Yahoo [1] has quietly launched a mortgage rate calculator on their site, making it the second search engine to do so. Google [2] launched its mortgage calculator in February, but Yahoo’s new tool is bigger and better than its Google predecessor. Now, these might just be the first of many calculators to hit the internet.
[3]Yahoo's Mortgage Rate Calculator
Similar to Google, Yahoo’s calculator shows up whenever anyone using the site enters the word mortgage or any similar terms in a search. The calculator then appears above actual search results, but below any paid advertising.
Google’s mortgage calculator [4] was introduced to give potential homebuyers the ability to see what it might cost them to become a homeowner. Google said the tool let consumers ask questions like,” “How much can I borrow at $200 a month?” or “At 5 percent APR how much can I borrow over 10 years?” and get answers without having to navigate to a separate website. Users could then change the interest rate, mortgage period, mortgage amount, or monthly payments to match their search needs.
[5]Google's Mortgage Rate Calculator
Yahoo’s calculator can do all of those things and more. Not only does the Yahoo version allows users to input interest rate, loan term, and home value, it also allows them to put in a down payment figure, something that is not included
on the Google calculator. The Yahoo model also allows homeowners to get info on refinances.
But perhaps the biggest difference between the two calculators is the interactive graph that comes with the Yahoo version. While giving the monthly total, Yahoo’s model produces a line graph which shows the principal paid, interest paid, and principal remaining on the mortgage over the specified loan term. Users can then scroll over the graph and see how those figures will change on a month-to-month basis.
Bing has yet to introduce a mortgage rate calculator as a part of their search engine.