calculators are electronic programs that include some basic information such as the required loan amount, current monthly payment, target mortgage interest rate, purpose of the loan, and the state in which the loan is being taken.

A simple click of a button provides a wide range of information such as current mortgage rates as well as the various loan options available. Florida mortgage loan calculators are available through most Florida mortgage lenders, and should be provided by any Florida mortgage broker you use.

**Common types of mortgage calculators**

**Interest calculator**

Banks and other financial institutions will often quote Florida mortgage rates through their websites that do not reflect actual interest rates. Their intention is to make it appear that the mortgage they are offering is more attractive than it actually is.

To protect yourself from this unethical practice, you need to use a simple interest calculator to find out the true interest rate on each mortgage loan you are considering. When you know the true interest rate, you can easily compare alternative sources to find the best deal. In your interest calculator, when you enter the necessary inputs of principle, loan term, and interest rate, you will get the monthly payment.

The data you get using a mortgage loan interest calculator provides a good quick check to determine if the interest rate is correct. However, you must also input the monthly payment. The output will give you the true rate of interest for your Florida mortgage loan.

**Amortization Calculator**

An amortization calculator shows how much you’re borrowing, how much you’re paying back, and how much interest you’re paying each month. It also shows whether you are better off taking a Florida home loan for a shorter than normal time period.

*Example**:*

Consider the results shown by the $100,000 Florida mortgage loan and amortization calculator, which you can find in many places on the Internet. If you take out a 20-year loan at 5.5% interest, you’ll pay $687 per month — if you’re borrowing $200,000, just double the number — or, for more confirmation, put them into an amortization calculator.

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