Any mortgage calculator you find will show you three things: your principal and interest payment, the total amount you’ll be paying over the life of the loan, and your dropping balance with each month of mortgage payments. While these are all very beneficial facts for a homebuyer to know, there are three important mortgage calculator tricks that may just help homebuyers save more money on mortgage payments. Check out our list.

1. Calculate how you can avoid a refinance penalty: If you’ve kept up to date with your mortgage news, then you already know that it’s a great time to refinance—but it’s important to really consider and calculate the benefits of this opportunity. With your mortgage calculator, enter the remaining principal balance on your purchase price, a down payment of zero, the refinance interest rate you’re considering, and the number of remaining years required to retire your mortgage on time. The final number is the amount you would be paying each month—your regular payment and additional principal reduction.

2. Evaluate your future adjustable-rate mortgage (ARM) payment: If you’re the type of person that frequently moves, then calculating a 5/1 ARM is a great trick to learn. With your mortgage calculator, input the financial terms of the ARM you’re considering. Submit this information and click “view full report” to see what your estimated balance will be in five years. Then, ask your local lender about the loan’s caps—most 5/1 ARMs permit a rate increase of no more than 2 or 3 percent over their start rates in year 6.

3. Estimate potential savings with accelerated payments: This is such a simple and easy trick that everyone should be using it. With your mortgage calculator, enter in your current loan amount, interest rate and loan term, and note the resulting principal and interest payment. Click “view full report” to see your final bill, or how much you would have paid once your mortgage is retired. Now, enter the same information with a shorter loan term. Continue changing this number with each submission you make. This will help you determine how much you could potentially save.

No matter which mortgage calculator trick you decide to use, you’re bound to save more money on mortgage payments. For more information on mortgage calculators or have questions about these tricks, contact one of our mortgage specialists today.