ho-me-refinancing. com How to Use a Mortgage Loan Calculator Part 1 When you negotiating a new loan with bank or lender having a mortgage loan calculator can give you a great help, if you refinance of course you want the best rates you can get. Now, how can you know which lenders are giving you the best rates. Yes, you will know that all only by compare the offers you will get from these different lenders. Basically, there are 3 common question that people always ask when they want to take a mortgage. In these cases using a mortgage loan calculator can help you make the decision 1. Should I Refinance? Before you answer that question yourself, you need to determine you goal first. Example determine which repayment term are you prefer. A short term, so you can pay off your loan sooner. Or a long term, so you can reduce your monthly payment. Case: If you had a 25 year mortgage loan at 5% interest, and for the last 3 years youd been making monthly repayment for this mortgage. Now, you want to reduce your monthly repayment. You can do this by refinance to a new 25 years period and we assume that interest rate is 4. 5%. In this case, you did reduce your monthly repayment but in long run you could end up paying more, even if the interest rate is drop. But you never know that until all the closing fees are factored in. A mortgage loan calculator can give you a great help in this. There are places to input all the closing fees and expenses you will pay in a mortgage loan calculator . . .