Best Simple Hand Held Calculator For Real Estate Exam

Discover the best simple hand held calculator for real estate exam. This tool is essential for real estate professionals and aspiring agents to calculate key metrics and make informed decisions.

1. Enter the property price, down payment, loan term, and interest rate.
2. Click the ‘Calculate’ button.
3. View the results and chart below.

The calculator uses the following formula to calculate the monthly mortgage payment:

M = P [ i(1 + i)^n ] / [ (1 + i)^n -- 1 ]

Where:

• M is the monthly payment.
• P is the principal loan amount.
• i is the monthly interest rate.
• n is the number of months.

Comparison of Monthly Payments for Different Loan Terms

Price	Down Payment	Interest Rate	Loan Term (years)	Monthly Payment (30-year)	Monthly Payment (15-year)
$200,000	$40,000	4.5%	30	$1,073.64	$1,432.25

Comparison of Total Interest Paid for Different Loan Terms

Price	Down Payment	Interest Rate	Loan Term (years)	Total Interest Paid (30-year)	Total Interest Paid (15-year)
$200,000	$40,000	4.5%	30	$144,155.00	$54,000.00

• Consider using a shorter loan term to save on interest.
• Make extra payments to pay off your mortgage faster.
• Shop around for the best interest rate.

What is the difference between a 30-year and a 15-year mortgage?

A 30-year mortgage has lower monthly payments but you’ll pay more in interest over time. A 15-year mortgage has higher monthly payments but you’ll pay less in interest and pay off your home faster.

For more information, see the Realtor.com mortgage calculator guide and the HUD reverse mortgage program.