The Benefits of Using a Mortgage Calculator: How Home Loan Calculators Can Help Choose the Best Mortgage

Choosing the best mortgage isn’t always that easy. There are all kinds of variables involved in the process that may not be immediately obvious when an individual looks at the deals and rates on offer. Getting the right loan may involve taking a broader look at what it means in financial terms over the years. A mortgage calculator can be a useful way of doing this.

What is a Mortgage Calculator?

These tools are widely available online and generally offer the individual a quick and easy way of calculating different mortgage costs. The solutions that may be on offer can vary but most will provide one or more ways of calculating home loans and comparing cost options. People using these mortgages often find them useful because they allow them to look at different scenarios before they choose a solution that suits them.

In some cases, the individual inputs all the relevant data (i.e. loan amount, term and interest rate) into the calculator and clicks to see the results. In others it may have preset data in some/all of the fields which can be useful when comparing a range of standard loan types. These fields can often be changed to show different options.

What Can Mortgage Calculators Do?

Not all calculators will offer exactly the same options but commonly allow a consumer to:


  • Calculate mortgage payments based on the value of the loan, its term and its interest rates.
  • Compare the differences between different types of mortgages, their rates and terms.
  • Compare rates and deals to see which will be most cost effective in both the short-term and in overall repayment.
  • See how making extra payments can lessen the term of the loan and decrease the overall cost of the loan.
  • Look at how making changes to loan amounts, terms and interest can lower monthly payment costs.
  • Get estimates on how much they may be able to borrow.
  • See amortization schedules to assess how much of their payments go towards repaying their principal and how much towards their interest.
  • Establish refinancing or second mortgage options.
  • Find out how much a mortgage will cost in total over a specific term or range of terms.

Each individual may use a home loan calculator for different reasons. These are, in all cases, however useful tools that can help make complex calculations simple. People tend to make better financial decisions if they are informed about the choices they are making. This kind of loan is a major commitment to make and spending a little time investigating options and considering true costs may be worth doing.

Where to Get a Bad Credit Short-Term Loan: Borrow Money Quickly, No Credit Check Needed, Affordable Repayments

Consumers that have missed or made late payments on credit agreements during the last six years will have an adverse credit rating. This makes it virtually impossible to borrow money, to pay the mortgage or to help with bills, from mainstream lenders. It is possible to get a bad credit short-term loan, but the rate of interest reflects the risk posed to the lender. Affordable repayments are possible because the duration of the loan is only short.

Where to Get a Bad Credit Short-Term Loan

It is surprisingly easy to get a bad credit short-term loan with no credit check from a pawnbroker, Credit Union or Payday loan provider. A credit card cash advance is also a possibility, provided that an existing arrangement is in-place from before adverse credit became an issue. Whilst some short -term loans require collateral, others are completely unsecured. Only borrow money that can be paid back in-full and on-time as interest payments will quickly turn an affordable repayment into unmanageable personal debt.

Credit Card Cash Advance

Online comparison site, stated that the median rate of interest on a credit card cash advance was 32%. There will also be additional administrative charges. It is cheaper to borrow money on a credit card than with a pawnbroker or Payday loan.

  • Nationwide – 31.23% APR
  • Lloyds TSB – 31.91% APR
  • Capital One – 29.83% APR
  • Nat West – 31.91% APR
  • HSBC – 25.13% APR

* Figures provided by

When in need of a bad credit short-term loan, taking an advance on a credit card could provide a viable solution. A consumer can normally withdraw a percentage of their credit limit from an ATM machine or write out a cheque book.

No Credit Check Payday Loans

The best known bad credit short-term loan is the Payday loan. Customers are able to borrow between £50 and £1,000 over a period of just a few days to a full calendar month. The rate of interest will be upwards of 1000%. This means that an individual who borrows money will pay £20-30 of interest on every £100.

  • A cash loan of £500 for 31 days could cost almost £150 in interest, the equivalent of almost £5 per day –

Full-time employment and an active bank account are essential for approval. If opting for this type of bad credit short term loan, ensure that it is re-paid on time to prevent the accrual of further interest.

Credit Union Loans

Once membership has been established, it is possible to borrow money from a credit union. The maximum they are legally able to charge for bad credit short-term loan is 26.8% APR, although many charge far less. Loans are only available to those who can prove affordability. A local Citizens Advice Bureau (CAB) will be able to help someone find their nearest credit union.

Pawnbroker Loans

Pawnbrokers offer bad credit short-term loans that are secured with collateral, such as gold, jewelry and electrical equipment. The majority of those borrowing money require between £50 and £300, but sums can be considerably higher. Those who borrow money will typically pay £4 to £6 of interest per month for every £100. Should a borrower default on the agreement, the collateral will be sold.

If a bad credit short-term loan is urgently required, a credit union offers the best deal. They work purely for the interests of members and will only allow someone to borrow money if monthly repayments are affordable. After a period of six years, adverse credit entries no longer show on credit reports.

Cash Rebate Credit Cards Offer Great Rewards on All Purchases

Cash rebate credit cards provide consumers with the opportunity to receive a percentage of their total spend as a cash payment. Although there are other factors to take into account, a credit card reward scheme offers a way of making some extra cash from intended purchases. Deals can and do vary greatly, but performing appropriate research and asking the right questions will help to identify market leading credit card with cash back deals. It is important to appreciate that the way credit is managed is fundamental to whether a cash rebate card is the right option.

Eligibility Criteria for Cash Rebate Credit Cards

In order to get approval for the best reward credit cards, a good or excellent credit score is essential. Rising default rates amongst customers have led to issuers tightening their lending and eligibility criteria considerably. As Liz Pulliam-Weston of MSN Money points out: “That means you need to have FICO credit scores of at least 660 to qualify for most run-of-the-mill rewards cards.” Lenders can now cherry-pick their customers so the requirement of a score of 750 or above is not uncommon. It is advisable to perform some credit repair before applying for a reward card in order to increase the likelihood of approval.

How to Get the Best Credit Card with Cash Back Deals

  • Pay down debt with savings before applying for new forms of credit. The amount of money owed, expressed as a percentage of the amount of available credit, accounts for up to 30 percent of a FICO credit score rating.
  • Apply for credit card reward programs based on careful research. Don’t make too many card applications as each credit search shows for 12-months. Too many searches is likely to lead to rejection.
  • Avoid using more than 30 percent of the allocated credit limit on a card. To achieve a better credit score, keep this figure under 10 percent.
  • Don’t leave old credit and store cards gathering dust. Rather than closing them down, use them once or twice a month and settle the balance.
  • Request a copy of a free credit report and check this for errors. For example, lapsed debts that still show as active or forms of credit that were never taken out. Provided that the appropriate supporting information is provided, this information can be disputed.

Is a Credit Card Reward Scheme Worthwhile?

Whether cash rebate credit cards are right for the consumer depends heavily upon how credit is managed. If the sort of person who carries a large balance forward each month, it is unlikely to be the right choice. This is because the rate of interest on unpaid debt will far exceed a credit card with cash back program. It is essential that discipline is exercised and that cash rewards cards are only used to make every-day and essential purchases.

A Guide on Student Loans and Federal Government Grants

Credit has become scarce and more expensive everywhere. Even student loans are no longer easily or cheaply available. However, it is not true that student loans at low interest rates are not available anymore. Parents and students need to enhance their awareness and explore all possible options to fund education at an affordable cost.

Student Loans Without Cosigner

College education costs have become very high. But there are parents who wish their son or daughter to become independent and manage their college education entirely on their own. Sometimes the financial condition of the family is such that becoming a cosigner to the loan may put more pressure on the family’s finances. Therefore, parents should know that it is possible to receive student loans without cosigner. All they need to know is where to look for such loans.

Federal Grants and Loans for Education

It is possible to obtain student loans without cosigner through federal assistance. Federal government grants and loans at low cost can be received by applying with Free Application for Federal Student Aid (FAFSA). All undergraduate and graduate students enrolled in minimum half time to full time courses are eligible for this financial assistance.

Pell Grant for Students

This grant is offered to students who have not completed their bachelor’s degree. This grant takes into consideration the financial status of the student and his family, the actual tuition fee, and whether the student is undergoing a full time or a part time course.

Perkins Education Loans

Perkins loans for students are given out with fairly liberal terms and conditions. A fixed low rate of interest is charged on the principal amount of loan, and the loan must be paid back as per the specific conditions laid out in advance.

Fixed Interest Rates for Federal Student Loans

The federal government is doing everything to support education for students in times of a general credit crisis. The rates of interest on federal student loans have been made fixed instead of variable. The most deserving candidates for these loans can expect to receive them at very low interest rates. The federal government has also raised the borrowing limits to extend better credit for education. Even for the parents who have their own federal loans are allowed to defer their payments till the time their children are studying at school.

Student Loans Consolidation

The U.S. Department of Education has a dedicated website catering to loan consolidation. Federal student loans can be consolidated through the federal government. With consolidation it is possible to make a single consolidated payment instead of many small payments, and the re-payment terms also become more relaxed.

Student Loans for Bad Credit

There are several student loans and grants that do not take into account the student’s credit history, no credit, or bad credit. Pell Grants and Perkins loans are two such examples. However, the most popular one is the federal Stafford Loan for undergraduate and graduate students. It comes in two categories – subsidized and unsubsidized. It is applicable to all students, irrespective of their credit history.

Federal Loan Forgiveness for Students

Students are eligible for federal student loans forgiveness under specific conditions. It helps to write off a part or whole of the loan taken by the student. Volunteer work, military service, and community teaching are some of the common conditions to qualify for student loan forgiveness.

Student Loan Bankruptcy

It must be noted clearly that student loans are not easy to discharge in bankruptcy. However, under certain circumstances it is possible to write off the loan. The basic pre-requisite for such bankruptcy is to demonstrate that the loan “will impose an undue hardship on the student and his family.” Different courts will use different evaluation methods to determine whether the borrower has been able to demonstrate “undue hardship” convincingly.

Private Student Loans from Citibank and Other Institutions

Private lending institutions such as the Citibank offer Student Loans. It is relatively easier to procure these loans, but the downside is the higher rates of interest and the tough re-payment terms that the private lenders impose on such loans. It is always advisable to first explore the options of federal student loans before going ahead with expensive private loans.

Controlling the Future of Your Credit Cards

Getting Your Credit Card Debt Under Control

I know you have heard it before, but it needs repeating…Pay off your credit card every month! Don’t use your card except for emergencies. Why give the credit card companies your hard earned money? That is what you are doing every month that you pay them interest.

Make sure you are not paying an annual fee for a credit card. Any annual fee is too much. There are lots of card companies out there that do not charge a fee to have one of their cards.

If you have credit card debt, then the first thing you need to do is check to see if you can transfer any and all balances to the lowest interest card. This way you can make one payment at a low interest and save money. This is the only time that it is recommended to get another card. If you can get a card that does not charge to transfer balances and you can get it at a zero interest rate for even a year, this will save you money if you transfer your balances and then make sure you pay them off.

Did you know most “Gold Cards” come with an annual fee. Read the small print if you are offered a Gold card because you might find it not worth the extra cost.

Now is not the time to be in credit card debt. Pay off your smallest credit card balance first and then work your way through your credit cards, cutting them up as you pay them off.

Go over your credit card bill with a fine tooth come. Make sure the charges on there are your charges. If they aren’t, you need to contact the credit card company immediately.