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.
Shillington
Shillington is a borough in Berks County, Pennsylvania, United States with a population of 5,273 at the 2010 census[1] nestled amongst other suburbs outside Reading. It is perhaps best known for being the location of the Homestead to Pennsylvania’s First Governor, Thomas Mifflin.[2]
Shillington began in 1860 as part of Cumru Township, when local landowner and borough namesake Samuel Shilling sold some of his lots for residences. The area had an inn, originally built in 1762, called the Three Mile House because it was 3 miles (5 km) from Reading on the Lancaster Pike. The inn was a popular stop for farmers going to the city’s markets, and later it sat near a horse racing track built by Aaron Einstein in 1868. A post office opened in Shillington in 1884. On August 18, 1908, the Quarter Session Court officially incorporated the borough of Shillington as a separate municipality from Cumru Township with a population of 450.[3]Later that year Shillington elected its first official, Adam Rollman, as chief burgess. Borough council meetings were held in various locations over the years until the present town hall was completed in 1932.[3]