reverse mortgage interest calculator

Free calculator to find the interest rate as well as the total interest cost of an amortized loan with fixed monthly payback amount. Also learn more about interest cost, experiment with other interest and loan calculators, or explore many more calculators on topics such as finance, math, fitness, and health.

The reverse mortgage calculator provided by Mid-Continent Funding, Inc. gives you the information on reverse mortgages in a simple format that can be easily understood by anyone. These materials are not from HUD, or FHA, and were not approved by HUD or any government agency.

The lender will add a "margin" to the index to determine the rate of interest actually being charged. The margin used in our calculator is 250 basis points (2.50%). You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs.

Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.

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The current heartland reverse mortgage variable interest rate is 7.55% p.a. and is subject to change. An interest rate of 7.55% p.a. compounded monthly, including applicable fees or charges and no repayments being made has been used in this example. Different interest rates may apply.

Then, higher future interest rates would cause the effective rate to be higher, so that the principal limit grows more quickly. Rising rates would also increase to the expected rate used to calculate.

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Download our Reverse Mortgage Amortization Calculator (Excel doc) and edit future appreciation rates, change interest rate assumption and even future withdrawals. Try it free and download to your desktop, print and save your illustrations.

go to ReverseMortgage.org and use the calculator. You can also search for a lender at the site, and learn more details about this type of loan. 2. What’s the interest rate? The interest rate will be.