Mortgage calculators can provide you with valuable loan mortgage calculations. A good loan calculator will enable you to make educated decisions about your mortgage loan whether you plan on buying a new home, considering refinancing an existing mortgage loan or just need to know what your mortgage loan options are.
It is very important to base important mortgage loan decisions on sound calculations. Most loan calculators will enable you to do that. There are many different mortgage loan programs and products available – some you may know of and some you may not!
Mortgage and loan calculators are tools to use when you want to know how much a loan will cost you. To use a mortgage calculator is one of the first steps in the mortgage process. First, find out what kind of mortgage works best for you. There are many choices for you. You can chose a fixed rate mortgage or an adjustable rate mortgage. Then use these mortgage calculators to determine the amount of mortgage you can afford. You can also chose to determine your new monthly mortgage payments.
Mortgage calculators can also be used to calculate payments on debt consolidation mortgage loans and see your monthly savings. You can use the the calculator to check how you can refinance the loans you have. With a calculator it is simple to work out how much you can afford to borrow and exactly what your repayments will be using time scales and interest rates.
There are multiple financial factors that go into determining the right mortgage for you. By using a loan comparison calculator you can account for all of relevant factors and get an accurate monthly payment figure. These tools allows you to find a payment plan that enables you to reduce your debt gradually through monthly payments of principal.
In short the mortgage calculator can help you to – Determine affordable mortgage and produce other valuable information about your loan. – Decide how much house you can afford based on the income and debt information you supply. – You can calculate your monthly mortgage payments based on loan amount, interest rates and other loan terms. – You can calculate extra payments on your monthly mortgage to pay off the loan faster. – Make comparisons with often several mortgage products, both fixed and adjustable. – Make amortizations schedules and tables based on the amount and interest. – Calculate when it makes sense to refinance your home.
When you decide to use a mortgage calculator you will most certainly get accurate and good information about the actual loan. Just to make sure, enter the same figures in another company´s calculator to check that the result is right. The figures are right of course but as an add on you can find that there are other options for a loan with that company. Do several searches to find the best possible. There can be a big difference and you can save very much if you do your calculations carefully.
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www.banksmartnow.com askvictorb@gmail.com Skype vbeatteay 800.792.3155 ext. 3789 Mortgage calculators and low Mortgage Rates don’t tell the whole story. Are Rate and Payment your biggest considerations when looking at a mortgage? They should be a consideration, but a strategy is far more important. Discover the strategies and secrets that the banks would rather you didn’t know.
Not realistic. First, you'll never get a 5% interest rate, and you won't get 100% financing on an apartment.
More importantly, you can't afford it. Your debt ratio is too high. You won't be able to qualify for a loan with a total debt ratio above 50% or so, if your credit is perfect.
You'll need about 10% down payment, plus another $6,000 or so in closing costs. Other monthly expenses include utilities, food, telephone, internet, cable TV, parking, gas, etc. You could probably save money if you got a roomate.
Sounds like you should reconsider living with your parents until you are in a better financial position to move out.
Good luck.
You're going to save about $110,000 over the course of the loan. Just make sure you look at other options before you take 90K out of your pocket, in case there's a better opportunity somewhere.
This is a little more complex then this simple maths. Depending upon your tax bracket, savings in taxes due to interest exemption, property appreciation rates in your local area ( historically they have been 5% nationwide) and the future value of 401k in the time frame you are looking it will determine if you are making the right choice.
In my experience it is beneficial to keep the 401k and pay the mortgage, it also keeps liquidity for short term if needed.
Look into a full investment plan to reach your goals.
Where can I get the 2nd part to this video? I cant find it or the excel download on the site.
Thanks
Thanks Bro, You are great teacher. I wish I had you as my good teacher before. Again, thank you very much!!
33% of your monthly NET income is the high end of what you could afford as a payment to a lender.
if you take home 1000 a month, then your mortgage payment would be 333 dollars.
you do not "tell" others what YOU can afford. they will figure out WHAT they will lend you based on your income, time on job, credit payment history, etc.
Your thinking is a little bit off.
If you have a 400, 000 mortgage for 30 years and you are paying 2528.27 per month..THAT means that you are BORROWING at 6.5%
Now, with the same borrowed amount, you want your payments to be $2000 per month..THAT means you have to find someone who is willing to lend you the $400,000 at 4.5%!!!..so in your mortgage calculator, just play with the interest rates…
OK..so you find you cant get 400,000 at 4.5%, but you still want to pay 2000 per month…lets say your best rate you can get is 6.5%
OK so now you know you will have to start playing with the MAXIMUM amount you can borrow….
in my mortgage calculator I found that if you borrow 318,000 at 6.5% for 30 years, your monthly payments will be 2009.98
.
So what does that tell you..YOU need to start looking looking at cheaper houses. You can only afford to borrow 318,000
with your criteria, not 400,000
Find a calculator that produces an amortization table. For each principle payment you make in advance, you save the interest on that payment because it moves you forward in the amortization table. Check off the extra principle payments you intend to make, then add the interest saving in the interest column. The sum is what you'll save. There is not general forula for what you are doing, because you wil be selecting payments as you can afford the extra payment.
The best time to do this would have been at the beginning. As time goes on, more is applied to principle and less to interest. Your savings are much less that if you had started this from the beginning.
If you do send in an extras payment, I suggest that you send it in a separate check marked "Apply to Principle" or the bastards won;t apply it correctly and you won't get the saving.
The easiest way to get a table is to use the tempate built into Excel.
For an online schedule maker see http://www.myamortizationchart.com/
By the way, you do not have to follow the amortization schedule. Ask your lender if you can send in an additional fixed amount, say $100 every month. If you do that, it is possible to compute a new amortization with extra fixed payment.
At payment 120, the table looks like this:
Principle Interest Balance
———————————-
$216.26 $503.20 $100,422.87
————————————
So if you paid the 216.26 as extra, you save $503.20 since you never have to pay it.
Here's the next two years:
Pmt# Prin…..Interest … Balance
—————————————–
121 $217.35 $502.11 $100,205.52
122 $218.43 $501.03 $99,987.09
123 $219.53 $499.94 $99,767.57
124 $220.62 $498.84 $99,546.94
125 $221.73 $497.73 $99,325.22
126 $222.83 $496.63 $99,102.38
127 $223.95 $495.51 $98,878.43
128 $225.07 $494.39 $98,653.37
129 $226.19 $493.27 $98,427.17
130 $227.32 $492.14 $98,199.85
131 $228.46 $491.00 $97,971.39
132 $229.60 $489.86 $97,741.78
133 $230.75 $488.71 $97,511.03
134 $231.91 $487.56 $97,279.12
135 $233.07 $486.40 $97,046.06
136 $234.23 $485.23 $96,811.83
137 $235.40 $484.06 $96,576.43
138 $236.58 $482.88 $96,339.85
139 $237.76 $481.70 $96,102.09
140 $238.95 $480.51 $95,863.14
141 $240.14 $479.32 $95,622.99
142 $241.35 $478.11 $95,381.65
143 $242.55 $476.91 $95,139.09
144 $243.77 $475.70 $94,895.33
145 $244.98 $474.48 $94,650.35
many thanks for the video, it helps me a lot. I didn’t know about the PMT function before.
I have an FHA loan which I got in 2005. I live in the bay area, California (homes are expensive here – not sure how Colorado compares).
The upsides were:
- I bought with no money down (I had similar income to yours and 720 credit score)
- They even covered closing costs, so my loans (total of 3) came to 103% of the purchase price
- The rate I got at the time was unbelievable (4.75% 30 year fixed, I think now they are at somewhere around 5.75% but I could be wrong)
- It is a fixed rate for 30 years, no worrying
- I was/still am not required to make any payments on the 2nd and third loan.
The downsides were:
- You have to pay PMI (private mortgage insurance) no matter what for the first 2 years, after which you might be able to get it removed if your home's value rises and fits certain criteria. This part is really irritating because (in my case) it is about $220/mo that I am basically throwing away for the priviledge of having this loan.
- You must live in the home for the life of the loan (you are not allowed to rent it out for any reason)
The rate difference between then and now is quite substantial. If I was in your shoes, buying now with no down payment I think I would:
- buy a home with CAL FHA (their rates aren't THAT much better than rates you can get elsewhere, but it's nearly impossible to find 100% loans elsewhere these days)
- they have no prepayment penalty (I think – please check on this as it's been a while for me) so you can refinance if you need to
- you can buy with no money down which is nearly impossible to do otherwise these days
- I would ONLY do this if I was buying a foreclosure or a short sale in a GOOD area in your state (a place more likely to weather the housing crisis right now) where I would be walking in with equity. Make SURE your agent gives you comparable RECENT sales of same size/same lot properties, you want to have equity on day one, in case values come down.
- I would ONLY do this if I wanted a *home* as opposed to a get rich quick scheme. You could be in this home for the long haul before prices stabilize and we start seeing growth again. If you walk in with equity there's less/little risk that your value goes down and you get stuck owing more than the home is worth, BUT keep in mind that it will be difficult to sell your home because everyone is having a harder time getting loans, and that means less people can buy. So you need to think long term.
I do think it is a good idea to buy right now with no money down because prices are low, and if you can get a good deal and a good loan that you are confident you can maintain for years (think 5 years) then you will come out ahead in the long run.
Note that if you did have a down payment, I would have suggested to explore other loans, because the PMI is money down the drain, and if this is your first home and you're single with no kids then it's unlikely you'll be living in it for 30 years anyway. But (not knowing anything about the Colorado market) my opinion is that going with CAL HFA in your situation is a great choice.
(And if I can be annoying for a minute and suggest about something you didn't ask — don't fall into the temptation of leasing a car or buying a brand new car with payments … really bad way to spend your money with no appreciation whatsoever! You'll do much better to buy a used car and get yourself into a home. I see so many people buying $30K-$40K cars with payments, it's killing me!)
What a bunch of crap. Anyone giving Overture/Yahoo pay per clikc money is throwing it out the window. It is so out of control over there. My account is offline since I learned of these kinds of practices. I am MAD and I am feeling ripped off.
If I buy a product I expect to know what I am getting. If you are not careful with Overture/Yahoo you get promoted in these ways. I recommend you go back to a system of exact matching and NEVER let Yahoo! blanket match or content match for you, it's insane!
To go a step further, Yahoo! has forsaken its roots as a search engine. I love their software but their core was search engine. I have many entries in the directory, it used to be this was a good thing. They cost me 300/yr. Noe for this about one would expect some value in the search results of their web results especially when their web results have no good answers. You value as a URL in their directory buys you NOTHING. It is completely outragious because it used to hailed as the best hand editied reference and now is blown away with web results in its place that are often POOR results.
If you're listening NEO (YAHOO!) your network is crashing and you need to stop bleeding the pay-per-click world for you mistakes. Go back to your roots, learn from your mistakes. Oh yeah, continue to make the software, I like the messenger but not the widget engine.
I better get best response for this!
I'd vote for the student loan. It is the higher interest rate. Once it is paid off, you can then free up the money that had been paying it and send that against the mortgage to pay it off years earlier or stuff it in a savings account each month if that is the goal.