## Mortgage Calculator

Go ahead and put our mortgage calculators to the test.

We have two calculators for your convenience:

1. Mortgage Calculator

2. Loan Calculator

**Mortgage Calculator**

The mortgage calculator is used to calculate your monthly mortgage payments for a home purchase. This calculator allows you to plug in potential scenarios including purchase price, down payments, and estimated taxes.

**Loan Calculator**

Our loan calculator allows you to estimate your monthly mortgage payment for refinance purposes. Whether you are refinancing a single family residence or duplex, find out your potential loan payments.

**Calculate hard my loan in an easy way with HardMoneyGo Calculator**

Many borrowers overlook some of the expenses that come along when borrowing with a hard money loan.

Real estate investors should be aware of the following

- How much are payments on a specific loan?
- How can I calculate monthly payments on a loan?
- What aspects need to be considered while calculating a loan?

Here, we are going to answer all things related to calculating your hard money loan payment.

**How to calculate a hard money loan?**

When time is a factor, a hard money loan is the best option to finance your real estate project faster. Unlike a traditional loan, a hard money loan application is approved by considering the current value of the property and it equity rather than primarily your credit score. However, due to the higher rate of interest, hard money loans are more expensive than traditional financing.

If we talk about calculating hard money loans, a manual calculation can be tough and inconvenient. To avoid the intricacies of manual hard money loan calculation, you can use our fix and flip loan calculator, specifically designed for calculating hard money loans. If however, you wish to understand the details behind understanding your payment, see the calculations below.

Nowadays most hard money lenders use loan calculators for their convenience and to save their time. You just need to fill up some of the information as input to the calculator such as Purchase Price, Interest Rate (Annually), and loan term.

After filling in all this information, you will see the costs of the monthly mortgage payment. Longer term programs have lower payments, however require the borrower to pay those payments over a longer period of time.

**How to calculate interest on hard money loans?**

Just like any other financial institution, hard money lenders charge interest on the loan’s principal balance. If a hard money lender is using a simple interest method, you can calculate the interest-only loan and your total monthly cost. To calculate the interest, you will need the following:

- The total principal amount of the loan
- The interest rate you’re being charged
- The length of the loan in years.

Let’s say you take out a two-year loan for $200,000, and your lender gives you an annual percentage rate (APR) of 12%.

The loan calculator formula is as follows:

Principal Loan Amount x Interest Rate x Time (number of years) = Total Interest Dollars You’ll Pay For Loan

$200,000 x .12 x 2 = $48000 total interest will be paid for the loan.

To determine the monthly interest payment, divide the interest dollar by the number of months you will have the loan.

If one wants to avoid the finite details of manual calculation for calculating the interest, the borrower or hard money lender can use a calculator for easy computation.

**How to calculate hard money loan payments?**

The hard money loan payment consists of total upfront cost (down payment) and ongoing cost. It represents the total loan amount with interest that you have to pay to your lender.

**How to calculate interest from a hard money lender loan?**

Different lenders charge different interest rates. You can calculate interest manually or by using a hard money loan calculator. If you are calculating interest manually, use the formula that we have discussed above. Put the value of each variable and calculate your interest on the loan amount.

If you are using a hard money loan calculator it can compute several figures easily. The figures will be based on loan term and interst rate. Just fill up the data in the calculator, it will calculate the interest that you have to pay on the loan amount.

The hard money calculator will not only show you the potential amount but also the ongoing interest charges, potential upfront costs and total costs of having the loan over the period you need it. Using a hard money profit calculator is a convenient tool for calculating a large amount of sum and for calculating various other figures. It especially helps those who are just getting started on a hard money loan. Setting a goal, examining the cost and having a clear idea about terms and numbers is the key. Once you know the exact cost of your loan, you can make the right and smart decision. A hard money loan calculator can help you in examining the cost and lead you to a successful project.