Mortgage Math Made Easy Online

First there was the abacus. Then came the calculator. Now we have the computer. While we pity the poor math teacher and her attempts to educate the children, home-buying adults will be happy to let their fingers do the clicking on any of dozens of Web sites designed to answer questions about home mortgages--and in some cases accept applications for loans as well.

ELoan, IOwn (formerly HomeShark), Microsoft’s HomeAdvisor and Quicken Mortgage are among the many sites on which you can calculate potential mortgage payments and refinances, letting you know how much home you can afford and how much your monthly payments will be. For example, on the Web site for Accredited Financial Mortgage Corp. (https://www.atlanta-mortgage.com), which offers mortgage services to homeowners only in Georgia, you simply enter your annual income, monthly debts (including credit cards), cash available for down payment, the interest rate and the length of your loan. The computer does the rest. Within seconds it lets you know whether you can afford that mansion on the hill or only the shack by the freeway offramp.

Thinking of taking advantage of today’s low interest rates? Enter the mortgage you wish to borrow, your present mortgage payment (and its interest rate), the new interest rate and how many years are left on your current mortgage. In mere moments you’ll know the amount of your new payment and how much you’re saving, both monthly and overall.