February 4, 2015
Google, the most popular web search engine, makes its presence felt with yet another stupendous tool for complex and time consuming calculations. Whether you are calculating interest rate and mortgage value or monthly payment and maximum loan cost for your new house purchase, all you need is Google Mortgage Calculator. On 3rd February 2015, Google launched their very own designed mortgage calculator as an answer to the complex calculation problem for loans around the world. Many financial sites provide such mortgage calculators. Google introduced this calculator with an intention of not letting you visit those financial sites for such calculators through them but keep you on their own Website. This calculator include different variations like loan interest calculator, Interest calculator, etc.
Looks like Google's "mortgage calculator" is live now (wasn't clear if it was a test before) — https://t.co/a81Zow32Fk
— Dr. Pete Meyers (@dr_pete) February 3, 2015
To use this calculator you have to type in terms like “Loan” or “Mortgage” calculator in the Google search box. Only then the Calculator window will be displayed. When it is displayed, you just have to enter the variables of your loan or calculations in the respective boxes and you get the answers in the bat of an eye. You can even estimate you monthly payments when you feed Loan total and APR into the calculator. This calculator can even be accessed through your mobiles and tablets with a similar procedure to follow.
But as we know every coin has two sides, there are a few glitches in the calculator. It only takes in the period ranging from 10 years to 40 years for calculation. As a result, it limits certain loan calculations which are beyond 40 years or less than 10 years. Furthermore it cannot process your loan calculation queries if you enter something like “ How much will be the total loan cost for $50000 loan for a period of 15 yrs at 4.3% interest rate”. You have to enter the values as per the given format of the calculator.
Unfortunately as of now, this calculator cannot be accessed if you are operating from outside U.S. However it is a slow and gradual pile out and people can access it in near future from every part of the globe. This creation of Google will definitely benefit all the people for whom Calculations for loans, Mortgages and Interests are headache.