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Mortgage Site Creates Clear and Simple Calculators in Response to FTC...

Mortgage information site Calculators4Mortgages.com's most recent addition to its tools for consumers is a mortgage calculator (http://www.calculators4mortgages.com/calculators/loan/breakeven.html) designed to accommodate the refinancing transactions being researched by today's consumers. Popular refinancing transactions include cash out refinancing, zero down loans and loans in which closing costs are paid by the lender (through use of yield spread premiums) or financed into the loan by the borrower.

Studies by HUD and the FTC have determined that current mortgage forms provide insufficient information to consumers making mortgage decisions. Two-thirds of those studied by the FTC didn't even know if their mortgages carried prepayment penalties. Basic mortgage calculators may also not offer enough information to make an informed decision.

The new calculator at Calculators4Mortgages.com displays the point at which the new loan pays for itself (the break-even point) as well as custom messages or warnings. For example, it will indicate circumstances where the new monthly payment is lower, but interest charges over the life of the loan are higher. Such messages help homeowners considering a refinance to make more informed decisions about their mortgage financing.

Calculators4Mortgage.com (http://www.calculators4mortgages.com/) offers free, easy-to-use online mortgage calculators for consumers to use and webmasters to incorporate into mortgage, real estate and financing Web sites. These practical, user-friendly mortgage loan calculators include amortization schedules, mortgage payment calculators, loan comparison calculators and refinance break-even calculators.

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