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New free on-line mortgage calculators give homebuyers detailed calculations at their finger tips. Calculations include taxes, insurance, PMI, closing cost and pre-paids for all 50 states. The perfect tool for homebuyers that are not financially savy ...
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New Free Online Tools Make Accurate Mortgage Calculations a Few Clicks ... - PRWeb
Q I'm a big Australian guy who's been living and working here for four years. I have $150K in cash and I earn about $130,000 to $150,000 a year and I'd like to buy a big enough place in the West Village for around $550,000 to $700,000. I've been ...
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Aussie needs to build credit for big purchase - New York Daily News
First you have to assemble a pile of cash for the down payment and closing costs. Then you must convince a bank to lend you an even more staggering sum - generally 80 percent or more of the purchase price. So your first step, even before you start ...
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Getting the money right - CNN Money
If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner. 2. Start by ...
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Top things to know - CNN Money
Personal finance columnist Michelle Singletary hosted an online discussion with Carolyn Warren , author of "Mortgage Rip-Offs and Money Savers" (John Wiley & Sons), on Thursday, Aug. 28 at Noon ET. Carolyn Warren: I list 7 disadvantages of an ...
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Transcript: Color of Money Book Club - Washington Post
Take steps to make sure you could survive if you lost your job Work out a budget and build up an emergency fund Help: Guides and calculators to help manage your money BATTEN down the hatches. Australia could be heading for recession and that means ...
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How to cope if a recession hits - News.com.au
WITH uncertainty over interest rates, it is more important than ever for borrowers to control their biggest financial commitment. Follow Richard Dyson's ten steps for mortgage management. THIS is the rate charged by a lender after the borrower has ...
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Ten ways to manage a mortgage - This is Money
Homes are bargain-priced. Mortgage interest rates are low. Thousands of houses are for sale. Realtors insist now is a great opportunity for first-time buyers. But is it the right time for you to buy? Several workshops and classes offered this month ...
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Find out whether it's time to buy a home - Modesto Bee
Some 15 million people now fear for their jobs, according to the latest research from the professional networking site Workology.com, as our hopes that large organisations can offer us the professional stability we need start to crumble. The ...
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In the 21st century, redundancy isn’t the end of the line - The Independent
You're afraid you're too late. For college. For retirement. For saving your home. You don't know what you spend, and you may not want to stop spending. You're in good company. Retirees, students, single moms, soccer moms, teachers - a lot of teachers ...
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Home Mortgage Payment Calculators Questions and Answers
Resolved 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.
moreVoting Question: How on earth do property investors make any money when you compare purchase price to rental return?
For example, a home selling for $350,000 will very likely rent for $350 p/wk. I've used mortgage calculators, and I can't figure out how it could be a money-making venture with all outgoing expenses and having to pay the shortfall in mortgage payments as well. I know negatively-geared property is an asset tax-wise, but geez, how much money must be lost to get that tax break anyway? How long are you willing to pay for a roof over someone else's head? I know I'm missing something here - please enlighten me? Thanks in advance. :-)
moreResolved Question: Why do home affordability calculators come back with such a small number?
When I enter information into a calculator on any website that offers them, it comes back saying I can only afford to pay a mortgage of 300ish a month. I currently pay almost 700 a month in rent and I'm fine, and I could pay higher and still be FINE. Where are they coming up with this? If I were to go talk to a loan officer at a bank, would they do something similar and only approve me for a very low amount? I mean, I could probably pay the amount their saying I could afford 3 times in a month.
A little info here. I was calculating the gross income (which would include myself and my fiance together) at about 3500, total debt payments required each month at 500 (not including mortgage/rent related expenses). And the number it came back with in the 300s. Someone please enlighten me, maybe I'm missing why they think I'm so destitute. I'm really only trying to be approved for a 110,000 loan. Also eligible for VA loan if that helps.
moreResolved Question: Who comes up with mortgage calculators?
I'm a single mother who has not debt a credit rating of 783 and pay 1415 in rent & that is just rent that doesn't include water, power, trash, phone, cable or anything else. Through those in and it's closer to $1800.I have no debt not even a car payment. I make sadly only about $40,000 dollars as an executive assistant. I don't live lavishly and while like any woman enjoy nice things I know when & what I can afford and live within my means though admit sometimes times are tight but I know what I can afford & never bite off more then I can afford even if I might like something better. I don't mind paying what I currently pay cheapier would be nice but still & yes I know about property taxes which where I live is about 10% paid twice a year. My point and question is I would like to buy a condo or house obviously it makes more sense so how come if I go to a "how much home can I afford" calculator it will tell me I can only afford a loan for $150,000 if that even at a fix rate and for 30 years. When even after taxes I would make well over that in 30 years.
moreResolved Question: How do I figure out how much my house payment will be?
There are a million mortgage calculators out there. I'm trying to figure out what other costs will be involved in owning a house, ie. taxes, home owners insurance, etc. So, a mortgage calculator is telling me that I would pay about $900 a month for a 30 year mortgage on a $150,000 house. How much else am I looking at? Thanks.
moreResolved 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?
moreResolved Question: Can I get a mortgage for $11,000?
Or would I have to buy an $11,000 home without it? Realtor.com says my mortgage payments would be $59 for 30 years, but I could pay way more than that and pay it off faster than 30 years. Using their calculator, I figured I could get a three year mortgage for $331 a month. Is this realistic? Would a lender accept those terms?
moreResolved 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 $300,000. How much is your loan and what is your monthly payment? Including insurance, taxes and pmi (if applicable)? Please say what city and state you are in. Thanks!! Extra advice appreciated.
moreResolved Question: how much do you pay for your home mortgage?
Online mortage calculators seem like they are fulll of lies. I exact same info used has be from 700 a month to over a 1000 (for a loan of about 122,000). I know taxes and interest rate will change, but about how much is your loan and what is your monthly payment? I've hear it is about 10% of your mortgage, but I have a really hard time trusting the people that make a living off of selling homes.
moreVoting Question: How much can u afford calculator says im buying more than i can afford?
Im closing on my house in 2 weeks, and i just did one of those "how much can you afford" calculators but im not sure its right. Here are the details.
Take home pay is 4,000 per month. (i pay taxes at end of the year usually less than 400$ for the year)
30 year fixed @ 4% interest (yeah pretty low, right?)
100% financed 95% First mortgage 5% silent second
Purchase price 219k
PITI & MI = $1,350 per month
no car payment
no credit card payment
no debt of any kind
I thought i was doing pretty good, but this website says the max i can afford is 180k even at that low interest rate. Strange because lender said i qualify for over 300k+ but I felt i didnt want to get over my head so i picked a less expensive place. What do you think?
moreResolved Question: I'm trying to determine how much home I can afford. Do I include rent I currently pay?
I don't see rent payment as part of the monthly debt these online mortgage calculators ask for.
Please advise and thanks!
moreResolved Question: Can somebody give me a clue on my mortgage payments?
I bought my first home about 8 months ago. I had no down payment and ended up getting two separate loans.
The first was $114,000 @ 6.75% 30 year fixed.
The second was for $38,000 @ 9.436% 15 year balloon.
Monthly payment on the first is: $1014.12
Monthly payment on the second is: $316.05
I can pay this. Its far from ideal but I'm paying only slightly more per month than I would for an apartment. I thought I might be able to refinance before too long but then too many people making $35K bought $350K houses and I'm thinking the chances of my doing that right now are slim especially since I've paid down next to no principle at this point.
Let's leave the atrocious 9+% one alone for a minute. I know there are insurance fees and real estate taxes built into mortgage payments but I'm plugging $114K and 6.5% over 30 years into the generic calculators online and not getting anywhere near what I'm paying. Any help?
Was supposed to be 6.75% used for calculations...typo.
moreResolved Question: Why do so many people spend money blindly,and then get mad because they are so broke????
I dont understand why so many people spend their money unwisely,and then want to whine when they wind up broke and cant pay there bills. It isnt that hard,you work,you pay your bills....if anything is left over then you spend money not before the bills get payed. How are so many people doing it backwards?And why are so many of them that are walking around looking like a walking department store? Im just not understanding the mindset that goes into that. Is it poor judgment, bad parenting, or just all out stupidity? As a 21 yr old stay at home mom of 2,with one on the way, and my husband making 650.00/week,with the car payment (361.00)and the mortgage payment(884.84)it is a little tight from time to time...but anyone with a calculator and a brain can set a budget. So why are so many people that are quick to spend money,so quick to complain when they wind up flat broke? Should it be mandatory to make all kids in highscool take a personal finances class all 4 yrs like english/math & such?
Just to clarify, I am not talking about people making minimum wage and all that, I understnad that money only stretches so far. I'm talking about people that are making the money to survive,and choose not to.
moreVoting Question: can a disabled couple on SSD get a mortgage?
Hello, married disabled couple ages 41 and 43 looking to be first time home owners. Credit score is fair(though I don't know why, was able to get a new car loan and credit card and they have been paid on time for 6 months) have 2 delinquent loans of total $1500 that will be paid off in the next month(hope that raises the score) Home in NY will be around $200,000. Down payment will be $40,000(thanks in part to my mother). Score is 569. I am expecting to pay around 7% interest(I based that on our score but the lower the better). Income is $3700(no taxes are taken out of SSD and disabiltiy insurance) a month and the mortgage calculators I've used said we can get a $162,000 loan. Can this happen? Should I keep dreaming? I am trying to be realistic. Based on anyones experience with what I have written is this feasable? I know a mortgage specialist will help us but I wanted to ask here first. Thank you!
moreResolved Question: The pattel family purchased a home and took out a mortgage. Piti payment of the loan?
The Pattel family recently purchased a home, taking out a mortgage of $235,000 at 8 3/4% for 25 years. The annual property taxes on the home are $6,345, and the annual hazard insurance premium is $1,479. What is the PITI payment for their loan?
A. $2,729.40
B. $2,586.05
C. $1,849.45
D. $652.00
I tried the mortgage calculator, and it is not working.
thank you for the help!!
moreResolved Question: finance hw I don't get?
Jim borrows $70,000 toward the purchase of a home at 6.25 percent interest. His mortgage is for 30 years.
a. What is his monthly payment?
b. How much of his 2nd month payment is contributed to interest?
c. How much interest will he pay over the life of the loan?
d. If you wish to pay off your loan after having paid the mortgage for 5 years, how much do you need to pay off your loan?
How do I do this on the calculator? using a finance calculator of course...plus if you could give the answer to the problem I would know if I was right.
moreResolved Question: finance help!!?
Jim borrows $70,000 toward the purchase of a home at 6.25 percent interest. His mortgage is for 30 years.
a.What is his monthly payment?
b.How much of his 2nd month payment is contributed to interest?
c.How much interest will he pay over the life of the loan?
d.If you wish to pay off your loan after having paid the mortgage for 5 years, how much do you need to pay off your loan?
How do I do this on the calculator? using a finance calculator of course...plus if you could give the answer to the problem I would know if I was right.
moreResolved Question: Will refinancing my car help me get approved for a higher mortgage?
According to online calculators, lowering my car payment $100 will greatly increase the "amount of home I can afford." Refinancing my car will bring my payment down just under $100. Is this a smart decision? Will this help or hurt my chances of getting approved by refinancing now and applying for a mortgage in 2.5 months?
Also, does anyone know of a free service I can call to get answers to questions like these? I will be a first-time buyer in a few months and I have a few issues that I have no idea how to proceed on. Or, if I provided my e-mail address, would any of you be willing to offer your expertise on a few issues?
Thanks for your time!
moreResolved 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
moreVoting Question: What are the steps for a mortgage calculator with these in it?:?
Home value, loan amount, term (years), homeowner's insurance (yearly), property taxes (yearly), interest, and equals to the monthly payment.
Home value, loan amount, term (years), homeowner's insurance (yearly), property taxes (yearly), interest, and equals to the monthly payment. And please give me the website address.
This is all on for my 1st hour class, on a program called "Simply Visual Basic 2005" by: Deitel.
moreResolved 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!
moreVoting Question: Where can I find a mortgage calculator that calculates the total cost for your home based on monthly payments?
I have no problem finding regular mortgage calculators online, where you enter in the loan amount, interest rate, etc and it gives you an estimated monthly payment. But I'm looking for one that works backwards. I want to enter in the monthly payments, interest, amount of years, etc and get the total cost of the home (how much you end up paying after the 30 years).
I'm kind of inexperienced with financial math. I need to use this for a math project though, so any help would be appreciated.
moreResolved Question: have a question about monthly mortgage payment...?
alright, buying my first house, so sorry if this is a dumb question. i've seen the mortgage calculators that you put in the estimate cost of your home and down payment and it gives you your monthly cost. well they say that the amount does not include insurance or other charges. so just wondering how much monthly are these other costs? like if it says my estimate monthy payment is $850, how much can i actually expect to pay with all these other charges.
oh and also how much money other than the down payment can i expect to pay up front, like closing costs, and whatever else there is?
all right, thank you
moreVoting Question: Texas residents - how much do you spend on taxes?
Can anyone give me some guidelines on how much of your income goes towards various taxes. I've tried finding some online calculators but haven't had much luck so if you know of any if you could point me in the right direction it would be much appreciated.
We'll be buying a property worth $75000 with an average mortgage payment of about $350 a month In Ovilla. I'm going to be a student and my husband will be working at an university in Dallas earning about $40000 as a post doctoral researcher. I wont be working but instead spending my free time at home with the baby. (Under 1)
Any help with how much you think we'll end up paying or some guidelines on how much you pay to compare it with will be much appreciated.
Thanks so much Stephanie T. That's really helpful!
moreResolved Question: mortgage refinance right for us?
I have a 1.30% negative am loan that i need to get out of, i currently owe 650,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,450.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,450.00 is this realistic? i pay 8,200.00 in real estate taxes a year.
moreResolved Question: What's the additional cost that needs to be figured into a home loan other than then actual payment?
The mortgage company said they would give me a 7% interest rate, not bad considering my credit is shot. So I punch that into a amortization calculator and get a payment on a $75,000 house at $498.98. Yet, the broker said my payment would be about $705. What else are they figuring in to the payment?
What formula or numbers are the lenders using to give me the rough number? How can I figure the taxes, insurance, etc cost myself so I can get a better number on paper to build my budget around?
moreResolved Question: Wells Fargo - the hyena's of the banking game?
Heard of Bait and Switch? Here's an example. Joe at Wells Fargo Financial calls and says - "Come in to our office, we can refinance your auto loan, give you $750 cash back and lower your payments!" Of course we went in to check out what they could do. We get there and the guy is ALL about our MORTGAGE, which we have with a different bank. After explaining that we are NOT interested in home equity loans or refinancing the mortgage through Wells Fargo, suddenly he CAN'T do anything for us on the auto loan. He actually started arguing with us about how it doesn't make any sense to him that we wouldn't take him up on his fabulous offer!! WHOA NELLY! What the hell just happened here? You don't get your grubby f-ing hands on my house, and the deal is off? Well, all I can say is, that guy is damn lucky my 8 yr old daughter was sitting there with my husband and I because if not, I think he may have found his little calculator crammed down his goddamn throat. Better Business Bureau, here I come
moreResolved Question: I need to purchase a home, are the mortgadge caculators accurate?
I want to purchase a home for 359,000, The mortgage calculator says my payment will be around 1780 a month on a 50 year loan with 0 down and 7 percent interest rate, is this accurate. Or is this even possible. I'm a first time home buyer and am not too familiar with all of this. My credit isnt the best but its decent. I make around 33,000 a year. Please let me know if this can happen. i would like some advise before i get to serious and get a real estate agent and come to find out i cant afford anything.
moreResolved 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
moreResolved Question: Home loan interest rate - was I quoted wrong?
My husband and I are buying a home. The home we are looking at is about $73,000. We were quoted a 6.25% interest rate for a 30 year note with a monthly payment of $908 (without tti). This seemed quite excessive to me. Coming home and doing the calculations (on bankrate.com's mortgage calculator), a 30 year note of $73,000 with a 6.25% interest rate should result in a $450 monthly payment. In order to get my monthly payment up to $908, I had to make my interest rate 14.75%. Now, the underwriter said the 6.25% wasn't the APR. What does that mean? Why would I have two interest rates, and why is one so much higher than the other? If we pay $908 a month, we end up paying $326,000 for a $78,000 home. This seems a little ludicrous to me. Anyone with financial experience got any wisdom to share?
This was just the man who's selling me the house who will put everything together for the loan application. The total including TTI was $1208.
moreResolved Question: Mortgage Refinance?
I have a 1.25% negative am loan that i need to get out of, i currently owe 673,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,500.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,400.00 is this realistic? i pay 8,000.00 in real estate taxes a year.
I realize i cannot get an interest only loan plus get my taxes paid for $2500.00 So can i get a payment of $2500 without the taxes? for 673,000?
moreResolved 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!
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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?
moreResolved 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!
moreResolved Question: Is this mortgage calculator accurate???
I found this mortgage calculator provided by a home builder. This one not only includes Principle and Interest, it also appears to include Taxes and Insurance (although, not sure how accurate).
In the link, click up top on "How much can I afford" and select "Find out how much my monthly payment would be." And select your state.
http://www.mihomes.com/
Please tell me if this is pretty accurate. It doesn't add in PMI, instead it breaks it out to two mortgages, 80/20 maybe? But it doesnt tell you what the rate is on the second mortgage.
I'm just trying to figure some things out before I have my credit checked and speak to a loan officer.
Thanks
moreResolved Question: House Mortgage Question, 1st house please help!?
I have been offered a 60K job in Sierra Vista, AZ. And my wife and I are having trouble figuring out how much home we can afford! Most online calculators are showing us from 120s all the way to 220s!!! We would like to stay within the in the 26%/33% or close to the rule of thumb when it comes to debt. We will be able to use a VA home loan, since I am prior military. We have approx. 10K to put down and have approx. $800.00 in school debt, cars payments, CC payments, etc. Any help on getting us a solid number would really be appreciated. Thanks in advance!
Jason
With a VA loan you don't have to pay PMI correct? But a VA loan is not the way to go? That's interesting. Also we are thinking a 30 yr loan which is between 6.3 and 6.5 I believe. Does this help narrow it down at all?
moreResolved 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.
moreResolved Question: I want to be a first time home buyer, what do i do?
I've found houses I like in what I think is my price range, high 100,000 low 200,000, but I don't have any equity. My monthly income is enough to pay the payments I've figured w/ mortgage calculators. I have good credit but I'm young....so my credit history is not too long...what should I do? wishful thinking in california
moreResolved Question: Is my credit score too bad to buy a home???
I am a 25 year old single male. I am looking to buy a new home next year and I recently checked my credit score to get an idea of what I would be looking at. My credit score was significantly lower than I thought it would be. I am only at a 513. I have a bunch of accounts under collection from when I was younger, and quite a few medical accounts still open. My larger accounts have pretty good payment histories. I have never owned a home before, but I have a few good years of rental history. I recently purchased a motorcyle which will hopefully help my credit, but it is a very new account, so maybe it is hurting me more than helping. I tried to look up mortgage calculators, but I have no idea what kind of instrest rate I would be looking at. Also, I am not even sure if there are any companies that will finance me with such a low score. I have a job where I make about 60-80k a year, but I don't don't know if that will be enough. What are some quick things I can do to bring my score up?
moreResolved Question: Should I make a lump-sum payment to pay off my mortgage?
Ten months ago I sold my house and reaped a significant profit. I bought a smaller home, and I realized that I could pay off the new mortgage (15 yr fixed @ 5%) with one lump-sum pmt from the profit from the old house. Is this wise? My thinking is, I will pay 75K in interest over the 15 yrs, or 30-40K if I prepay and reduce the 15 yr term to 8. Obviously the lump-sum pmt eliminates that debt. I've also always felt that paying interest, just to get 1/3 back at the end of the year as a write-off, was foolish. I've tried a bunch of calculators online, but I get conflicting results. Paying this off will not hurt my retirement plans, but I"m wondering if the money could grow faster if I invest it, and if so, in what. My tax bracket is 35%, monthly mtgg pmt (P&I) is about 1580. and total mtgg amount is $200K. I gross $150K+ per year, and have no other debts (I own my car, and pay all credit card bills in full).
Any help would be appreciated, thanks in advance!
moreResolved Question: If you have a credit score of 750, what kind of interest for home?
hey, i have a credit score of 750, I want to know how high my interest rate would be for a home loan of about $80,000. I can check mortgage calculators for how much payments will be, but only if i fill in the interst rate, i just want to know a realistic guess about what that might be!
moreResolved Question: Tips for buying first home any advice?
We are looking into buying our first home. We are working with a mortgage company. Should we apply for more than one? How do we know we are getting the best rates? Should we go ahead and buy without a down payment? We just finished college and are looking ot moving closer to where we are going to be working...it looks like we qualify for a loan, but are unsure how much we can afford. According to the calculators that many of the sites have we can't afford as much as many of the houses are going for...but we are very good with our money and I think we can pay out 1/3 of our income if not more...any thoughts, thanks.
moreResolved Question: why will my monthly payment be higher quoted from mortgage company than from mortgage calculators on internet.
i got a quote of 7.75 interest rate on a 30 yr.conforming fixed home loan(for $45,000)and he told me it would be like 390 a month, not including tax and insurance. when i go to a mortgage calculator on the internet and type in 7.75%, 45,000 loan, and $0 down payment it says around $250 a month. can anyone tell me more about how this works, thank you
moreResolved Question: Payoff is being requested on a note that I hold. Payments have been missed by the debtor, how do I calculate?
I sold my home and hold a note on the home (The buyer needed help to qualify for the loan so I hold a 48 month $10,000 note.) Payments have been missed, about 6, some have been doubled. Overall about 5 payments are past due. I have the information in a microsoft works spread sheet. Is there a calculator on ine that I can use, or formula to plug into the works spread sheet to give a mortgage company a payoff... I guess the debtor is consildating loans. Thanks Purely Guessing.
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