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extra payment on mortgage calculator

It sounds too good to be true, but it is possible to shave years off of your 30-year mortgage without raising your monthly payments. You simply have to know when to pay. Jim Valenzuela lives in central Phoenix. He pays his mortgage using what's ...

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Payoff your home quicker just by changing how you pay - ABC 15 News

Not so long ago getting foreclosed on was seen as a mark of shame, maybe what bankruptcy was a few decades ago before it lost its sting. But now the decision on whether to hang onto your home or let go and stop paying your mortgage is being reduced ...

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Walking away from your home - Boston Globe

EL PASO -- The start of the new year is a great time to re-evaluate your finances and tinker with your savings goals, experts say. In a recession, it's especially important to continue to save some money, especially for an emergency fund, experts add ...

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Create emergency fund, experts urge: Revving up finances can be almost ... - El Paso Times

Having trouble paying your utility bill? If so, you're not alone. More than 60,000 customers with unpaid bills have had their service shut off by National Grid during the first 11 months of this year, a 16 percent increase from 2007. And many other ...

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Central New Yorkers struggle to pay utility bills - Syracuse Post-Standard

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Extra Payment On Mortgage Calculator Questions and Answers

Open Question: Help with Financial Calculation?

Hi, I am in need of a "calculator" or set of calculator that helps me make a decision on my personal situation. Here is brief: I am planning to refinance my house. Trying to decide 15 year mortgage vs 30 years. I have already completed about 4 years of mortgage. Now here is dilemma: If I do it for 15 years I save about 160K in additional interest payment. So that is a good news. However, it sets me up with 800$ per month extra in payment. Now, IF I go for 30 years ( which frees up 800$s ) -- and if I consistently invest in stock/funds etc and assuming ( 6% on average return, 8% is too aggressive!! , OR I want to see various returns % ) and at the same time I save in taxes for additional 15 years. Which is better 160K I saved OR 30 year option. Also, consider that after 15 years I would have freed up the whole mortgage payment so I could very well invest those money for additional 15 years. But then tax benefit for last 15 year would go away. Also, I might need to factor in inflation as well. Any calculators on the market OR any direct help from the community would help me determine this ? I am just trying to do various What-IF scenarios to make up a decision. Thanks -- Jignesh.  more

Resolved Question: How does prepaying a mortgage work?

My wife and I have just entered into contract on our first house. We have locked in a 30 yr fixed. We put 25% down. After all is said and done, we should have about 30K remaining for our rainy day fund. Our monthly expenses should leave us with extra cash. If I regularly prepay my mortgage, say $500 a month, how does this work? Do my monthly payments reduce based on the agreed rate and the new outstanding principal? How do I make these calculations? Just reduce the initial principal by the prepay amount, and then use a mortgage calculator with the new loan amount and the existing rate? Does this effect the type of tax returns I will see? Many Thanks, Eric  more

Resolved Question: Question about paying extra payments towards the mortgage on a monthly basis.?

I'm a little confused here as most extra payment calculators on the internet start from the day of the mortgage. Anyway, I got 245k left on my 278k loan which started in 2003 at 5.87% interest. Ive made extra payments of $140 per month for about 3 years and now increased that to $300 a month for about a year. The first year I didn't make any extra payments. Anyway, If I were to up the extra payment per month to $2000 per month, when will my mortgage be completed and how much would I have saved in interest? $2k extra a month is a big leap, but I'm curious where it would land me. If Im seeing it correctly, I'm already down 7 years since 5 years passed and the extra payment for the other years. I'm curious if anyone can figure this out or am I overlooking all the calculators on the internet? Thanks all! Chip  more

Resolved Question: Australian Mortgages - Extra payments per week vs periodic lump sums?

I currently put in $150 per week extra into the mortgage. Should I continue doing this or bank the $150 pw into a 7.6% savings account (such as ING) and make 1 or 2 lump sum payments per year into the mortgage? There are online calculators for lump sum payments, but they only calculate one offs, not annual lump sum payments. Thanks! Please, bankers and finaciers advise only.  more

Resolved Question: First time home buyer?

I am looking into buying my first home in about 7 months. I was wondering how much I can afford. There are mortgage calculators that help you do so, but they do not take into affect the extra costs of buying a house. Is there an easy way to get a realistic estimate of monthly payments related to the cost of the home itself? To make it more clear, I need to know what price range to look into. Should I speak to a mortgage lender at a bank or elsewhere?  more

Resolved Question: On a 15 year mortgage with 14 years and 4 months remaining, how many exra payments to pay it off under 10yrs?

The loan principal is currently 138,812. My math is terrible at these sorts of things. I'd like to have the loan paid off in 10 years, so 9 years and 4 months from now. How much extra principal will I have to put on this every month in order to accomplish this goal. If anyone could break it down that woudl be awesome. If you're a god with the calculator and could break it down in terms of 7 and 5 years, I'd be indebted to you for ten points :) Thanks team! Interest rate is 5.5% if that make any sort of difference. I understand that paying more lowers it, I'd just like to know how much extra to lower it enough. Right now, I feel like I am blindly throwing extra money at the bank without feeling like I am making much of a difference.  more

Resolved Question: Survey: How much are your mortgage payments?

I have seen mortgage calculators saying big loans are for small payments. How? I would like to know about 30 year fixed loans for homes between $100,000 and $300,000. How much is your loan and what is your monthly payment? Including insurance, taxes and pmi (if applicable)? Please say what city and state you are in. Thanks!! Extra advice appreciated.  more

Resolved Question: I have a 15 year mortgage. How many extra monthly payments per year would I need to make to pay it off in 10?

I tried going to a site with an amortization calculator but when I applied an extra payment per year it only reduced the payoff by a month or two. That doesn't seem right. 178,000.00 balance approx 1,400.00 per month 3.75% interest Hirebook, As I said I did use a calculator but it just didn't seem like it reduced it by any length of time. I know if you make an extra payment per year on a 30 it reduces the payoff time by almost a 3rd. I only have 12 years left but would like to pay it off in 7 by making extra payments and would like to start this year by catching up to where I would be had I started 3 years ago and continue for 7 more. I hope that makes sense.  more

Resolved Question: on average, what do you pay for housing costs?

i'm not looking for your mortgage payment, because my hubby and i can easily use a mortgage calculator when looking for houses. but, my question is... what extra expenses do you normally pay on your house (taxes, improvements, fixes)? i'm just looking for an average, so if you just put 30K into your kitchen, that's not what i'm looking for. hubby and i are just trying to see how much we will need in addition to mortgage payments. thanks  more

Resolved Question: CyberProblem?

Cyberproblem: Prepayment vs. Investment Analysis. In managing one's own finances, as well as those of a business, there are numerous decision situations where applications of "Time Value of Money" (TVM) concepts and methods help one assess the financial consequences of alternative courses of action. One such situation is the decision to prepay part or all of one's mortgage or loan balance by making extra periodic principal payments. As one makes extra principal payments, the loan balance is reduced faster. This means you pay less interest over the life of the loan and the loan will be repaid earlier (i.e. fewer payments). For example, a person might decide to pay $50.00 per month extra (i.e. if their mortgage payment was $900 per month, they might pay $950 each month, $50 extra) on a mortgage loan. The extra payment of $50 would be applied each month to reduce the principal balance. However, there are important factors to consider before making this decision. For example, if the mortgage loan is on the person's primary residence, the interest on the loan may be tax deductible. This reduces the net, after-tax cost of the loan. To consider the financial consequences of this decision, you can search the Internet for free financial calculators, including some that will assist with a prepayment versus investment scenario analysis. Before using a Web site, you will need to amortize the loan you will use as input data for the analysis. Suppose you purchase a home for $150,000 and obtain a 90% mortgage loan, 30-year maturity, at a fixed annual interest rate of 8.0%, with deferred monthly payments. What is the monthly payment for principal and interest (P&I) on this loan? The loan amount is $150,000 x 0.90 = $135,000 The calculator keystrokes follow. PV = - $135,000; N = 360 (30yrs x 12 per year); I = 8.0%/12 = 0.6667; FV = 0 (the loan will be paid off at maturity); SOLVE for PMT = $990.62 Note: If you enter the interest rate at 0.6667% per month you get the payment above. If you carry full precision on your calculator, the PMT = $990.62. The data you will need for the prepayment scenario include the following. Loan Balance: $135000 Current Payment: $990.62 Additional Payment: $50.00 Loan Interest Rate: 8.0% Loan Interest Deductibility: YES Investment Rate Return: 6.00%* Tax Bracket: 30.00% Investment Type: After-Tax *The Investment rate return is your opportunity cost estimate. It is the annual rate you think you can earn on the $50 extra principal payment if you did not make extra principal payments on your mortgage but instead, invested it. Now visit the website http://www.mortgage-calc.com/mortgage/index.html, and select Prepayment vs. Investment. a.After 12 months of making extra payments, what will be the loan balance? b.After 12 months of making the regular payment and investing the $50, what will be the loan balance? c.Under the regular payment and investing option, excluding the tax due on the interest earned, what is the investment balance after 12 months? d.Compare the scenarios of investment versus prepayment by examining the 60th payment, which occurs at the end of the fifth year. What is the difference between the (a) interest portion of that payment, (b) tax deduction for interest, and (c) principal balance? Finally, how much is in the investment account? e.(a) How long does it take to repay the entire loan under the prepayment option? (b) What is the total interest paid over the life of the loan? f.Compare the total interest paid under each scenario? How much less in interest do you pay under the prepayment option? g.If you make an extra $50.00 principal payment per month, what are the opportunity cost considerations? h.What are the relevant cash flows to consider in this decision? For example, do you consider the tax implications and if so, then how? i.Do you go out to lunch too often? Go to this site http://marketplacemoney.publicradio.org/toolbox/calculators/LunchSaver.htmland use the Lunch Savings Calculator to see how much money you can save by not going out to lunch. If this site does not function for you, search the Internet for a similar calculator. Suppose you usually spend $6.00 a day when you go out to lunch, when bringing your lunch to school/work would only cost you about $2.00 a day. Since there are approximately 20 weekdays in a month, enter that value for the days eaten per month. How much money would you save after 15 years if you could earn a 10% yield on the money you save? If this site does not function for you, search the Internet for a similar calculator. If you do use a different site, provide the URL to your instructor. j.Suppose your investment account earns an average annual return of 9%, and the average rate of inflation is 3%. Go to this site http://www.nwcu.com/Web_Tools_and_Links/Calculators/Reitrement_Planner/ and use the Save a Million Calculator to see how long it would take to have a million dollars. State your answer in total years. Imagine that you started with an initial investment of $20,000 and made monthly $150 contributions (assume that your deposits are inflated at the average rate of inflation)? If this site does not function for you, search the Internet for a similar calculator. If you do use a different site, provide the URL to your instructor. *Adapted from: Brigham, E. F. & Houston, J. F. Chapter 6 Cyberproblem: Prepayment vs. Investment Analysis in Fundamentals of financial management (10th ed.). Retrieved March 10, 2006, from http://www.swlearning.com/finance/brigham/ffm10e/ffm10e.html  more

Resolved Question: First time home buyer...don't know anything about FHA loans or mortgage amount for my income???

I live in Colorado, just starting a new job where I will make a minimum of 68,500 (medical field so I will be able to increase my income to about 75,000 with extra hours). I'd REALLY like to buy a house, but with being a new graduate, I basically have very little for a down payment. I don't know how much of a housing payment I can afford per month while still saving money, etc. No student loans need to be paid off, the government is doing that for me, and I have minor other monthly payments, no children, and I am single... My question is, are there any downsides to an FHA loan?? Can someone give me a straight answer about how much of a mortgage I can afford, instead of these generic online calculators?? DON'T REPLY WITH GENERIC ADVICE THAT I HAVE ALREADY FOUND ONLINE. I would like to hear someone's personal experience. Being a first time buyer, I don't want to live beyond my means and become another casualty of the housing market...Thanks!  more

Resolved Question: Get an Interest only mortgage with $1,000 closing costs or simply make extra payments?

I'm looking for a calculator tool that can help me compare the cash flow options associated with a 10 year interest only loan using the monthly savings to reduce principle vs. simply making additional principle payments on my current mortgage for that period. I'd like to be able to play "what if" with the tool. Anybody have something?  more

Resolved Question: I need assistance with a financial debt calculation, this is beyond my math skills LOL?

We are looking to become debt free. My husband and I trimmed our budget to where we have an extra $300 a month to pay off these debts. We are going to start sending the $300 plus regular payment to the lowest first then moving to the next and next with additional payments and finally paying off the mortgage. What I need help with is finding either a online calculator or some assistance on how to factor in the intrest rates and such to achieve this goal. I also would like to see what it would take to do it in 4 years. Any assistance with any of the questions is greatly appreciated. Here are our figures. Credit Card- 8% Balance- 2800 Month Payment 150 Car Loan- 8% Balance- 13,900 Month Payment 356 Mortgage- 5.9% Balance- 114,500 Month Payment 915 These payments are not including the extra $300 we would be putting into it. Thank you so much for your help  more

Resolved Question: 30 year mortgage or 40 year mortgage with extra principal payments?

I will be soon in the market to buy my first house in the next 6 months. I can either try for a 30 year mortgage for 6% or a 40 year one for 7%. My wife and I are newly out of college and are looking for a house that is about $350,000 in our area in CA. Right now according to calculators, we qualify for a house that costs $240,000. Problem is that even crack houses cost more than that! So I see that most of the first few years of payments go towards interest so after 5 years, if I decide to move, I won't really have that much equity built up. Let's say that by going to the 40 year mortgage, I am able to save $100 a month on my payment. If I kept applying that $100 monthly savings towards principal, will I build equity quicker? It will also be tougher for us making payments now but in a few years when our careers advance, things will get better. Good idea? Any calculator anyone recommends? -I am trying for my CPA and my wife recently finished grad school and started working. -I am not worried about foreclosure risks because in 3 years we should be making great money -I am not considering moving in 5 years but because we are in the early part of our careers, there is a possibility that we need to move because of a great opportunity. Robert, I have no idea what you wrote  more

Resolved Question: School/Property Tax Question?

Why is it that most states make home owners pay school/property taxes regardless of whether they have children or not? And in turn, why don't people who rent and have children not have to pay these taxes? I believe that most first time home buyers don't know and are not educated on the extra expenses that taxes add to their mortgage payments and/or overall annual housing costs. Why isn't this explained better (i.e. all online mortgage calculators should be mandated to allow added tax costs to figure out the TRUE monthly mortgage payment)? Could this play a major contributing factor to the rise in foreclosures in America? Why can't local governments see that if they started charging school taxes to families that have children regardless of their mortgage or renting status that it would be better for the school systems and make it a better and a more fair economy? People may not be so apt to have alot of children if they know they have to pay school taxes whether they owned or rented  more

Resolved Question: Need a Mortgage pre-payment and bi-weekly payment function!?

I just bought my first home and I want to pay it off by the time I turn 30 years old. I'm 20 and I make 30K a year. My husband does as well. I want to pay an extra $50 monthly and $5500 yearly towards the mortgage. And I want to do this while making bi-weekly payments for principal/interest/prepayment total. The calculators I have used so far only do 2 out of 3 of the functions I want. And I cut the loan down to about 13 years that way. I know that a calculator doing all three will really knock that time down. I want a calculator that will do all three because I'm ready to pay this off and start on my next property. Can I do this myself? Please help! Additional Details 0 seconds ago So anyone who answers knows...I closed on my mortgage with 6.625% for 30 years fixed. I don't need a recommendation... I would like a solution to my problem. Thanks! Hey guys..the bi-weekly calculators are awesome. But I need a different kind of calculator. 1. Bi-Weekly 2. monthly prepay and 3. yearly prepay included. I have already used the bi-weekly calculator from Banksite and included monthly pre-payment. But I want a yearly pre-pay function in addition to these two. Can I do these functions on my own, without a calculator?  more

Resolved Question: Need a Mortgage pre-payment and bi-weekly payment function!?

I just bought my first home and I want to pay it off by the time I turn 30 years old. I'm 20 and I make 30K a year. My husband does as well. I want to pay an extra $50 monthly and $5500 yearly towards the mortgage. And I want to do this while making bi-weekly payments for principal/interest/prepayment total. The calculators I have used so far only do 2 out of 3 of the functions I want. And I cut the loan down to about 13 years that way. I know that a calculator doing all three will really knock that time down. I want a calculator that will do all three because I'm ready to pay this off and start on my next property. Can I do this myself? Please help! So anyone who answers knows...I closed on my mortgage with 6.625% for 30 years fixed. I don't need a reccomendation... I would like a solution to my problem. Thanks!  more

Resolved Question: Looking for financial calculator/advice?

I am looking for someone or something to answer this question for me. I have a home mortgage at 5.75% with 28 years on it fixed, and I also have a student loan at 4.125% with 25 years on it fixed. The mortgage is around $200k, and the student loan around $30k. I need to know if it is better to pay off the student loan first, and then use that extra monthly payment to pay off or down the mortgage, or is it better to pay down the mortgage since it is at a higher interest rate. Both payments are tax deductible, and I am in the 28% tax bracket. I have no other debt. I am working on creating a savings account to cover expenses in case of an emergency, and I contribute the max each year to my ira account. I can not get a 401k. I have 2 young children, that I need to start saving for their college, but have not done so yet. Anyone know of a good calculator that will let me plug in my numbers to see where I can obtain the best results with any extra income? Thank you.  more

Resolved Question: I need an online mortgage calculator that will show how extra weekly repayments & one off payments reduce loan

The calculators I have found show how either one off extra payments or extra weekly repayments reduce the term of a loan. I need to find one that shows both in the same calculation. A graph would be nice.  more

Resolved Question: Anybody have a spreadsheet template for a loan payback?

This is not a mortgage, but a company loan. $200,000 over 25 years, paid weekly at 5% annual rate. But it compounds weekly. I've only been able to find spreadsheets and calculators that compound monthly, which changes the payment amount! I need one to track the balance left if and when I make extra payments (no penalty for early payoff).  more