Mortgage & Loan Payment Calculator
Mortgage calculators are automated tools that enable users to determine the financial implications of changes in one or more variables in a mortgage financing arrangement. Mortgage calculators are used by consumers to determine monthly repayments, and by mortgage providers to determine the financial suitability of a home loan applicant.[1]
The major variables in a mortgage calculation include loan principal, balance, periodic compound interest rate, number of payments per year, total number of payments and the regular payment amount. More complex calculators can take into account other costs associated with a mortgage, such as local and state taxes, and insurance.[2]
Mortgage calculation capabilities can be found on financial handheld calculators such as the HP-12C or Texas Instruments TI BA II Plus. There are also multiple free online free mortgage calculators, and software programs offering financial and mortgage calculations.
An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process.
The amortization repayment model factors varying amounts of both interest and principal into every installment, though the total amount of each payment is the same.
An amortization schedule calculator is often used to adjust the loan amount until the monthly payments will fit comfortably into budget, and can vary the interest rate to see the difference a better rate might make in the kind of home or car one can afford. An amortization calculator can also reveal the exact dollar amount that goes towards interest and the exact dollar amount that goes towards principal out of each individual payment. The amortization schedule is a table delineating these figures across the duration of the loan in chronological order.
East Lansing
East Lansing is a city in the U.S. state of Michigan directly east of Lansing, the state capital. Most of the city is within Ingham County, with the rest in Clinton County. The population was 48,579 at the 2010 census, an increase from 46,420 in 2000. It is best known as the home of Michigan State University.
East Lansing was an important junction of two major Native American groups: the Potawatomi and Fox.[6] By 1850, the Lansing and Howell Plank Road Company was established to connect a toll road to the Detroit and Howell Plank Road, improving travel between Detroit and Lansing, which cut right through what is now East Lansing. The toll road was finished in 1853, and included seven tollhouses between Lansing and Howell.[7]
Michigan State University was founded in 1855 and established in what is now East Lansing in 1857. For the first four decades, the students and faculty lived almost entirely on the college campus. A few commuted from Lansing, and that number increased when a streetcar line was built in the 1890s, but there were few places to live in the then-rural area immediately around the campus.
That started to change in 1887, when professors William J. Beal and Rolla C. Carpenter created Collegeville, along what is now Harrison Road and Center and Beal Streets, north of Michigan Avenue. Few faculty were attracted to the location, and the first residents were “teamsters and laborers”.[8] In 1898, the College Delta subdivision (including what is now Delta Street) had the support of the college itself, which provided utilities, and several professors built homes there (one of which survives today at 243 W. Grand River Ave.).[9] Other subdivisions followed.
At that time, the post office address was “Agricultural College, Michigan.” A school district encompassing the nascent community was created in 1900. In 1907, incorporation as a city was proposed under the name “College Park”; the legislature approved the charter but changed the name to “East Lansing.” The first seven mayors, starting with Clinton D. Smith in 1907 and Warren Babcock in 1908, were professors or employees of the college.