Wilmington, Del.-headquartered Arsidian has unveiled an online mortgage and loan calculator at MLCalc.com.
To obtain data, users simply enter the amounts and terms of a mortgage or loan and get immediate payoff data in a colorful display, the company explains. The display unfolds with an animated graphic that shows the proportions of a payment that apply to principal, interest, taxes and insurance.
Each element is color-coded, enabling a user to instantaneously comprehend the payment breakdown. A payoff curve slopes across the display to show the remaining balance for each year in the life of the loan. Amortization schedules may be displayed by either monthly or yearly increments, allowing consumers to see at what point principal prepayment may help save significant interest charges.
‘Rates are still volatile, despite recent actions by regulators, and consumers need to act quickly to cut their best deal,’ remarks Arseniy Olevskiy, CEO of Arsidian. ‘Our new mortgage and loan calculator lets you see almost instantly whether a new mortgage or loan is the right deal for you.’