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.
Bronxville
Bronxville /ˈbrɒŋksvɪl/ is a suburban village in Westchester County, New York, located about 15 miles (24 km) north of midtown Manhattan.[3] It is part of the town of Eastchester. The village comprises 1 square mile (2.5 km2) of land in its entirety, approximately 20% of the town of Eastchester. As of the 2010 U.S. census, Bronxville had a population of 6,323.[4] As of 2014, it was ranked 18th in the state in median income.[5]
Millionaire real-estate and pharmaceutical mogul William Van Duzer Lawrence sparked the development of Bronxville as an affluent suburb of New York City with magnificent homes in a country-like setting.[6] The area, once known as “Underhill’s Crossing”, became “Bronxville” when the village was formally established. The population grew in the second half of the 19th century when railroads allowed commuters from Westchester County to work in New York City.[6] Lawrence’s influence can be seen throughout the community, including the historic Lawrence Park neighborhood, the Houlihan Lawrence Real Estate Corporation, and Lawrence Hospital. John F Kennedy, the president of the United States, also resided here for a time.[7]
The village was home to an arts colony in the early 20th century during which time many noteworthy houses by prominent and casual architects were built.[8] After the Bronx River Parkway was completed in 1925, the Village expanded rapidly with the construction of several apartment buildings and townhouses much of it built by the Lawrence family. As of 1959, they continued to own or manage 97% of the rental market.[9] In both rentals and ownership, the village discouraged and effectively prohibited Jewish residency, earning the name “The Holy Square Mile.”[9]