Crunching mortgage numbers on paper is no fun. There are a lot of big numbers involved: how long the mortgage will last, what the interest rate will be, how much the house costs. Why try to calculate it the hard way when there are applications built specifically to make mortgages easier to understand?
There are dozens of free, easy-to-use mortgage calculators on smart phone platforms that make mortgage calculation a snap. For example, the free Karl's Mortgage Calculator for Android will break your mortgage numbers down into tables, graphs charts and a summary showing just how much of the mortgage comes from principal and interest. And while there are tons of apps on the iTunes App Store that will handle mortgage calculating for only $1, free apps are plentiful, as well. And if you'd rather do your money math at home, Karl's Mortgage Calculator online or Zillow's simple calculator are good starting points.
Finally, there's one last element we can't ignore when calculating a new mortgage: property taxes.