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."
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!
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!
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->
It is important to get pre-approved for a mortgage
loan because most real estate agents will not show
you any properties unless you have that letter. Getting
a pre-approved letter will avoid all the hassle, lessen
your closing costs and what's best, the process is
free!
Note: Do not settle for a "Pre-Qualified"
mortgage because that means nothing. You have to be
pre-approved, not pre-qualified!an
-> If you have a down payment
of less than 20% on your home, you have to get Private
Mortgage Insurance (PMI) that protects your lender
from your defaults. This PMI could potentially add
several hundred dollars to your monthly mortgage bill.
To get your way around that, mortgage brokers often
recommend two loans; a primary mortgage for 80% and
a home equity loan for the remaining 20%. The home
equity loan will serve as the 20% down payment clause
and avoid you having to purchase PMI. This idea was
sound when interest rates for home equity loans were
like 5%, which matches to that of mortgage loans.
However, interest rates on home equity loans now hover
between 7% - 9%, which makes them a less popular deal.
You would actually be better off buying PMI than taking
out a home equity loan.
-> The credit bureaus
literally receive millions of pieces of information
every day about consumer's buying habits, defaults
and late payments. This makes them very prone to errors.
Infact, 75% of all credit reports contain atleast
1 error. Therefore, it is advised to check every entry
that appears on your credit report.
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