There are thousands of mortgage calculators available in the form of charts, in the web page of all mortgage lenders, Mortgages are available at varied interest rate based on the number of years during which time the mortgage is paid off fully. Even the number of years can be as low as 10 years and as high as 40 years. In order to avoid the crisis of the real state that was caused by irresponsible mortgage takers and lenders, homeowners should use ‘Karl Mortgage Calculator'. The homeowner in most cases was not aware of the terms and conditions of mortgage in terms of real money and future impact and consequences. In 1995 Karl Jeacle has developed a java script programming to calculate the mortgage and present the data graphical and text forms to provide a visual and mental picture of the mortgage risks in the future. ‘Karl Mortgage Calculator' is a web page program with the instructions to calculate mortgage under different scenario and risks and provides data in graphical forms also. Here is the procedure to use the ‘Karl Mortgage Calculator':

            . One has to install Java if not installed.

            . Calculator can be linked; it can't be brought

            . Calculator can be used in another language if translator is available

            . When the program is executed the user shall be provided with the graphical input bars; each has a slider as follows:

---------------------------------------|------------------------------------------ -------

Principal                               slider (amount can be changed by sliding)

------------|------------   ----------------|----------------   --------------------|----- -------

Number of years              Start month                           Start Year

------------|------------   ----------------|----------------   --------------------|----- -------

Interest rate                     decimal

In the first sliding the bar can change principal. In the second sliding the bar can change mortgage number of years. In the third input bar interest can be changed by using the slider.

X --------------------------------------------------------------------------------- -------

Output: Monthly payment

Up and down arrows at the ends of line allow changing the range of value. Check box at the left end of line indicates the option of calculating the line value.

The space after shows the graphs like Amortization, repayment, Balance, Interest etc.

|

|   Amount

|

|

-------------------------

Years

                                         This space is used to display graph, Chart or Text

Amortization    Repayment Chart    Balance   Interest

Annual Table    Monthly table  Payments   Summary  Settings

If an icon in the first line above is clicked the corresponding graph is displayed. If an icon in the second line above is clicked chart or text is displayed.

            Next Input data and Prepayment data are displayed as follows:

Loan data (Fixed)

Principal         --- ------------------------ Monthly payment

Interest%        --- ------------------------ Start date

Years             --- ------------------------- End date

………………………………………….

…………………………………………

Annual Tax     --- ------------------------ Total Interest %

Prepayment Data

 Monthly Prepayment        --- ------------------------ Total Interest paid

………………………………………………………..

……………………………………………………….

Month #                            --- ------------------------ Term shortened by

It is an excellent program to use before home mortgage selection.