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Calculating Mortgage Interest Questions and Answers
Open Question: This problem concerns the production of a java program that will calculate repayments on a student loan for a ?
Problem Specification:
This problem concerns the production of a java program that will calculate repayments on a student loan for a single year. Repayments are based upon the ex-student’s income and 3% interest that will be added to the loan every year by HM Government (nice people).
NOTE: You are required to also submit a flow chart and pseudo code to your tutor!
Method
1.First prompt and read the 2 inputs (loan and wages), store them in "double" variables.
2.Now calculate the net income by subtracting 10,000 pounds from the wages (that is the free threshold amount which you can keep and will not be used for repaying the loan).
3.Add 3% interest to the loan amount.
4.Finally calculate the new balance of the loan by subtracting the 9% deductions (calculated in step 2. above) from the current loan balance.
Here are three examples that show how the system works:
Example 1Example 2Example 3
Earned income£13,000£9,000£12,000keyboard input 1
Less threshold£10,000£10,000£10,000
Net income£3,000Nil£2,000output in response to input 1
Deductions 9%£270Nil£180
Loan£4,000£8,000£2,000keyboard input 2
Interest 3%£120£240£60 output in response to input 2
New balance£3,850£8,240£1,880
Typical Input / output
Input:
Enter total amount of student loan taken: 4000
Enter anticipated income: 13000
Corresponding Output:
Loan taken out: 4000, anticipated income 13000
Total plus interest: 4120
Amount Re-paid: 270
New balance: 3850
any help Please
-------------------------------------------------------------------------------------------
import java.io.*;
import java.text.DecimalFormat;
import java.util.Scanner;
public class MortgageCalculator2
{
static int months = 360;
static double rate = .0575;
public static void main(String[] args) throws IOException
{
// declare variables
double orignialLoan = 200000;
double newLoan = 200000;
String str = "";
double payment;
double loanPayment = 0;
double interestPayment = 0;
int i;
// print to display monitor
System.out.println("\t McBride Mortgage Payment Calculator");
System.out.println();
System.out.println("\t $200,000.00 Loan");
System.out.println();
System.out.println("\t at 5.75% for 30 year term");
Scanner input = new Scanner(System.in);
System.out.println();
DecimalFormat twoDigits = new DecimalFormat("$##,###.##");// Format how it will be displayed.
// For Statement.
for (i = 1; i <= months; i ++)
{
orignialLoan = newLoan;
double interest = getInterest (rate); // Interest rate for the month.
payment = getPayment (interest, orignialLoan); // Payment per month.
newLoan = getNewLoan (interest, payment, orignialLoan); // Balance after payment.
loanPayment = orignialLoan - newLoan; // Amount of monthly loan.
interestPayment = payment - loanPayment;// Amount of monthly interest.
// Print to display moniter.
System.out.println("The monthly payment on " + twoDigits.format(orignialLoan) + " at 5.75% rate is " + twoDigits.format(payment));
System.out.println();
System.out.println("New Balance " + twoDigits.format(newLoan));
System.out.println("Loan Payment " + twoDigits.format(loanPayment));
System.out.println("Interest Payment " + twoDigits.format(interestPayment));
if (i % 3 == 0){
System.out.println("Continue? (Y or N)");
str = input.nextLine();
if(str.equals("N") || str.equals("n"))
System.exit(0);
}
}
} // End For
} // end of main
// Get Interest Method
public static double getInterest(double rate)
{
double interest = rate / (12 * 100);
return interest;
} // End of Interest Method
// Get Payment Method
public static double getPayment (double interest, double orignialLoan)
{
double payment = (orignialLoan * getInterest(rate)) / (1 - Math.pow(1 + getInterest(rate), - months));
return payment;
} // End of Payment Method
// Get New Loan Amount
public static double getNewLoan (double interest, double payment, double orignialLoan)
{
double newLoan = orignialLoan * (1 + interest) - payment;
return newLoan;
} // End New Loan Amount
} // end program
My Question is how to add main method to it I start again i m lost .2.Now calculate the net income by subtracting 10,000 pounds from the wages
-----------------------------------------
import java.io.IOException;
import java.text.DecimalFormat;
import java.util.Scanner;
public class Assignment2 {
private static final Scanner scan = new Scanner(System.in);
public static void main (String args[]) throws IOException
{
double loan_amount, anticipated, interest_rate, interest_rate_month,interest,unpaid_amount;
double installment, principal;
double interests_rate = 3;
int loan_period = 12;
int payment_no = 0;
int a;
System.out.print("Enter total amount of student loan taken: "); //Input of loan amount
loan_amount = scan.nextDouble();
System.out.print("Enter anticipated income: ");
anticipa
done so far
----------------------------------
import java.io.IOException;
import java.text.DecimalFormat;
import java.util.Scanner;
public class Assignment2 {
private static final Scanner scan = new Scanner(System.in);
public static void main (String args[]) throws IOException
{
double loan_amount, anticipated, interest_rate, interest_rate_month,interest,unpaid_amount;
double installment, principal;
double interests_rate = 3;
int loan_period = 12;
int payment_no = 0;
int a;
System.out.print("Enter total amount of student loan taken: "); //Input of loan amount
loan_amount = scan.nextDouble();
System.out.print("Enter anticipated income: ");
anticipated = scan.nextDouble();
interest_rate_month = interests_rate / (loan_period*100);
not enuf room here to post ?????
moreResolved Question: John buys a house for $150,000 and takes out a five year adjustable rate mortgage with a beginning rate of 5%.?
He makes annual payments rather than monthly payments. unfortunately for John, interest rates go up by 1% for each of the years of his loan (Year 1 is 6%, 7%, year 3 is 8%, year 4 is 9%, year 5 is 10%). Calculate the amount of John's payment over the life of his loan. Compare these findings if he would have taken out a fix rate loan for the same period at 7.5%. Which do you think is the better deal?
moreResolved Question: Can you get a 5 year mortgage? ?
I have 7 years left on my mortgage, and want to refi. With the reduction in interest rates, I have calculated that I can get a 5 year for the same monthly cost as my current rate. I have already done the calculations and have factored in closing costs. But, do banks give 5 year fixed mortgages?
moreResolved Question: mortgage interest - need to know how to calculate interest portion of payment?
If i pay 720ish every 2 weeks for my mortgage and it says my on my mortgage that 80 ish is for property tax so i pay 635 every 2 weeks principal and interest on the mortgage at a rate of 7.89% then what is the amount i pay for interest only fro mthat 635?????
If my calculation is correct - i pay 590 principal and 46 interest every 2 weeks
But that doesnt sound right because i thought interest was the most part of your mortgage so principal is the least amount
So is there a formula to calculate what is interest and what is principal
Reason i am asking is because my wife and i do a part time home business and the accountant for taxes is asking for the amount i pay for interest only so i can write that off as a business expense
moreResolved Question: Help me calculate the interest rate? 10 points ?
the interest for a mortgage is 5.30% or 5.3% whatever
this needs to be converted quarterly, i did this and it gave me 1.012994513% which someone said was low. is it correct
please i need to calculate this by HAND because it is coursework, please dont give me ANY websites because they dont help
if you could explain it i would be so grateful
moreResolved Question: How are car loan payments calculated?
My friend got a loan from Honda on a new Civic for 1.9% (several months ago), then realized the payments are caluclated exactly like a home mortgage (with higher interest and lower principle payments near the beginning). What is the normal formula for a car loan?
I'm guessing the mortgage method is useless to Friend because auto interest isn't tax deductible. Right?
moreResolved Question: If the interest on your mortgage is calculated on a daily basis, does the day you make overpayments not matter?
I am currently paying over £300 a month extra on the day my mortgage is taken from my bank. If I make further payments throughout the month, will the day I do this make no difference to the interest paid? Thanks in advance.
Thank you. I called my bank to clarify but they were very, very vague to say the least. Almost like they didn't want me to know!
moreResolved Question: Mortgage Interest Tax Write Off Questions?
Ok, me and my friend is trying to calculate and trying to understand all this and dont know who is right or wrong. My friend, for 2007, filed single, making about $57,000 annual salary. His return last year was about $1,500 for federal(roughly). He is thinking about purchasing a house and said he is going to write off the loan interest. So, if everything is the same except for the purchase of the house, his tax return for 2008 will be much larger?
moreVoting Question: How do I calculate how much of my mortgage I am actually paying off?
I am borrowing £56,699 from the bank for my mortgage for 25 yrs. I will be on a 6.63% interest rate. Regardless of future interest rate changes and other fees, what is the formula for calculating how much I will actually pay off? I know my monthly payment will be about £390 but it is a capital and interest repayment mortgage. I want to have a formula I can understand that I can see how much I will have paid off after year 1 and so on. The bank told me you pay more interest in the first year, but this confuses me further.
After a year, I want to look at remortgaging and perhaps borrowing more so I would like to know how much of the £56,699 I will have paid so I will know roughly how much more I can borrow.
moreResolved Question: Questiona on annuity,please solve it, its urgent, if u r gud at it do ans it as soon as possible.?
Question 1
(a) Ten years ago, to supplement their planned retirement, a couple purchased a 25 year flexible savings plan for a target sum of £75,000, which was projected to grow at an annual equivalent rate (AER) of 8%. The insurance company, having reviewed their plan (as they do normally every 10 years), now inform the couple that they will have to increase their monthly premium as the rate of return has turned out to be lower than expected, or face the prospect of receiving a lump sum well below the target.
(i) Calculate the revised monthly premium for the next 15 years in order to meet the target sum of £75,000, based on a projected AER of 6%. (25%)
(ii) What would be the shortfall in the target sum if the couple continued paying their monthly premium as before, but the plan grows at 6% AER for the first 10 years, and then at 5% AER for the next 15 years? (25%)
(b) A householder takes out a mortgage of £75,000 to be repaid over 25 years at an assumed Annual Percentage Rate (APR) of 6.8 %. What would be the reduction in his monthly repayment if £10,000 of the capital were repaid at the end of 10 years, with a part repayment penalty charge of £199 added to the outstanding balance? (30%)
(c) A student loan company will lend you £5,000 now, repayable in 10 years with interest but the repayments will only start after 3 years when you graduate. What will be the end of year annual repayment for the remaining 7 years if the APR on the loan is 3.6%? (20%)
NB: It is better to perform your initial calculations to 6dp to avoid rounding off errors.
Question 2
(a) Using the present value of a fixed term bond, explain the relationship between the price, the par value and the rate of return on this bond. How do you distinguish between a bond that sells at a premium and a bond that sells at a discount? (20%)
(b) A £100 par value bond has a coupon rate of 8.25 per cent, payable semi-annually on 30 June and 31 December. The bond matures on 31 December 2010. Find the quoted price and the market price of this bond on 16 November 2006, given that the yield to maturity was 8 per cent. (20%)
(c) An investor has a portfolio of three assets. The expected returns, expected standard deviations and the correlation matrix of returns are:
Asset Expected Expected Correlation matrix
Return Stand dev A B C
A 2% 10% A 1.0 0.3 0.4
B 3% 12% B 1.0 0.2
C 4% 14% C 1.0
(i) Calculate the portfolio expected return and standard deviation if each asset constitutes one third of the portfolio. (15%)
(ii) Suggest weightings for the assets that would produce a portfolio with lower risk. Explain what risk is and why it is reduced. (15%)
(iii) Trace out the efficient segment for the above data, explaining how this is obtained. What is the expected return on the least risk portfolio? (30%)
Pls solve the question with steps and formuleas, even you know one part plz do solve it.
moreVoting Question: How do you deduct interest expense from a mortgage from income?
I am about to start a job. The salary is 50,000 per year. I am probably looking at a 30% tax rate. Therefore, I will be paying about 15,000 a year in taxes alone. How does the mortgage deductible works??? For example I would be paying my taxes each month from my paycheck, and then would I file the income tax return form?? And then how would they calculate the amount of money I get refunded for taxes?? I am not sure if what they do is substract the 15,000 from my 50,000 income and then calculate what i should pay after that? Or do i just get refunded the whole amount I paid in interest????
Thank you for all your answers!!!!
moreVoting Question: Please help to correct my java code?
I have been correcting the arrays, and still need help with how I am putting this together. I have called out the interest rates, years, and need to printout all three mortgage payments for only one month. Any suggestions?
import java.text.DecimalFormat;
//
public class MortgagePayment
{
public void calc(double interest, double principle, int monthlypayments)
{
//Declare and construct the variables
DecimalFormat decimalPlaces = new DecimalFormat(".00");
double monthlypayments, principle, interest, interestAmount, payment;
int amount, i, paymentsPerPage, lengthOfPause;
// Variable Declaration
int principal[] = {200000, 200000, 200000};// Principal for each calculation
double interestRate[] = {5.35, 5.50, 5.75};// Interest Rate for each interest rate
int totalYears[] = {7, 15, 30};// Length in years for each loan
double monthlyInterest[] = {0, 0, 0};// Monthly Interest
int totalMonths[] = {0, 0, 0};// Number of Months
double monthlyPayment[] = {0, 0, 0};// Monthly Payment
// Calculations Loop
for (int i = 0; i < 3; i++){
monthlyInterest[i] = interestRate[i] / (12 * 100);
totalMonths[i] = totalYears[i] * 12;
monthlyPayment[i] = principal[i] * (monthlyInterest[i] /
(1 - (Math.pow((1 + monthlyInterest[i]),(-totalMonths[i])))));
}
//Output to screen
System.out.println("Principle = $"+decimalPlaces.format(principle)); //The loan amount
System.out.println("Interest Rate ="+interest*100 +"%"); //The interest rate
System.out.print("Payment per Month = $"); //The monthly payment amount
System.out.println(decimalPlaces.format(payment));
System.out.println("********************");
System.out.println("********************");
for(i = 1; i <= 1; i++)
{
System.out.println("Payment " + i + ":");
System.out.println("----------");
System.out.println("Payment Amount: $ " + decimalPlaces.format(payment));
interestAmount = ((interest / 12) * principle);
System.out.println("Interest Amount: $ " + decimalPlaces.format(interestAmount));
// You also have to calculate interest and add that back in.
principle = (principle - payment) + interestAmount;
System.out.println("Loan Balance: $ " + decimalPlaces.format(principle));
System.out.println("----------");
System.out.println("");
if(((i - 1) % paymentsPerPage) == 0)
{
try{Thread.sleep(lengthOfPause * 1000);} //This is a pause function.
catch(InterruptedException ie){}
}
}
}
}
moreVoting Question: Java assistance please...?
I have taken the advisce of my learned fellow Java
experts, and tried to add the arrays of two more years at new interest rates. I can get the first amount printout
at 30 years, but cannot get the remainder of 15 @5.5% and 7 years @ 5.35%. Now that I have the decimal places knocked, I cannot get the other two
rates and years to compile. What do I need to do next?
//Here is the basc code
import java.text.DecimalFormat;
//
public class MortgagePayment
{
public static void main (String[] args)
{
//Declare and construct variables
DecimalFormat decimalPlaces = new DecimalFormat(".00");
double monthlypayments, principle,interest,interest2,interest3,
interestAmount, payment;
int amount, i, paymentsPerPage, lengthOfPause;
/* Below are the values used in the formula for calculating the monthly mortgage payment amount */
interest = 0.0575; //Interest rate #1
principle = 200000; //Amount borrowed
monthlypayments = 360; //Number of monthly payments #1
interest2 = 0.0500;//Interest Rate #2
principle = 2000000;
monthlypayments = 180;//Number of monthly payments #2
interest3 = 0.0535;//Number of monthly payments #3
principle = 200000;
monthlypayments = 84;//Number of monthly payments #3
//This is the formula used to calculate the monthly payment
payment = principle * ( (interest / 12.0) / (1 - Math.pow( (1 + (interest / 12.0)),-monthlypayments) ));
//Output to screen
System.out.println("Principle = $"+decimalPlaces.format(principle)); //The loan amount
System.out.println("Interest Rate ="+interest*100 +"%"); //The interest rate
System.out.print("Payment per Month = $"); //The monthly payment amount
System.out.println(decimalPlaces.format(payment));
System.out.println("********************");
System.out.println("********************");
lengthOfPause = 5; //The amount of time (in seconds) to pause the page
paymentsPerPage = 3; //The number of payments to view per page
i = 1;
for(i = 1; i <= 1; i++)
{
System.out.println("Payment " + i + ":");
System.out.println("----------");
System.out.println("Payment Amount: $ " + decimalPlaces.format(payment));
interestAmount = ((interest / 12) * principle);
System.out.println("Interest Amount: $ " + decimalPlaces.format(interestAmount));
// You also have to calculate interest and add that back in.
principle = (principle - payment) + interestAmount;
System.out.println("Loan Balance: $ " + decimalPlaces.format(principle));
System.out.println("----------");
System.out.println("");
if(((i - 1) % paymentsPerPage) == 0)
{
try{Thread.sleep(lengthOfPause * 1000);} //This is a pause function.
catch(InterruptedException ie){}
}
}
}
}
OK...I tried to do what was suggested, and end up with more errors than when I started.
I do not understand WHERE to put these things.. I tried the formula location, and still cannot get anything
but the errors increasing. Does anybody know where the suggestion is supposed
to be located in the code? How does it fit?
I tried this combination with my program and I still have about 4 errors..
Any ideas?
import java.text.DecimalFormat;
//
public class MortgagePayment
{
public void calc(double interest, double principle, int monthlypayments)
{
//Declare and construct variables
DecimalFormat decimalPlaces = new DecimalFormat(".00");
double monthlypayments, principle, interest, interestAmount, payment;
int amount, i, paymentsPerPage, lengthOfPause;
// Variable Declaration
int principal[] = {200000, 200000, 200000};// Principal for each calculation
double interestRate[] = {5.35, 5.50, 5.75};// Interest Rate for each interest rate
int totalYears[] = {7, 15, 30};// Length in years for each loan
double monthlyInterest[] = {0, 0, 0};// Monthly Interest
int totalMonths[] = {0, 0, 0};// Number of Months
double monthlyPayment[] = {0, 0, 0};// Monthly Payment
// Calculations Loop
for (int i = 0; i < 3; i++){
monthlyInteres
moreVoting Question: Help with java program?
I did allright with the program, but now I have to add an array of 7 years payment amount @ 5.35%, 15 years payment amount @ 5.5%, and I have yet to be ableto put this into a decimal place of two. This has been a very complicated addition to an easy program. How can I do this?
import java.text.DecimalFormat;
public class MortgagePayment
{
public static void main(String args[]) throws Exception
{
//declare and construct variables
int loanAmt = 200000; // this is the principal loan amount
int loanTerm = 30; // this is the loan term in years
int monthNum = 360; // indicates the monthly line item number
int line = 0;
double intRate = 5.75; // this is the initial interest rate
double monthlyPay = 0; // monthly payment
double monPrinPay; // monthly principal payment
double newLoanBal = 200000; // the loan balance
double monIntPaid; // interest paid
double newIntRate = 0; // monthly interest rate
// displays in the console window
System.out.println();
System.out.println("Welcome to Anne's Mortgage Payment Calculator");
System.out.println();
System.out.println("This program will calculate and display: (1) Monthly mortgage payments");
System.out.println("The principal loan amount = $" + loanAmt);
System.out.println("The interest rate = " + intRate + "%");
System.out.println("The term of the loan = " + loanTerm + " years");
// construct the formulas
loanTerm = loanTerm * 12;
newIntRate = (intRate * .01) / 12;
monthlyPay = loanAmt * newIntRate / (1 - Math.pow(1 + newIntRate, - loanTerm));
// displays the variable information and formula results
System.out.println();
System.out.println("The monthly payment for a $" + loanAmt + " over a " + loanTerm + "-month term (30 years) at a ");
System.out.println(intRate + "% interest rate = $" + monthlyPay);
System.out.println();
}
}
moreResolved Question: This code will not compile..I keep getting the same error about the end bracket..help?
I am having a hard time just finishing this code,
and keep getting the same error about the parser
not being able to finish properly.
import java.text.DecimalFormat;import java.text.DecimalFormat;
public class MortgageCalculatorWeek4 {
// Initial values set for the fields
public static double amountFix = 200000; //Initial mortgage amount
public static int[] term = {7, 15, 30}; // hard coded array of terms
public static double[] interest = {.0535, .0550, .0575}; // hardcoded array of loans
/**
* Computes the monthly payment based on the loan amount, rate, and length of the loan
* @param loanAmt double - Loan amount
* @param rate double - Loan rate
* @param term int - length of the loan
* @version 3.0
* @author MM
*/
public double computePayment(double loanAmt, double rate, int term)
{
double mrate; // mortgage rate
double months; // months
double answer; // result
months = term * 12; //Gets number of months
mrate = rate / 100.0 / 12.0; //Gets monthly rate from annual
answer = loanAmt * mrate / (1 - Math.pow ((1 + mrate),(-months)));
return answer; // return result
}
/** This is the section where all the calculations are performed and printed
* @version 3.00
* @author MM
*/
public void setCalc()
{
boolean displayHeader = true; // boolean which decides what header should be displayed
int array = 0; // array index
double computePayment;
double ipaid;
for(array = 0 ;array<3;array++){
computePayment = amountFix; // assign initial value
double monthlyPayment = new Double(computePayment(amountFix, interest[array]*100,term[array])); // calculate monthly payment
printMonthlyPayment(monthlyPayment,interest[array],term[array]); // display monthly payment
for(int month = 1; month <= (term[array] * 12) ; month++)
{
// calculate interest and balance
ipaid = computePayment * (interest[array] / 12);
computePayment -= (monthlyPayment - ipaid);
if(month == term[array] * 12 && computePayment < 0) {
computePayment *= -1;
}
if(displayHeader){ // if it's needed displayHeader
headerPrinter(month);
}
displayHeader = false; // set displayHeader to false again
printAmortisation(month,ipaid,computePayment); // display results
if((month%12) == 0){
if(!(month == (term[term.length-1]*12) && (term.length-1 == array))){ // if month is different of value in last term
continueMessage(); // print continue message
displayHeader = true; // set display header to true
}else{
endProgramMessage(); // else display end program message
System.exit(1); // and finish program
}
try{
System.in.read();
}catch (Exception ex){
ex.printStackTrace(); // if any exception occurs print stack trace
}
}
moreResolved Question: Why do people think buying a house is such a good investment?
It IS a good investment if you can pay it off within 2 or 3 years or buy it cash, or rent it.
But most people get a 30 year mortgage and never finish paying off their house and if they do, it takes them 10+ years.
When you calculate all the interest you pay on your mortgage you will realize that by the time you sell your house you will either be breaking even or losing money when you add up all the interest and other costs. You will never get rich from owning your own house. In most cases you are losing money.
Why don't people see this?
I'm not saying not to buy a house, I'm just wondering why everyone acts like its such a milestone. I think if you can't buy it cash or pay it off in 2 years, it doesn't mean much.
This is why I still rent and my friends always tell me I'm throwing my money away. But thats not how I see it.
But if you at the end of it all you have a property worth $200,000 and with all expenses you paid about $500,000 you are still losing $300,000.
But if you rented and lost $200,000 (since renting is cheaper) you would be in a better position.
moreResolved Question: Need help finishing up this java code?
I keep getting an error that tells me the end brackets
are incorrect and I cannot finish compiling my code. What am I doing wrong ending this code?
//
public class MortgagePayment
{
public static void main (String[] args)
{
//Declare and construct variables
DecimalFormat decimalPlaces = new DecimalFormat(".00");
double monthlypayments, principle,interest,
interestAmount, payment;
int amount, i, paymentsPerPage, lengthOfPause;
/* Below are the values used in the formula
for calculating the monthly mortgage payment amount
*/
interest = 0.0575; //Interest rate
principle = 200000; //Amount borrowed
monthlypayments = 360; //Number of monthly payments
//This is the formula used to calculate the monthly payment
payment = principle * ( (interest / 12.0) / (1 - Math.pow( (1 + (interest / 12.0)),-monthlypayments) ));
//Output to screen
System.out.println("Principle = $"+decimalPlaces.format(principle)); //The loan amount
System.out.println("Interest Rate ="+interest*100 +"%"); //The interest rate
System.out.println("Monthly Payments = $"+decimalPlaces.format(monthlypayments)); //The number of payments
System.out.print("Payment per Month = $"); //The monthly payment amount
System.out.println(decimalPlaces.format(payment)); //formats the payment amount to two decimals
System.out.println("**************************");
System.out.println("**************************");
lengthOfPause = 5; //The amount of time (in seconds) to pause the page
paymentsPerPage = 20; //The number of payments to view per page
i = 1;
for(i = 1; i <= 360; i++)
{
System.out.println("Payment " + i + ":");
System.out.println("----------");
System.out.println("Payment Amount: $ " + decimalPlaces.format(payment));
interestAmount = ((interest / 12) * principle);
System.out.println("Interest Amount: $ " + decimalPlaces.format(interestAmount));
// You also have to calculate interest and add that back in.
principle = (principle - payment) + interestAmount;
System.out.println("Loan Balance: $ " + decimalPlaces.format(principle));
System.out.println("----------");
System.out.println("");
if(((i - 1) % paymentsPerPage) == 0)
{
try{Thread.sleep(lengthOfPause * 1000);} //This is a pause function.
catch(InterruptedException ie){}
{
{
moreResolved Question: Help correct this code until it runs-interest needs to increase-numbers rounded?
//This program will show how much you will pay per
//month if you take out a loan for $200,000.00 and pay it back
//in 30 years. The formula to calculate mortgage is as follows:
//R=Pi/1-(1+1)-n(sqrt)
//R= Monthly Payment, P= Amount Borrowed, r= Annual Interest Rate (decimal), i= Interest
//rate per compounding period r/12, n= Number of months to repay (360)
//This calculator will also show the loan balance and interest paid
//for each payment over the term of the loan.
//
import java.text.DecimalFormat;
public class MortgagePaymentFranklin
{
public static void main(String args[]) throws Exception
{
//declare and construct variables
int loanAmt = 200000; // this is the principal loan amount
int loanTerm = 30;
// this is the loan term in years
int monthNum = 360;
// indicates the monthly line item number
int line = 0;
double intRate = 5.75;
// this is the initial interest rate
double monthlyPay = 0.0;
// monthly payment
double monPrinPay; // monthly principal payment
double newLoanBal = 200000;
// the loan balance
double monIntPaid; // interest paid
double newIntRate = 0;
// monthly interest rate
// displays in the console window
System.out.println();
System.out.println("Welcome to Anne's Mortgage Payment Calculator");
System.out.println();
System.out.println("This program will calculate and display: (1) Monthly mortgage payments");
System.out.println("The principal loan amount = $" + loanAmt);
System.out.println("The interest rate = " + intRate + "%");
System.out.println("The term of the loan = " + loanTerm + " years");
// construct the formulas
loanTerm = loanTerm * 12;
newIntRate = (intRate * .01) / 12;
monthlyPay = loanAmt * newIntRate / (1 - Math.pow(1 + newIntRate, - loanTerm));
// displays variable info and formula results
System.out.println();
System.out.println("The monthly payment for a $" + loanAmt + " over a " + loanTerm + "-month term (30 years) at a ");
System.out.println(intRate + "% interest rate = $" + monthlyPay);
System.out.println();
System.out.println("Listed below are the monthly interest rates, monthly payments, interest");
System.out.println("payments, and loan balances for the term of the loan:");
System.out.println();
System.out.println("Interest Rate\t\tMonthly Payment\t\tInterest Paid\tLoan Balance");
System.out.println("-------------\t\t---------------\t\t-------------\t------------");
// constructing formulas for monthly interest paid, monthly principal paid, and new loan balance
monIntPaid = newIntRate * newLoanBal;
monPrinPay = monthlyPay - monIntPaid;
newLoanBal = loanAmt - monPrinPay;
// Begins while loop
while(monthNum > 0)
{
System.out.println(newIntRate + "%\t$" + monthlyPay + "\t$" + monIntPaid + "\t\t$" + newLoanBal);
monthNum--;
newIntRate = newLoanBal * monIntPaid;
monPrinPay = monthlyPay - monIntPaid;
newLoanBal = newLoanBal - monthlyPay + monIntPaid;
if(line == 1)
{
line = 0;
try
{
Thread.sleep(2000);
}
catch (InterruptedException e)
{
}
}
else
{
line++;
}
}
}
}
moreResolved Question: can somebody help me with finance math?
I have a mortgage of $40.000. The term of duration is 25 years, interest rate of annual 12.5% being accumulated to the balance of debt nonamortized. The value of each quota is of $ 436. With these data they ask to me to calculate the paid amount of the interest during the three first months.
moreResolved Question: can you help me with finance math?
I have a mortgage of $40.000. The term of duration is 25 years, interest rate of annual 12.5% being accumulated to the balance of debt nonamortized. The value of each quota is of $ 436. With these data they ask to me to calculate the paid amount of the interest during the three first months.
moreResolved Question: What's the formula to calculate the future value of a mortgage given current value, repayments, interest rate?
moreVoting Question: how much extra in income tax do you get from interest from a mortgage?
I paid about 25000 in interest on my mortgage this last year. Is there a certain percent you get back or how do they calculate it? Thanks for any answers
moreResolved Question: Get answers from millions of real people.?
A MAN TAKE OUT A MORTGAGE OF 25 YEARS OF £50.000.OO. IF NEXT INTEREST RATE IS 8.4%.CALCULATE THE MONTHLY PAYMENT AND TOTAL INTEREST PAID
moreResolved Question: Programming in Q-BASIC?
So, one of my friends has to program in Q-Basic. I can read his code and understand it, but I'm not that fluent with Q-Basic to help him fix his errors. I know Visual Basic pretty well, and it seems a little bit similar, but I don't want to screw him up. He doesn't have a Yahoo account and has been posting for help on other forums, so I'm posting it here for him. Any ideas? :)
"ok, so Im doing a project to calculate mortgage. we enter a payment, an interest rate, and a monthly payment, but because of the interest, the last monthly payment has to be lower. And i end up with a payment left of like - 9.2653 $ . so I need help to fix my monthly payment (z) to be right and for my outstanding(x) to be right. Here are my variables and my program so far:
CLS
INPUT "Amount being borrowed?"; x
INPUT "Yearly Interest?"; y
INPUT "Monthly Payment?"; Payment
LET y = y / 100
LET Month = 0
DO
LET Month = Month + 1
LET Interest = x * (y / 12)
LET Principal = Payment - Interest
LET x = x - Principal
PRINT Month, Payment, Interest, Principal, x
LOOP UNTIL x <= 0
I know I need a "IF THEN" statement, but I don't know what to say in it. This is BASIC by the way. and here's a link to what the out put is supposed to look like. And like I said, I just cant get the last line right. Here's the last two lines of what the output is SUPPOSED to look like:
Month Payment Interest Principal Outstanding
6 150 2.858593 147.14141 138.71789
7 140.10507 1.3871789 138.71789 0
It's the last line I cant get because I don't know how to take the outstanding and put in into the payment to make the payment lower.
If anyone could help, that would be great! Thanks!"
moreResolved Question: I need some financial advice in regards to my mortgage?
I recently got a home loan and paid $440.00 to lock in an interest rate at 8.85%. 2 weeks after settlement I found out that my interest rate was locked in at 9.09% but the repayments had been calculated at 8.85%. I spoke to the bank numerous times and was told that the interest rate would be fixed. After many weeks and many more calls from me I was advised that the interest rate cannot be fixed but the manager offered to calculate the difference and pay it into our mortgage 6 monthly, but to do this I would need to pay $1500.00 (the difference over the 2 year fixed rate between 8.59 - discounted rate - and 9.09%.) We declined this. The bank has now come back and advised us that they are prepared to credit the mortgage with $1400.00 which is the difference in the interest rate between 8.59 & 9.09%, they will do this as soon as we advise that is the way we want to go. As this is our first mortgage I cannot see if this is any benefit to us. We need to get back to the bank with the outcome but are not sure if we should accept this. The bank has told me that as they left it more than 14 days to fix up the mistake, they now physically cannot put it back to 8.85%. Please advise which way we should go or if there is someone who will help me outside of the bank that we do not have to pay for.
Sorry I should have clarified – I am in Australia – And this was before the interest rate decrease. We paid for it to be locked in at 8.85% for 2 years. A mortgage (Not sure what type sorry). The loan docs say 8.85%.
we paid for it to be locked at 8.85% but NAB locked it at 9.09% and now say because they have taken so long the only way to fix it is by paying the difference in the correct rate of 8.85% to 9.09%. They have promised that this will go onto the home loan immediately, but is this really a fix for us or the banks way of getting us off their backs ?
moreResolved Question: Question about the difference between a mortgage for a house and a mobile home ?
A mobile home is a vehicle. It's got a license plate on it. It has different paperwork than a real 'stick-built' house does when you buy it, no property taxes, etc, etc.... So why is the mortgage like a house mortgage instead of like a car payment? When I pay my car payments, it goes down each month, and I don't pay like, $20,000 in interest on the car. But I'd end up paying twice (or more?!) the price for the mobile home once I'm done paying for it AND the interest. Why is this? Is the interest calculated differently?
moreResolved Question: Finance Question please help me calculate my answer was $6,400.59 anyone know if that is correct?
Assume that your 15-year home mortgage loan amount is $750,000.00 and interest rate (APR) is 6.168%. Interest is compounded monthly. Calculate the monthly payment.
moreResolved Question: Mortgage Commitment – is this Reasonable or Completely Wrong?
Hi All,
I wanted to ask whether the following mortgage commitment I received from a small bank is reasonable or completely wrong(?)
The mortgage commitment includes the following statement: "the loan balance upon maturity (5 years), with ALL INTEREST, charges and accessories, shall become due and payable on that date…. the mortgage will become due and payable in 60 months at which time the borrower, if all payments are made on the due date and any prepayment privilege is not used, will owe $155,000" (I rounded).
However, the loan amount (principal) is only $120,000! My question is is this normal that after 5 years the bank has calculated I will owe $155,000??
I understand how they calculated it – they added the present value of all future interest payments (30 years) to the amount I will owe. However, is this standard meaning most banks do it this way or is it completely wrong to the extent I should not take their loan?
What happens after 5 years if I want to continue with a different bank??
Lastly, in another section in the contract they mentioned" the mortgage is not renewable (after 5 years) on the same terms as described above (referring to interest and amortization). Therefore, on one hand if I take their mortgage it will never make sense to switch to a different bank after the 5 years term due to a HUGE penalty - will owe $155K where initial loan is only $120K. On the other hand if I stay with them they can now (after 5 years) charge any interest they want as they mentioned above.
I guess the bottom line is if this is a common/standard practice and most banks do it this way I will take the mortgage however if this is completely wrong/unreasonable I will not.
Is it even LEGAL for a bank to charge future interest (25 years interest) at the end of a term (5 years)? Don't they have to follow certain rules/regulations too?
I would appreciate any advice on the topic.
THANKS & REGARDS,
Neil
PS. it's a variable rate mortgage and the monthly payments include interest and principal
moreVoting Question: I need help answering 80 Finance Questions.?
Please answer any of them you know. Just one answer will help me a lot!
PART I: Conceptual/Multiple Choice
1. The primary operating goal of a publicly-owned firm interested in serving its stockholders should be to
a. Maximize its expected total corporate income.
b. Maximize its expected EPS.
c. Minimize the chances of losses.
d. Maximize the stock price per share over the long run, which is the stock’s intrinsic value.
e. Maximize the stock price on a specific target date.
2. The value of an investment after one or more periods of time is called the:
a. simple value.
b. present value.
c. discounted value.
d. future value.
e. interest on interest value.
3. The process of accumulating interest in an investment over time to earn more interest is called:
a. discounting.
b. compounding.
c. complexing.
d. multiplying.
e. indexing.
4. All else constant, the present value will __________ as the period of time decreases, given an interest rate greater than zero.
a. remain constant
b. decrease
c. increase
d. either remain constant or decrease
e. either remain constant or increase
5. The relationship between the present value and the interest rate is best described as:
a. direct.
b. inverse.
c. unrelated.
d. uncorrelated.
e. vertical.
6. An annuity for which the cash flows occur at the beginning of each time period is called a(n):
a. ordinary annuity.
b. beginning annuity.
c. annuity due.
d. perpetuity.
e. perpetuity due.
7. The effective annual rate is defined as the interest rate that is:
a. compounded at regular intervals throughout the year.
b. equal to a monthly rate multiplied by twelve.
c. computed by multiplying the rate per period by the number of periods per year.
d. expressed as if it were compounded once per year.
e. compounded only once over a multi-year period.
8. You are analyzing the value of an investment by calculating the present value of its expected cash flows. Which of the following would cause the investment to look better?
a. The discount rate decreases.
b. The cash flows are extended over a longer period of time, but the total amount of the cash flows remains the same.
c. The discount rate increases.
d. The riskiness of the project’s cash flows increases.
e. The total amount of cash flows remains the same, but more of the cash flows are received in the later years and less are received in the earlier years.
9. Which of the following statements regarding a 30-year, $100,000 mortgage with a nominal interest rate of 10%, compounded monthly, is NOT CORRECT?
a. The monthly payments will decline over time.
b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan.
c. The total dollar amount of principal being paid off each month gets larger as the loan approaches maturity.
d. The amount paid toward interest in the first payment would be lower if the nominal interest rate were 8%.
e. Over 90% of the first payment goes toward interest.
10. Which of the following statements is CORRECT?
a. Four key financial statements are the balance sheet, the income statement, the statement of cash flows, and the statement of retained earnings.
b. The balance sheet gives us a picture of the firm’s financial situation over a period of time.
c. The income statement gives us a snapshot of what is happening at a point in time.
d. The statement of cash flows tells us how much cash the firm has in the form of currency and demand deposits.
e. The statement of cash needs tells us how much cash the firm will require during some future period, generally a month or a year.
11. Other things held constant, which of the following actions would increase the amount of cash on a company’s balance sheet?
a. The company issues new common stock.
b. The company repurchases common stock.
c. The company pays a dividend.
d. The company purchases a new piece of equipment.
e. The company gives customers more time to pay their bills.
12. Which of the following statements is CORRECT?
a. The statement of cash flows shows where the firm’s cash is located, with a listing of all banks and brokerage houses where cash is on deposit.
b. The statement of cash flows for 2005 shows how much the firm’s cash (the total of currency, bank deposits, and short-term liquid securities, or cash equivalents) increased or decreased during 2005.
c. The statement of cash flows reflects cash flows from operations and from borrowings, but it does not reflect cash obtained by selling new common stock.
d. The statement of cash flows reflects cash flows from operations, but it does not reflect the effects of buying or selling fixed assets.
e. The statement of cash flows reflects cash flows from continuing operations, but it does not reflect the effects of changes in working capital.
13. Which of the following statements is CORRECT?
a. Accounts receivable are reported as a current liability
moreVoting Question: Please explain a HELOC is/isn't deductible with AMT? This is confusing.?
Thanks in advance to any tax savvy kind soul who can explain this clearly. It would be nice to have links to support your answer.
I have read that if a person takes out a Home Equity Line of Credit for $100k, that all the interest on that loan is tax deductible even if it isn't used directly for the house. Like if some or all of the money was used for a car, student loans, furniture, etc., as long as the loan amount is not more than $100k. (Nothing unusual, like the loan amount is worth more than the house.)
Then I was reading about AMT where it says that some mortgage interest paid cannot be deducted for AMT purposes. This is confusing. Is that right? So how is this handled on the tax return?
Also, how do you determine the amount of the interest that isn't deductible? If the HELOC was used like revolving credit for some things which may be deductible (such as for the house), while some things which aren't?
How might that be calculated? Do you add up all the checks written on the HELOC, figure out how many months they were loaned and calculate it against the interest rate? Or can this be estimated? Thanks!
moreResolved Question: Java Mortgage calculator help.?
Can someone help me flesh out the details of this? I need to make a mortgage calculator in java does the following
The user will be asked to enter to the amount of the mortgage loan, the term in years of the mortgage, and an annual interest rate. The amount of the mortgage loan shall be greater than 0 and not exceed 10,000,000 dollars. The minimum term for the loan is five years, with a maximum of 30 years. In addition to the user being able to supply the mortgage information the application will display three of the most commonly used mortgages and the user shall be able to select these mortgages instead of supplying the mortgage information. Once the user has provided the mortgage information, the program shall calculate the monthly mortgage payment and the amortization table for the life of the mortgage. For each month the amortization table shall display the loan period, loan balance, principal balance, interest balance, principal paid and interest paid.
Here is mortgage payment formula.
PMT = (PV x IR) / (1 - (1 + IR)^-NP)
Where:
PMT = Monthly Payment
PV = Principle Value (amount of loan)
IR = Interest Rate, by month
NP = Note Period, or mortgage term in months
IR = apr/100/12
NP = term * 12
if Apr > 0 AND APR <= 100 then
PMT = (Principal * IR)/(1-(1 + IR)-np)
else if Apr = 0
PMT = Principal/NP
end if
I need help I am not so good with Java. As long as i get the calculator part of this done i think i can handle the rest.
moreResolved Question: I want to buy a house, is it possible?
I am interested in buying a house that is 86000 dollars, I haven't been prequalified yet but after taxes my take home income is 3500 with my outgoing debt being just under 800 dollars with 2 car payments one with just under a year left and the other with 3 years and one credit card.I calculated the estimated mortgage payment on the house I'm interested in buying including taxes and insurance and its about 800 dollars.I've never bought a house before and I don't know what to expect but if anyone out there has any information do you think I'd be able to get a loan for a house for that amount, I should probably mention I'm looking for a 0 down loan.
moreVoting Question: APR contemporary math problem?
Calculate the monthly payment and the portions of the payments that go to the principal and to interest during the first 3 months for a home mortgage of $102,123 with a fixed APR of 8.7% for 25 years.
moreResolved Question: Questions from a first-time home buyer?
My husband and I are looking at buying our first house. We've been in an apartment for a year and a half now and we're more than ready to move into a house and actually have some counter space and decently sized bedrooms haha.
How do you calculate mortgage payments? I saw some mortgage calculators online, but they were not accurate. They didn't ask for interest rates or property taxes or anything like that. They just divided the cost of the house over 30 years. I would have assumed that you multiply the interest rate (we'll say 6%) by the cost of the house. Then divide the actual loan amount by 30 and add the interest to it.
80,000 x 0.06= $4,800 (per year, interest).
80,000/30= 2,667 + 4,800= $7,466/year or $622/month.
Is that how you do it? Am I doing it wrong?
Also, my husband is paying back his school loans. Our cars are paid off. We spend $65/week in groceries, $125/month for car insurance, $116/health insurance, etc. We don't waste money on frivolous crap... And according to this mortgage calculator online, it says he needs to make $61,000. If the mortgage + utilities = what we pay in rent now, and we're paying that on time every month with no problems, why does it say his salary needs to be almost twice what it is now?
This is stressful...
moreResolved Question: What is a typical income requirement for a mortgage? 4x? Also, no initial cost mortgages, worth it?
I'm looking to find out what banks would "typically" require for income for a mortgage. Also, if they would look at gross pay or net pay, what debts they look for to calculate it, and if they include home-owner's insurance in the estimate of a monthly payment. Also, my wife and I have student loans, but they are on deferment since we are both in school. Would it make any different if we got the loan before my wife's payment became due in January? I'm not interested in doing any kind of high risk loan. I just want a strictly "safe" 20% down, 30 year mortgage.
My story is this: I'm trying to finish college. I decided that I wanted to get married young, then we had my daughter which slowed school down a lot. I had about a year before finishing, then we just found out that my wife was pregnant again, even though we took precautions against it. Now that I'm looking at having two children, I feel like I need to get out of these apartment complexes and get into a solid home that I can call my own. I understand that there are plenty of benefits to apartments, like on-site maintenance, but I'm pretty handy and the benefits are losing their value. I've looked around at several houses in the area and found some relatively cheap houses on the market that would fit my wife's and my tastes. I have access to enough money for a 20% down payment for most of these houses. My biggest worry about affording a house would be the closing and other associated costs. Bank of America offers a no-closing-cost loan, but I feel like they might have such a high interest rate that it wouldn't even be worth it. Does anyone have any experience with this loan or something else similar?
moreResolved Question: How to Estimate Mortgage?
Does anyone know a good website where I can get a close estimate on what my mortgage will be?
I found a few calculators but they all vary greatly. Does anyone have one they recommend using?
My mortgage company says it will be $1439.77 / month ( $169,124.00 with 6% interest) but I would like to know how this is calculated so I can play around with the numbers and come up with worse case scenario and best case scenario estimates.
moreResolved Question: Contemporary math APR question?
Calculate the monthly payment and the portions of the payments that go to the principal and to interest during the first 3 months for a home mortgage of $102,123 with a fixed APR of 8.7% for 25 years.
moreResolved Question: $700b bail out- I oppose it. How about this plan?
Economists please chime in. Review and provide comments.
1. We refinance all the mortgage loans -especially delinquent loans -perhaps leaving out 30 year loans or just including adjustable/5 year or 7 year loans-at today's house values. And fix the interest rate at lowest possible rate for 10 years. This will give people confidence, decrease or fix their mortgage commitment and decrease the foreclosure. All lender is doing is taking property back and selling to mostly an investor or opportunist buyer. Lender is taking a loss anyway. Why not give consumer a break and increase his or her confidence. Nobody wants to lose a house or have bad credit.
2. Take the credit card amount for a consumer, Calculate the original borrowing and then adding a low interest rate-let us say- 8-10% and then fixing a monthly amount for 5 year. So, let us I borrow $10,000 and later borrow another $5000. Original amount would be $1,5000. Add 10% interest (as opposed to 12-18%) and let us for 2 years it comes out to $3,000. Total amount would be $18,000. This will be opposed to current situation where there is revolving recurring charges of interest rate and payment keeps fluctuating. Again, this will give consumer confidence and fix their liability.
This will put responsibility back to where it belongs- to opportunist lenders/banks as well as consumers-both meeting their responsibility but banker and lender writing off some of the debt to move things forward.
I am not an economist and I have not done the math but somehow feel this should solve some of the problems.
What do you think? Math wizards/economists please chime in.
Most importantly write to your Senator. We need everyone to be heard.
I do agree with stopping other expenses such as on war etc.
Did not know about Ron Paul though...thanks for sharing.
moreResolved Question: Interest & Mortgages.. Do you pay the percentage of interest yearly.. See more?
I plan on buying a house soon...
Im totally confised as to how the interest works out..
For example lets just hypothetically say// I borrow 100,000 with a 7% interest rate for 30 years.
Does that mean i will be paying 7,000 in interest per year?
How do you calculate that?
Would that mean i pay 352,000 over the course of the loan?
moreResolved Question: Can anybody explain to me how mortgages really work?
I went to some mortgage calculator website and put those numbers.
Loan amount: $100,000
Interest rate: 5.20 %
Amortization: 25
Monthly mortgage payment will be: $593.04
Yearly: $7116.48
What really confused me was when I calculated the total payment after 25 years.
7116.48 X 25 = $177,912
The question is, how come only %5.20 interest rate will end up paying about 77K over the original 100k price of the property? Or is it how things work out for mortgages? Sorry I'm from 3rd world countries and kinda don't get things right over there.
moreResolved Question: Simple C++ program, not compiling, I'm having trouble?
Please bear with me. I am a first year CS student and I know the mistakes I've probably made are silly.
// Mortgage Calculator
#include <iostream>
#include <string>
#include <iomanip>
#include <cmath>
using namespace std;
int main()
{// User input
cout << "Welcome to Eric's Mortgage Calculator!"<< endl;
string name;
cout << "First,what is your name?" << endl;
getline(cin,name);
string address;
cout << "Your address?" << endl;
cin >> address;
string city;
cout << "Your city?" << endl;
cin >> city;
string state;
cout << "Also, your state?" << endl;
cin >> state;
string zip;
cout << "And your zip code?" << endl;
cin >> zip;
cout << "Okay, now you're house..." << endl;
string cost;
cout << showpoint << fixed << setprecision(2);
cout << "What is the cost of your home?" << endl;
cin >> cost;
string downPayment;
cout << "And how much is the downpayment?" << endl;
cin >> dp;
string ir;
cout << "What is the interest rate of your loan? (Please enter with decimal =))" << endl;
cin >> ir;
string yrs;
cout << "How many years is the loan for?" << endl;
cin >> yrs;
//Calculations and assignments
float num = cost * (ir * (1 + ir));
float num2 = pow(num, 12);
float den = (1 + ir);
float den2 = pow(den, 12);
float den3 = (den2 - 1);
float monthlyPayment = (num2 / den3);
//Output
//Their info
cout << endl;
cout << endl;
cout << "Your information:" << endl;
cout << left ;
cout << "Name:" << name << endl;
cout << "Address:" << address << endl;
cout << "City:" << city << endl;
cout << "State and Zip:" << state << "," << zip << endl;
// Their calculations
cout << endl;
cout << endl;
cout << "And here are your calculations," << name << endl;
cout << "Cost:" << cost << endl;
cout << "Down Payment:" << downPayment << endl;
cout << "Interest rate:" << ir << endl;
cout << "Life of loan:" << yrs << endl;
cout << "Approximate Mortgage Payment:" << monthlyPayment << endl;
I know I'm not declaring the variables right. I think I should be using char or string for some. I also think my syntax for the formula is messed up. Heeeellpp!
By the way this is a program that calculates the monthly payment of a mortgage using the amortization formula.
moreResolved Question: What is the interest on a reversed mortgage?
With a reversed mortgage you can get up to 40% of the market value of your house in cash, if you are over 60 years old. What percentage of interest is calculated on this amount? Is it the same as a first mortgage, or by what is the interest calculated?
moreVoting Question: How do I calculate my net paycheck w/Mortgage?
If I make $1475 net a paycheck every 2 weeks, and I pay $1300 a month in interest for my mortgage, how to I project my net paycheck after deducting my mortgage interest?
Thanks a bunch
moreResolved Question: How do I calculate this Mortgage?
Using an Interest only loan. Here's the info
Loan Amount: 25,000,000
Term: 10 Years
APR: 3.9 %
Just paying the Interest, what would the monthly payments be?
moreVoting Question: How do you calculate a smart loan,bullet loan, and Interest-only loan?
With the given info
25,000,000$ Loan
6.8% APR
For a smart loan it says a mortgage payment is made every 2 weeks for half of the monthly mortgage. (Note: Using 30 year traditional mortgage)
For the bullet loan it just says there is a 5 year bullet. The mortgage is for 30 years.
For the interest-only it says 10 years with an APR of 3.9%
Any help is much appreciated.
moreResolved Question: Will A Mortgage Company Refinance Me For Tax Lien?
I was hospitalized 4 years ago and had to have a major surgery with a much longer recovery than I ever anticipated. I live alone, I dropped many of my responsibilities, it all fell by the wayside and actually it is only the last year I'm beginning to catch up. I didn't file that year and I received an IRS letter recently with calculated penalties and interest of a little over $30k. On top of that I have outstanding uncollected hospital bills of about $30k. I have a home I inherited free and clear that is valued around 120k. My question is: Can I find a mortgage company that will deal with me though I have terrible credit and never had a mortgage? What kind of loan amount would be available? And what would likely be the interest range/terms for someone like me? Thing is, I don't want to lose my house right when I'm just beginning to pull my life back together. thanks in advance for your thoughts.
moreResolved Question: what would be a common APR for a relatively safe investment of $40k?
i have several friends who have lots of money. I would like to convince them to invest $40k in me over 10 years at 10% interest payback. taking out the what the investment is, (me) , would a $40k investment that paid back 10% per year (calculated like mortgage) for 10 years be a "good deal" investment for someone with $40k to invest? Another way to ask: If you had $40k to spend and a bank/mutual fund was offering 10% per year over 10 years, would that be a reasonable rate to invest in?
moreResolved Question: Can someone please show me the math for how they work out a monthly mortgage payment?
No matter how I try to calculate it, with interest, even with escrow and homeowner's insurance wrapped up, for a fixed rate 30-year-mortgage, I always get a way lower number than the bank. Where are they getting all the extra stuff that they add on? I just don't understand. Could you please do a sample 30-year-fixed at 6% with all the math shown?
moreResolved Question: can someone please xplain this answer to me?
"Consider the following scenario: John buys a house for $250,000 and takes out a five year adjustable rate mortgage with a beginning rate of 5%. He makes annual payments rather than monthly payments. ately for John, interest rates go up by 1% for each of the 5 years of his loan (Year 1 is 5%, Year 2 is 6%, Year 3 is 7%, Year 4 is 8%, Year 5 is 9%). Calculate the amount of John's payment over the life of his loan. Compare these findings if he would have taken out a fix rate loan for the same period at 6.25%. Which do you think is the better deal?
"
YearPMTInterestPrincipal$250,000
0.055 $57,743.70 12500$45,243.70 $104,756.30
0.064 $30,231.78 $6,285.38 $23,946.40 $80,809.90
0.073 $30,792.75 $5,656.69 $25,136.05 $55,673.85
0.082 $31,220.18 $4,453.91 $26,766.27 $28,907.57
0.091 $31,509.26 $2,601.68 $28,907.57 $0.00
Total $181,497.66
Loan
Year PMTInterestPrincipal$150,000
0.06255 $35,851.98 9375 $26,476.98 $123,523.02
0.06254$35,851.98 $7,720.19 $28,131.79 $95,391.23
0.06253$35,851.98 $5,961.95 $29,890.03 $65,501.20
0.06252$35,851.98 $4,093.82 $31,758.16 $33,743.04
0.06251$35,851.98 $2,108.94 $33,743.04 $0.00
Total$179,259.91
How do you get the PMT and the Principal? I'm confused Someone please explain
Sorry for how it can out. I hope you can read it. Also how did the loan go from 250,000 to 150,000?
moreResolved Question: Question on mortgage/interest rates?
How do you calculate the monthly payment (average) for say a 20 year mortgage of $120,000?
Also, what is the average interest on such a loan?
I'm in Wisconsin if that makes a difference.
Thanks!
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