Answer:
Quicken Loans: (http://www.quickenloans.com/mortgage-calculator/mortgage-amortization-calculator).
Quicken Loans is a financial institution that provides consumers with access to an amortization calculator that uses amortization schedules. It allows customers to type in their current loan amount, the loan term, interest rate, and current state. It also provides the option to see how extra payments affect the current loan. Once the information is inputted, the calculator provides the monthly payment, total interest paid, and a line graph showing a payment breakdown of principal paid and interest paid. The closer the payments get to the end of the loan, the more the principal is paid. This amortization schedule calculator could be used to determine whether extra payments on a second mortgage would be useful. Using the amortization tables shows that by just increasing monthly payments by $50, 48 monthly payments were saved. This tool is excellent for determining whether to increase monthly payments or not.
J.P. Morgan Chase and Co.: (https://www.chase.com/mortgage/mortgage-resources)
Chase bank offers a mortgage calculator that can be used to estimate monthly mortgage payments. The calculator asks for the loan purpose (purchase or refinance), the property type (single family home, condo, investment property), the use of the property (primary residence, second home, rental property), the house price, down payment, and credit rating. After inputting all that information, it calculates what interest rate it would offer and the monthly mortgage payment options. It offers fixed rate loans at 30-yr, 20-yr and 15-yr intervals. It also offers adjustable rate loans for 7/1 ARM (Adjustable Rate Mortgage) and 5/1 ARM. It also allows you to see real estate taxes and hazard insurance associated with the state the house is located in. This tool is useful to because it immediately provides consumers with current interest rates, points, APR and monthly payments. Right away consumers can easily see if they can afford the house they want and what options work best. This tool is definitely useful for first-time home buyers or those looking for a vacation or retirement home.
Wells Fargo: (https://www.wellsfargo.com/online-banking/my-money-map/budget-watch)
Wells Fargo has a budgeting tool called Budget Watch. The goal of Budget Watch is to track spending, set up financial goals, and help consumers manage their money. The first step is to create a budget. The consumer sets up budget goals and the Budget Watch calculates a 12-month average savings goal. The consumer then inputs expenses into the system daily and the Budget Watch calculates how much money came in and how much money went out for the month. It also states "what's left" in bold at the bottom. The tool also has the option for email alerts to keep the consumer aware of progress toward budgeting goals. There are graphs and charts that display which spending items are within budget and which are over budget. This tool is useful for anyone who has a hard time tracking expenses and where the money went. This is a pre-savings tool because it is meant to address checking account spending. The idea is to reach checking account budget goals in order to save. This would be a great tool for a high-school or college student or a young adult learning to juggle finances. It definitely breaks down financial responsibility and allows the user to see what expenses are necessary and where the spending needs to be cut back.
