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.
Cocoa
Cocoa is a city in Brevard County, Florida. The population was 17,140 at the 2010 United States Census.[1] It is part of thePalm Bay–Melbourne–Titusville Metropolitan Statistical Area.
Several stories circulate among Cocoa old timers as to how the town got its name. One story says that the mail used to come by river boat and was placed in an empty tin box labeled Baker’s Cocoa. The box was nailed to a piling in the river next to downtown. Additionally, an early hotel in the area, located on the Indian River lagoon, was named Cocoa House.[4]
In 1885, the S. F. Travis Hardware store opened. It is still in business in 2014.[5]
Cocoa’s business district was destroyed by fire in 1890, but soon, significant development began to occur with the extension of the Jacksonville, St. Augustine, and Indian River Railway to Cocoa.[citation needed]
The city was chartered in 1895.[6] In the winter of 1894-1895, Cocoa experienced a second economic setback when the “Great Freeze” destroyed the citrus crop and forced many citrus workers to seek new occupations. According to one source, by 1903, the population of Cocoa had dropped to 382.
During the second decade of the 20th century, population growth and economic development in Cocoa accelerated. The state business directory of 1911-1912 set the population at 550. By 1925, the population was estimated at 1,800. During the Great Depression, the local economy declined and the two local banks failed. Still, by 1930, the population had risen to 2,200.[citation needed]