Developer’s Description

Simply fill in whatever data you know, and then click the find button next to the last open field. This makes the calculator flexible, fitting many different needs

• To use this calculator like a traditional mortgage calculator you would leave the Periodic Payment area blank and fill in the other details, then click find next to Periodic Payment.
• You can leave the Loan Amount empty and fill in the payment amount you can afford to determine how much home you can afford.
• You can test the savings from bi-weekly payments vs a traditional montly mortgage payment by increasing the number of payments per year.
• You can also test different interest rates to compare different loan options.
• In addition to all the above options, this claculator comes with a printable loan schedule.

While this calculator is quite flexible, if multiple fields are left blank when you click the find button the calculator will produce an error that will need cleared before the calculator will work again. Click the clear button and enter new loan details and it should work like a charm. 🙂

A Mortgage Deed also called a Mortgage Agreement, is a written document that officially recognizes a legally binding relationship between two parties – the Borrower and the Lender. The Borrower grants the Lender conditional ownership in certain property or assets as a security interest against a loan until the loan is repaid in full. It is separate from the loan agreement or promissory note which creates the actual loan and sets out the terms and conditions of the loan.

The Lender may also be called the Mortgagee or Trustee. The Borrower may also be called the Mortgagor or Trustor.

A simple Mortgage Agreement will identify the following basic elements:

• Borrower: who is borrowing the money and pledging the property
• Lender: who is lending the money and receiving a lien on the property
• Principal Amount: the sum of money being borrowed
• Property: a legal description of the property being pledged

As a reference, a mortgage deed is also known by other names:

• Mortgage Contract
• Deed of Mortgage
• Chattel Mortgage (for personal property)