Google Inc (NASDAQ:GOOGL) has pushed out a new search service that allows users to calculate their mortgage payments quickly and easily. The new accounting options feature rolled out this week. The move signals a desire by Google to keep online visitors on its own platform instead of sending them to third-party websites that offer mortgage calculation services.
The Google mortgage calculator allows for various mortgage payment calculations depending on what a user desires to obtain. By entering details such as mortgage amount, interest rate and repayment period, a user can generate various mortgage data. You can obtain the total cost of the type of mortgage sought and the monthly repayment amounts for that mortgage.
Flexible mortgage calculation service
The mortgage calculator widget also allows users to input desired payment to work out the maximum mortgage for their budget. For example, users can be able to know how much they can borrow at $300 a month. In another way of doing the calculation, you can ask how much you can borrow at an interest rate of 4.5% over a period of 15 years.
The calculator is flexible enough to allow for many adjustments in areas such as mortgage amount, mortgage period and interest rates so that one is able to get the mortgage options that fit their needs. However, what is missing is that the Google mortgage calculator does not factor in issues of mortgage taxes and down payment.
Online visitors who land on Google search page will no longer be directed to third-party financial websites for mortgage calculation but will be able to get the service on the search page. Users can get to the Google mortgage calculator through Web search terms such as loan interest calculator and interest calculator among other term variations.
Google started testing its native mortgage calculator in December 2014 and just rolled it out this week. The company is trying new ways to not only woo more online users to its platforms, but also have them spending more time when they are there.