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Mortgage Loan Calculator - Home Equity Loan, Mortgage Loan Borrowing, Refinancing & Articles

i) Mortgage Refinancing Calculator 2 - Mortgage Calculators

This mortgage refinancing calculator will tell you whether you should refinance your current mortgage loan on a lower interest rate. It will compare your currently monthly mortgage payments with your payments on the new refinanced interest rate, outputting the net savings you will have (Monthly Payment Reduction). The mortgage refinancing calculator is so sophisticated that it will also output the break even point on your closing costs. Here is a sample output generated from this calculator:

"If you refinance your current 5.50% mortgage to a 4.00% mortgage, your monthly payment will increase by $3,924.96 and you will save $354,867.96 in interest charges over the life of the mortgage. However, in order for this refinancing to yield any savings at all you will need to stay in your current home for at least 19 months. That's how long it will take for the monthly interest savings to offset the closing costs attributable to refinancing."

 
Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment (Principal & Interest Only):
Enter your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
This is how much your monthly payment will be if you refinance:
Monthly Payment Reduction:
# of months for interest savings to offset closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):

ii) Home Equity Loan Calculator

Use this home equity loan calculator to determine your ultimate credit limit (the total amount you can borrow from a home equity loan). Enter the current value of your home, the loan to value ratio (usually provided by your lender) and the remaining mortgage balance that you have to pay off. This will tell you the total home equity loan you are eligible for. In Step 2, enter the # of years you want to amortize the loan for, the maximum is 20 years. This will calculate the APR (Annual Percentage Rate) that you will have to pay, as well as the monthly home equity loan payment. Enjoy!

Step 1: How Much Can You Borrow?

Current Market Value of your Home (Use the Appraisal Value obtained in the last 120 days)   $
Select the Loan to Value Ratio. This is a percentage point determined by your lender.    
This calculation simply multiplies the value of your home times the Percentage point above.   $
Enter the remaining mortgage balance you have to pay off:   $
        
Maximum amount of Home Equity Loan you are eligible for:   $

Step 2: What's Your Monthly Loan Payment?

Loan amount you applied for (cannot be more than the eligible amount above):   $
Loan amortization term (in years)    
        
Interest rate     % APR
Monthly payment   $

iii) Extra Mortgage Payments Calculator - How Much Can You Save?

To use this calculator, be sure to select "What If I Pay More Every Month" option on the left sidebar. For example, for a $250,000 loan amortized over 30 years @ 5% interest rate, you would save a total of $21,298.29 by just making a $60 extra payment every month. This calculator is so powerful that it will output the financial analysis for you in plain English, an example follows:

"When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month. If you take out a 30 year loan for $250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,342.05. By the time the 30 year time period is complete, you will have paid $483,133.89 for your home. If you pay just $50.00 more each month, you will pay only $461,835.60 toward your home. This is a savings of $21,298.29. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment."

  Before Extra Payment After Extra Payment
Monthly Payment $1,342.05 $1,392.05
Total Monthly Payments (30 years) $483,133.89 $461,835.60
Total Interest Savings $21,298.29
Length 30 years and 0 months 27 years and 8 months
Time Saved 0 2 years and 4 months

 

iv) Monthly Mortgage Payments Calculator with Annual Taxes & Insurance (Private Mortgage Insurance)

This calculator asks you to input the total # of your mortgage years + annual interest rate + total loan amount + annual taxes & insurance and it will output your total monthly payment. It is important to factor in annual property taxes & insurance payments on your mortgage to arrive at your final monthly mortgage payment; this is exactly what this calculator is for!

Input

Years

Interest

Loan Amount

Annual Tax

Annual Insurance

 

 

 

 

 

Results

Monthly Principal + Interest:

Monthly Tax:

Monthly Insurance:

Total Payment:

 

 

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