Having a house of your own is one of the simplest and most common wishes that humans have, no one wants to live on rent their entire life, but building a house is an expensive thing and most people don’t have enough money for it upfront, that’s where mortgage comes into play.
As the world progresses and becomes more finance oriented the role of mortgages and loans in general keeps increasing.
A mortgage is a smart way to pay for your over the years if you can’t afford to buy one immediately and the 40 year mortgage is a pretty popular plan that people go with.
It is important to know exactly how much money you will be paying per month or any specified period of time, so you adjust your finances accordingly and also see if a mortgage is viable for you.
A 40 year mortgage calculator is a computational tool that can help you a lot in this regard, you have to enter some details and it gives you the results.
This article will talk about some of the best 40 year mortgage calculators that you can find online. Make sure you read through them clearly so you can decide the best 40 year mortgage calculator for yourself.
After reading through this article, you will be more comfortable in making decisions regarding your 40 year mortgage.
Best 40 Year Mortgage Calculator
1.Ncalculators: 40 Year Mortgage Calculator
Ncalculators is a calculator website that gives you access to different types of calculators mostly related to math subjects, like algebra, geometry, and statistics.
Luckily they also have a section dedicated to mortgages, where you find the 40 Year Mortgage Calculator.
There is also a section labeled ‘More’ where you can find calculators related to other subjects like finance and health.
The design of the website may seem a little basic but goes well for a calculator website. The colors on the website are too flashy which is always a good thing for calculators as people have to stare at them for a long time.
For some reason, the website looks a bit congested maybe it is the large font size that they have used or the due the ads surrounding the website.
The layout of the calculator is pretty straightforward, they have done a good job of making the calculator simple which is something difficult to do when dealing with complicated calculators like mortgage calculators.
The type of loan and the period of the mortgage will already be chosen for you automatically.
You just need to enter the loan amount and the interest rate per year. Click calculate on the right side of the calculator and you will have the monthly payments, total repayment, and total interest cost.
One thing that needs to be mentioned is the totally odd positioning of the calculate button, which translates to a bad user experience.
2. Mortgage Calculator: 40 Year Mortgage Calculator
A website that has the words Mortgage Calculator in its name, is bound to have a good mortgage calculator.
Mortgage Calculator is a website dedicated to all types of loan and finance calculators,. This is probably the most used website when it comes to Mortgage calculators, but it doesn’t only support calculators, you can also find other finance tools here.
The website’s build is pretty decent, it has a tidy and organized look. A gradient blue color background has been used which gives the website a soft and inviting look.
There is a live chart of current mortgage rates on your left, which is not only useful but also uplifts the website’s look.
The calculator itself has a long and complicated interface, you have to enter a lot of details in this 40 Year Mortgage Calculator.
The inputs are divided into 4 parts; Home Price & Downpayment, Mortgage Structure, Closing Costs, and Other Ownership Costs. Once you have entered all the details, click ‘Calculate’.
Just like its inputs, the Mortgage Calculator gives you details in results as well, you will get a total of 6 results regarding your mortgage that include; All-in monthly payment, Principal & Interest, Taxes, Insurance, PMI & HOA, Closing costs, Amount borrowed and Total interest expense.
As you were probably able to tell, this 40 Year Mortgage Calculator is for people that really want to go in the details and put in the time, but you can never have too many details when it comes to mortgage.
3. Calculator.net: Mortgage Calculator
Calculator.net is one of the most popular calculator websites, this website is mostly dedicated to financial, health, and math calculators, but you can find calculators related to other subjects as well.
Their 40 year mortgage calculator can be found in the Financial and is a really capable tool.
The website design is really good, it is kind of the Mortgage Calculator that we discussed above.
The colors and design elements of the website have been chosen very carefully and they succeed in giving the website a uniform look. There aren’t many ads on the website and the ones that are won’t even bother you.
The design of the calculator looks a bit complicated and overwhelming at first but once you start interacting with it you will see that it’s pretty straightforward.
The basic inputs that you need to enter are the Home Price, Down Payment (Percentage), Loan Term, and interest rate. There are some extra options given below which you can choose to include if you to.
The options below include stuff like Property Taxes, Home Insurance, HOA Fee, etc. There is also a section of ‘More Options’ which you can use if you really want to get into details.
Click ‘Calculate’ once you have entered all the details and the results will be on the right side of the calculator, with Monthly Pay highlighted in green at the top and the rest of the details below it.
4. Mortgage-Calculator.net: 40 Year Mortgage Calculator with Taxes
Mortgage-Calculator.net is probably not the most widely used website when it comes to financing calculators but they have some interesting tools and calculators.
You can find calculators on early payoff, refinance, recast, etc. Mortgage-Calculator.net just might be the most underrated website on this list.
Mortgage-Calculator.net has a pretty decent website design, all the sections and buttons have been placed very conveniently but they could have done a better job with the colors.
You won’t find any pop ups or errors while using the app, it gives you a really smooth experience. The ads are placed in such a way that they won’t annoy the user or make the calculator look congested.
The interface of the calculator is quite intuitive, even though there are a lot of inputs that are required, the calculator does not seem confusing at all, thanks to the cleverly designed layout.
There is a bunch of information that you need to input like Home Value, Downpayment, Mortgage Amount, Loan Terms, etc.
You can select the payment to be bi-weekly or monthly depending on your situation.
Once you have entered all the inputs, the page will quickly refresh, and you will have your result below the calculator.
You will a pie chart and a graph displaying different results in different colors, like the interest, principal, monthly payment, etc. If you scroll down even further then you will find the amount of monthly payment and other details.
It would have been more convenient to put the actual results before the pictorial representations.
End Note
40 year mortgage is a long but practical commitment when comes to leasing a home, it is a plan that a lot of people are comfortable with.
Mortgages are a serious matter and for a lot of people their lives revolve around it, so it is important that they are calculated carefully.
The calculators that are mentioned in this article will allow you to do just that, all of these calculators serve the same purpose as you would have seen by now, the differences are in more subtle details, go for the one you think serves you the best.
