If you're in the market for a house, you've probably used a mortgage calculator to determine your projected monthly payments. But homeowners and buyers can get a lot of additional information out of calculators, if they know how to use them.
If you choose to pay off your loan early, it makes sense to crunch the numbers before you plunk down the extra money. By using the "extra payments" function on your mortgage calculator, you can figure out how much money you'll save by shortening the life of the loan.
To figure out your savings, enter a hypothetical amount into one of the payment categories......
Online financial calculators aid homebuyer
Everyone wants to own their own place, but purchasing a home comes with a wealth of financial questions, the answers of which will impact the rest of your financial life. For homeowners having trouble sorting through questions and the data, an online financial calculator can help. Here are a few Web-based tools to help make your biggest financial decision a little easier.
How much can I afford?When it comes to purchasing a home, the amount you can reasonably afford is the million-dollar question, even if your budget is considerably smaller than that. While financial circumstances differ......
Mortgage payment calculator has many uses
A mortgage payment calculator may seem quite simple. And, indeed, a basic calculator is easy to use. Just enter the loan amount, interest rate and term -- and voila, this online tool can figure out the associated monthly mortgage payment. That's helpful information for anyone who is shopping for a loan to purchase a house or refinance an existing mortgage.
More payment calculator variablesBeyond that, mortgage payment calculators can become complicated, but also offer borrowers more information.For example, a calculator might offer a way to add property tax and homeowners insurance expenses......
How to use home loan calculators
If you're in the market for a new or refinanced home loan, you've probably encountered a number of mortgage calculators that ask for inputs and return results. These calculators can be helpful in your search for a loan, if you know how to use them and understand what they do.
Here's a quick snapshot of three calculators.
Mortgage loan payment calculatorA simple mortgage loan payment calculator uses three inputs:Loan amount.
Interest rate.
Term.
The result is the monthly payment on a home loan of that amount with that term and interest rate.
This type of calculator may also offer other variables,......
3 types of a mortgage calculator
While most consumers have probably used a basic mortgage calculator before, few are aware this powerful tool comes in multiple variations designed to answer specific questions. Here's what you need to know.
Should I make extra payments?If you have the extra money, you may be tempted to increase your monthly home loan payments. But to determine whether that strategy makes good financial sense, you'll want to use the basic mortgage calculator. Simply enter the time remaining on the loan, the interest rate, and the length and amount of the mortgage to determine how many years those extra......
Use an amortization schedule calculator
Where does all of the money go when you pay your mortgage each month? A portion of your payment goes toward principal and some is applied to interest. You can use an amortization schedule calculator to learn exactly how your lender divvies up these amounts.
To use Bankrate's amortization schedule calculator, you will need the following information:
Mortgage amount
Mortgage term
Interest rate
Start date
After you plug this information into the calculator, it will provide a schedule that shows how your payments are applied. The schedule will contain the following information:
Month/Year
Payment
Principal......
Use a home loan calculator to avoid errors
Home values have fallen by 30 percent, 40 percent or more in many parts of the country. Such low prices may be tempting you to take the plunge and buy a new home. But is that a wise choice for you? A home loan calculator can help you find out.
It's important to know exactly what you're getting yourself into before you make an offer on a new house, townhouse or condo. A home loan calculator, also called a mortgage calculator, can help you determine your monthly mortgage payments in advance, so you don't become "house poor," or worse -- run the risk of foreclosure.
When you plug some basic......
How to comparison shop for your new home
Buying a home is a massive financial commitment, so it's imperative that borrowers conduct a good search before settling on a mortgage -- and a particular house.
But what's the best way to get good information for a mortgage rate comparison and property comparisons? Start by using these tools:
Good faith estimate,The Department of Housing and Urban Development, or HUD, issued the first industry-standard good faith estimate, or GFE, in January 2010. The standardized document makes it easier to shop different lenders as each lender is required to detail the same information on the same work......
Iceland forgives mortgage debt of its population
The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose a very different way of stopping the crisis from the rest of European countries. It decided to hear the requests of the population and to put politicians and bankers on the bench of the accused three years after their financial excesses would sank one of the most prosperous economies in 2008. tele......
When You're a Mortgage Payment Behind - an FHA Loan Can be One Solution
When You're a Mortgage Payment Behind - an FHA Loan Can be One Solution
By Katie-Anne Gustafson
If you have an FHA loan, your mortgage insurance may be an option for bringing payments current. Contact your lender to learn if you are eligible for a payment from this fund. You will need to learn about the prevailing requirements in your state. It is also very important that you are able to resume regular, timely payments once your mortgage payment......
Remortgages with Bad Credit
In recent years, more lenders are increasingly offering Bad Credit Remortgages. A UK remortgage with bad credit is when mortgage holders pay off their current mortgage using a new mortgage. The lender uses the same property as security. The term “bad credit”, is a credit rating that describes a person as having poor credit status. Those who have filed for bankruptcy, failed to repay past loans, and have received court judgments for unpaid debts,......
Is an Interest only mortgage for me?
Before we look at the positive and negative aspects of this type of mortgage we need to know how they work.
As the name suggests with an Interest only mortgage you only pay the interest on the loan, and pay nothing off the capital amount. With a normal repayment mortgage your mortgage payment is split into two parts. First you pay the interest on the mortgage and secondly you pay off some of the capital amount on the mortgage. At the end of......
Factors of Personal Loans
Posted on 28 May, 2007A personal loan, or unsecured loan, is a loan that is secured against a borrower’s personal credit rating, not against any personal property. Institutions providing personal loans include high street banks, building societies, online banks, supermarkets, as well as borrowing and lending exchanges.
Personal Loan FactorsWhen considering taking out a personal loan, there are a number of factors to consider before you apply.......
Federal Housing Authority and the FHA Home Equity Conversion Mortgage
About FHA home equity conversion mortgage programs for senior homeowners.
The FHA home equity conversion mortgage, otherwise known as the FHA HECM loan is the most popular reverse mortgage program. The government designed it to help keep seniors secure and in their homes as they enjoy the rest of their lives. A HECM loan is a special type of home loan that enables home owners to convert a portion of their equity into cash. The equity built......
Mortgages UK
Our Commitment To Getting You The Best Deal
With 1000’s of different mortgages on offer, it is important that home-buyers obtain as much specialist mortgage information as possible. Many Mortgage Companies will claim to be fully independent, while in fact they operate a restricted panel or are affiliated with a mortgage lender.
Any Mortgage Broker we introduce you to will offer a “whole of market” service. This means they......
The Principal Facts of an Interest-Only Mortgage
The Principal Facts of an Interest-Only Mortgage
By Tanu Javeri
You are buying the house of your dreams with an interest-only
mortgage. You'll get a low mortgage payment, and you'll maximize your
tax deduction, all on your current income! Everything seems to be going
good. But have you really understood the concept of interest-only
mortgage and how it functions.
So What Is An Interest-Only Mortgage?
Well
it may break your bubble......
Capital and Repayment Mortgages
Capital and Repayment Mortgages
By Jame Smith
What Is Capital and Repayment Mortgage?
"Repayment mortgage (also called a capital-and interest loan)
Your monthly payments gradually pay off the amount you owe as well
as paying the interest charged on the loan. Provided you make all the
agreed payments, the loan will be fully paid off by the end of the
mortgage term."
- Consumer Information, FSA, June 2006
Repayment mortgage and
capital......
Mortgage Insurance Leads
Mortgage Insurance Leads
By Jennifer Bailey
Mortgage insurance is coverage to the mortgage lender in case of the
potential default of payments by the borrower. It is an insurance policy
like any other, and requires premiums to the paid. Premiums are
generally passed on by the mortgage lender to the buyers of the
mortgage. Mortgage buyers may wish to pay the premiums either on a
monthly basis, or as a lump sum amount at the end of......
Mortgage Reduction Program
Mortgage Reduction Program
By Samia Jamal
Mortgage loans are one of the most essential liabilities in today's
world. On one hand this is the only way a middle class family or the
average consumer can afford to buy a house and on the other hand he/she
has to pay a massive amount of money while paying off the mortgage.
Mortgage loan terms in general vary from 20 to 30 years. If you do your
math properly then you would understand that......
Career Options With Mortgage Broker Training
Career Options With Mortgage Broker Training
By Andy West
Taking any type of training or education is an investment both in time
and money. It is therefore important to choose your training wisely to
ensure that it will provide you with the credentials, education and
knowledge needed to get started in the career of your dreams. For those
interested in the housing and lending field finding a great career
starts with taking mortgage broker......
How to Deal With a Mortgage Broker?
How to Deal With a Mortgage Broker?
By Maria Z
Every resident hopes to secure a house for himself and his family that
he can benefit from in years to come. Most hopeful house-hunters among
these would surely considering getting mortgage to better help finance
their real-estate buy. However, while getting mortgage is quite
beneficial for those not wanting to pay a heavy upfront, it involves
extreme caution while dealing with such transactions.
Where......
Mortgage Loans - Mortgage Brokers Help You Prequalify!
Mortgage Loans - Mortgage Brokers Help You Prequalify!
By Geoff McLean
First time home buyers might be surprised how fast a deal moves in a
busy real estate market and mortgage loans can take a little time to
organize. An experienced realtor will advise you to use a mortgage
broker to prequalify for a mortgage loan so that you can move quickly
when buying a house.
Even when the real estate market is experiencing a downturn, the most
desirable......
Mortgage Processing Company: Increases Productivity As Well As Earnings
Mortgage Processing Company: Increases Productivity As Well As Earnings
By Amitaabh Saboo
The whole mortgage processing process is able to be a rather formidable
job and a lot of small & mid-sized mortgage lenders are ever more
outsourcing the services to many an expert Mortgage Processing Company
that dedicate themselves to the process. The benefits that the petty
mortgage lenders get from doing so are ample. A few of the benefits are......
Shopping for the Right Mortgage Company
Shopping for the Right Mortgage Company
By Mark Moss
The only available way to getting a home in this unstable economy is
probably through a mortgage. If you can afford buying a property with
your own cash, then you can consider yourself lucky. However, as the
rest of us will probably go through mortgages to get their houses, it
will be great if we all know the right procedure to finding a good
mortgage company. Dealing with professional......