This is a tool that calculates the mortgage instalment at the specified repayment frequency, for up to 5 mortgages.

Initially the tool displays a single mortgage view. To switch to a tabular, multiple mortgage view, choose the required number of mortgage columns from the Select View drop down box. In the multiple mortgage view, different mortgage calculations can be performed in parallel, allowing easy comparison of results. To reduce data entry time, it is possible to copy the mortgage details from one column to the next, by using the Copy button at the top of the column. For further flexibility, any mortgage in the multiple view can be displayed on its own in the single mortgage view by selecting the appropriate option in the Select View drop down.

For each mortgage calculation, it is necessary to supply the following information:

• The mortgage amount.
• The mortgage type, which is either repayment or interest only. A repayment mortgage is a mortgage where the loaned amount is paid off as well as the interest on the loan.
• The term of the mortgage in years.
• The payment frequency, for repaying the borrowed capital and/or interest, as a yearly, quarterly, monthly (default) or weekly amount.
• The annual interest rate, as an APR. It is important to note that this is an effective interest rate and is thus higher (except for annual repayment) than the corresponding nominal interest rate. On the tool form, the rate is usually expressed in percentage terms (unless the formatting is explicitly set to express it as a decimal).

Associated tool link: http://www.coggit.com/tools/mortgage_calculator.html