Free Amortization Schedule Calculators

Visual Mortgage Loan Calculator, a freeware developed by Loan9.net, lets you to calculate mortgages repayments and create amortization tables without extensive knowledge of finance or computers. It allows you to analyze various combinations of loan amounts, interest rates, loan terms, etc. to determine the best possible loan for your budget. It is compatible with Windows 9x, Me, 2000 and XP.

The program will easily calculate loan based upon variable payment frequency and is currency-independent. It can be used with dollars, euros, and pounds, etc. calculating amortization schedules for American, Canadian and UK mortgages, personal loans, car loans and several other kinds of loans.

It supports regional currency settings and works with a broad range of repayment cycles from 1 month to 50 years, including real-time calculations.

Mortgage Payment Calculator (www.mortgagecalculators.ws) is financial software designed to estimate monthly expenses on a mortgage.

Free Financial Calculator Software (http://sg.geocities.com/wealth_calculator/) can be used to perform basic calculator functions, as well as some financial calculations such as cash flow, future value, present values, interest rate, loan or amortization, monthly payment, principal paid, interest paid, balance, effective or nominal interest rate, internal rate of return, modified internal rate of return and net present value.

Internal Revenue Service (IRS) still allows home owners to deduct mortgage interest on tax return. To qualify for the tax deduction, the home must be first or second home, the debt must be secured, the purchase price must not exceed $1,000,000, and the home loans equity must not exceed $100,000.

To avoid mistake, you can use the value on form 1098 which is sent by the lender every year. However, you might consider verify the accuracy of form 1098. Thus, you need to know how to calculate mortgage interest tax deduction.

Therefore, the mortgage interest tax deduction changes every year. The interest on the first payment equals $1352.50 ($250,000 principal x (6.5 % interest / 100 / 12 periods)). For example, the next principal equals $249, 772.33 ($250,000 principal – 1580.17 mortgage payment + [$250,000 principal x (6.5 % interest / 100 / 12 periods)] ). This translates to $16,167.13 mortgage interest tax deduction for the first year.

The tax regulations and laws may change yearly.

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