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Mortgage Calculator With Down Payment Questions and Answers

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: homework help for math?

We are suppose to find a condo on the internet and pretend to be owners and find the payment amount you will pay in 30 years. We cannot use a down payment or taxes on the house. we are to use the interest formula I=p x r x t P=price 35.000 x r=rate 6.28 x t=time 30 years 35.000 x 6.28 x 30 ------------------- 6594 calculator then we do it again but this time we move the decimal in the rate 2 space to the left making it 35.000 x0.628 (like so)= 21.98 x 30= 659.4 /12=54.95 x 30 = 1648.5 on the condo website they have an estimated payment price of 172 per month for 30 years, my sister had gotten 183 per month for 30 years she can't remember how she came about the answer. Please try your best to work out the problem please! here is the website link so you can see it for yourself remember no down payment or taxes look at their mortgage calculator at the bottom to compare. copy this whole address in the address bar so you can see http://washingtonpost.2.homescape.com/SCS/listing_details.jsp?affiliate_name=washingtonpost&calling_page=listing_result_list&listing_result_page=listing_result_list&filter_max_price=40000&search_by_type=new_mls%2Cnew_class%2Cnew_const%2Cresale_mls%2Cresale_class%2Cresale%2Cresale_ecom_owner%2Cnew_ec%20om_owner%2Cresale_ecom_agent%2Cnew_ecom_agent%2Cresale_ecom_broker%2Cnew_ecom_broker%2Cresale_ecom_builder%2Cnew_ecom_builder&tab_num=1&display_default_state_id=68984&filter_min_price=20000&community_sort_id=1228235517422&geo_area_id=68984&filter_property_type=condo_unit&filter_product_id=35730641  more

Resolved Question: I need help with my financial service homework! Help!?!?!?!?

We are suppose to find a condo on the internet and pretend to be owners and find the payment amount you will pay in 30 years. We cannot use a down payment or taxes on the house. we are to use the interest formula I=p x r x t P=price 35.000 x r=rate 6.28 x t=time 30 years 35.000 x 6.28 x 30 ------------------- 6594 calculator then we do it again but this time we move the decimal in the rate 2 space to the left making it 35.000 x0.628 (like so)= 21.98 x 30= 659.4 /12=54.95 x 30 = 1648.5 on the condo website they have an estimated payment price of 172 per month for 30 years, my sister had gotten 183 per month for 30 years she can't remember how she came about the answer. Please try your best to work out the problem please! here is the website link so you can see it for yourself remember no down payment or taxes look at their mortgage calculator at the bottom to compare. copy this whole address in the address bar so you can see http://washingtonpost.2.homescape.com/SCS/listing_details.jsp?affiliate_name=washingtonpost&calling_page=listing_result_list&listing_result_page=listing_result_list&filter_max_price=40000&search_by_type=new_mls%2Cnew_class%2Cnew_const%2Cresale_mls%2Cresale_class%2Cresale%2Cresale_ecom_owner%2Cnew_ecom_owner%2Cresale_ecom_agent%2Cnew_ecom_agent%2Cresale_ecom_broker%2Cnew_ecom_broker%2Cresale_ecom_builder%2Cnew_ecom_builder&tab_num=1&display_default_state_id=68984&filter_min_price=20000&community_sort_id=1228235517422&geo_area_id=68984&filter_property_type=condo_unit&filter_product_id=35730641  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

Voting Question: Is there a simple way to find a monthly mortgage payment without taxes and escrow?

How do you solve: "the price of the home is $133,000 w/20% down, 3 points at a rate of 8.5% for a 30 year fixed mortgage. For this particular example, I don't need Taxes and escrow is not required. Do I need a specific calculator? I have a TI-30xA scientific calculator thank you  more

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.  more

Resolved Question: Buying a condo..can someone please help

I’m planning on buying a condo…. I’m only 19 but my aunt says that there is a first time buyers plan that really helps people out especially if you’re a student. (She is in real state) She said that her youngest client was 18 years old and he bought a house…my question is. how much will my payment come out to if the condo is $90k…according to the mortgage calculator (on the website) with $5k down it would be around $500 not including the maintenance fee…how much is insurance for a condo? And how much I’m I looking on planning on spending each month on bills? Can someone help me out here…?  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: 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.  more

Voting 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!  more

Resolved Question: Roth IRA vs. Savings Accounts vs. CDs, etc difference?

Hey guys, I'm 26, just married, but currently just a single income income as she's not working. We don't own a house yet (very bad credit, combined with low household income going into a mortgage is a non-starter). Anyway, my current savings reserve is $1000, I've been "paying myself first" for the past 7-8 months, $50. I'm also paying down credit cards and a loan of credit with a combined monthly payment of about $135 (If I paid minimums only it'd be $70 per month) - all credit cards should be paid off in a year. My question is, at this modest amount, in laymans simple to understand terms, what is the best return for the money? I know compunding is supposed to help in the IRA, but when I do calculators of $1,000 per year for 20 years, the returns are not that impressive. Seems like unless I have BIG money, I might be better off just putting in money into CDs or Bonds/Bills to save for a downpayment on a house in 3-5 years.  more

Resolved Question: How do i add a formula to calculate for adding mortgage insurance?

I have created a simple mortgage calculator which will work out the mortgage payments for a specific loan to value (5%, 10%, 15% down etc) and it will add mortgage insurance and calculate the income required. How do i add a formula which will work out the mortgage insurance for any down payment amount. i'm looking for something like : if down payment is X then mortgage insurance is Y in canada the mortgage insurance will change with longer amortization as well thanks for any help  more

Resolved Question: Mortgage payment $$$?

I am just looking and I found a condo in Gilbert, AZ for $165,000 that I am interested in. I was just wondering what the average mortgage payment for a property of that amount is. I do not have $$$ for a substantial down payment but I am a first time buyer and I know they do get some breaks. I tried the online calculators but I don't know what the taxes and interest rates are so I couldn't fill it out...please don't just direct me back to one of those sites. Does anyone know what kind of mortgage payment I'd be looking at??? Am I correct that first time buyers get a percentage of the price towards a down payment? If so, that amount would be my down payment (x% of 165000 = down payment). I have good credit. I do not know the interest rate...that is why I was asking!! (jeeze!!!!!!!!) I guess a 30 year mortgage. I don't really know that much about fixed and adjustable, I think fixed sounds better in the long run. I know I don't want "balloon"!  more

Resolved 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!  more

Resolved Question: Why don't we qualify?

My husband and I are looking to buy a house. We took first time homebuyers classes, made out a budget for what we can afford, checked our credit scores, and paid down our only credit card by a couple thousand. We are both fresh out of college, so we have not started to pay our student loans, but we have figured into our budget what the payments will be. My husband got a really great job over six months ago, and that is the reason we are even looking. To get an idea of what our mortgage would be before we applied, we did a variety of mortgage calculators online and through the bank that we are applying through for our loan. We found out yesterday that we only qualify for $60,000, but all mortgage calculators and our budget tells us otherwise. We were thinking it would be closer to $80-$100,000. So what did we do wrong, and what do we do in the future. We have thought about asking my parents to cosign, but will that help that much,or do we need to pay our card off?(About $3000)  more

Voting Question: I am trying to find out how much mortgage I can finance on a disability income. Pension, SS, and worker's comp

The only calculators I can find are one's that ask for "before tax" income. I only pay a small tax on my pension, the rest of my income is non-taxable. I make 4200.00 per month AFTER taxes. How can I find out how much house I can afford. My only monthly payments are my car, which is 550.00 per month. I have about 12,000.00 as down payment. Thank you  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: Mortgage Question?

I have $25,000 in cash and would need to borrow an additional $100,000 to get the house I want so when the mortgage calculator asks how much you want to borrow and then asks what your down payment is going to, percentage wise, should I be putting in that I need to borrow $125,000 and will be putting a down payment of 20% down?  more

Resolved Question: What do I need to to before I even look at purchasing a house?

The reason I'm putting this in weddings is that I'm here most of the time and figure there are people here in the same situation. Thanks for your help!! I know a fixed rate mortgage is better than a variable (9 times out of 10). I have looked at some of the calculators online and am having trouble with the tax and insurance rates, as I will be a first time buyer. Any ideas where I can find that information? Any general suggestions? We are working on paying off our credit cards, car, and student loans.. Saving as much as we can for a down payment.. just under a year ago, my credit score was in the mid to upper 600's (depending on the credit company). I will be checking my credit again once it's been a full year. Also, just as a side note, I am not looking to e-mail someone to get approved for a loan. I am nowhere near that point yet, but thank you for any advice you can give.  more

Resolved Question: What do I need to to before I even look at purchasing a house?

I know a fixed rate mortgage is better than a variable (9 times out of 10). I have looked at some of the calculators online and am having trouble with the tax and insurance rates, as I will be a first time buyer. Any ideas where I can find that information? Any general suggestions? We are working on paying off our credit cards, car, and student loans.. Saving as much as we can for a down payment.. Emcee H - Thank you for the advice, but we're nowhere close to that yet! I will definitely make sure that's done before we go too far. Also, a bit more info.. I'm in the burbs of Chicago, if that helps with anything.  more

Resolved 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  more

Resolved Question: What affect does a larger down payment have on mortgage payments?

I'm in the first steps of buying a condo, and I'm a bit confused as to what a larger/smaller down payment actually does to the mortgage payment. In all of the mortgage payment calculators I've gone to online, increasing or decreasing the down payment has no effect on the monthly payment and only decreases the term. I am confused because I set the term to 30 years, but its still changing the life of the loan.  more

Resolved Question: Do you figure mortgage payments for a 2nd mortgage the same as for a 1st mortgage?

We're about to close on a house and we have a 1st mortgage, and then a 2nd to pay some of the down payment. This avoids PMI. If I plug the numbers into a mortgage payment calculator, the 1st mortgage payment is the same as the one on the TIL the lender provided. But the 2nd payment isn't - the calculators all say it's less than what the lender is saying. Is there a different mortgage payment calculator for a 2nd?  more

Resolved Question: Help with mortgage?

I make about $2,000 a month. I am interested in buying an apartment for, let's say, $150,000. On a 10 year term, at an interest rate of 5.00% a year, the total comes to $1,590.98, according to: http://www.bankrate.com/brm/mortgage-calculator.asp?unroundedPayment=1590.982728586134&loanAmount=150000.00&nrOfYears=10&nrOfMonths=120&interestRate=5.00&startMonth=9&startDay=28&startYear=2007&monthlyPayment=1590.98&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=9&oneAdditional=0&oneAdditionalMonth=9&oneAdditionalYear=2007&paidOffDate=Oct+28%2C+2017&submit.x=23&submit.y=9 Now, are those figures realistic? I want to move out of my parents house fast. How much would the down payment be? Any other expenses? Would I save money if I rented it out to someone else? Please let me know. Thank you.  more

Resolved Question: payoff mortgage or invest?

I have a $500,000 mortgage and the property is valued at $525,000 currently, i put $25,000 down, i have a deffered interest loan at 9.25% and am paying the minimum payment of 2.5% and taking the additonal money that i would be paying on mortgage and investing it and am earning around 30% a year, i want to know if this is a good plan? and if there are any calculators out there to help with showing me? I just started doing this and had allready 85k invested.. any expert advice would be appreciated, such as should i pay down the mortgage balnce with the money im earning each year on investments or just let it keep growing? the lowest i would expect to earn on my investments would be 12% and i bought my property when the market was flat, and it is close to the beach but not so close to to experience the high depriciation when the market drops.. also i am only deffering around $10,000 a year do you know of any calculators that would help with this anyalisis, i have only seen ones that go up to 12% on investment return and dont have the option of showing a deffered interest loan  more

Resolved Question: Buying house?

Hi, I'm 18 and I'm trying to buy a house, but I have no credit. My parents have nearly perfect credit, so can I sign up or co-sign under their name? Would it be a bad idea to sign up under their name since it would be considered their asset and only raise their credit score? Also, since I'm only 18, wouldn't they require my parents to sign as a backup payer just in case? What if I'm making more money than my parents? Also, I saw a house with a list price of $1 million. I checked a mortgage calculator at about 6.5%, $10k down only (only 1% down payment), 15 years, and it's only $8k-$10k per month. Is this figure right? I'm only going to pay as much as my down payment? I doubt anyone will let me make only a 1% down payment, but if I make a larger downpayment, wouldn't it be even less? The calculator stated only about $1000/month less though. What kind of interest rate can I expect with no credit? My parents cannot afford the house with their income, but I can. My income sometimes fluctuates a little.  more

Resolved 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  more

Resolved 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.  more

Resolved Question: Excel Equation?

Okay, I need an equation for a mortgage calculator. I already figured out the mortgage calculator but what I need is an equation which will tell me what my down payment should be. So that I can afford that rate at 30 years and at say 6.5%. So for example. My job might allow me to pay $2000 a month for a mortgage, and my mortgage is 400,000 with monthly payments for 30 years at 2528.27 a month. What should I pay in a down payment to make it $2000 a month. I want to be able to change my downpayment options because I have some money saved up, and the mortgages may change depending on the house. Does this make sense. It is confusing I know but I also know it can be done.  more

Resolved Question: Buying land, what's the process?

I'm 17 now, and li8ve with my parents. I work Winn-Dixie cashiere full time, min wage of course. There's a chunk of land right next to our current lot waiting to be sold for 30grand. My plan is to save six hundred a month out of my check for a year for the down payment, but I don't know what the monthly payment after that would be and I'm lost trying to use most mortgage calculators. Can anyone tell me the process, and I mean everything. How much for the down-payment? How many years on the loan? How much monthly? We live in Lake Butler, Fl, where the going rate is 15grand an acre, and the lot is 2.something. I'd like to own it by my 20th birthday, prolly still paying though. Any help is appreciated? Oh, and my career plan is to stay with Winn-Dixie and move up, if that makes me anymore credible. My secondary goal is to get a degree in business, which will make moving up all the easier.  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: 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?  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: 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.  more

Resolved 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  more

Mortgage Calculator With Down Payment News

mortgage calculator with down payment

mortgage, mortgage calculator, mortgage rates, home mortgage, mortgage refinance - Just this month, The New York Times reported that mortgage rates are expected to fall to the mid-4% range and a refinancing boom won't be far behind (A Rush Into ...

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Ready to Refinance or Waiting It Out? Set Your Target Mortgage ... - PR Inside

FirstAgain, an online consumer lender focusing on individuals with excellent credit, is shedding light on how consumers can build their creditworthiness – which is essential today as financial institutions continue to tighten lending standards ...

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FirstAgain Details Top 10 Ways to Build Your Creditworthiness - Earthtimes

Q: My wife and I are about to have a baby and we’ve been looking at moving from a one-bedroom to a pet-friendly two- or three-bedroom co-op in the Fort Lee , N.J. , or Flushing, Queens , area — ranging from $250,000 to $350,000. While I’ve seen ...

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Ask Barbara: Should you be sold on condos or co-ops? - New York Daily News

Even those who signed up to five-year fixed-rate home loans in January could lower their costs over the term of the loan by paying early redemption charges to get out. These fees could be as much as £6,000 for a typical £150,000 loan. An early exit ...

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Mortgages & homes - Mortgage features - This is Money

Gather your records -- With the current tax year winding down, taxpayers should begin to gather and organize their tax records now to reduce stress at tax time. Start organizing records such as those relating to a home purchase or sale, stock ...

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Follow end-of-the-year tax tips - Fremont News-Messenger

Gather Your Records -- With the current tax year winding down, taxpayers should begin to gather and organize their tax records now to reduce stress at tax time. Start organizing records such as those relating to a home purchase or sale, stock ...

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Not too soon to get started on tax preparation - Port Clinton News Herald

A conversation with Warren Morgan, Financial Center manager, Fifth Third Bank "The first step in gaining control over your money is to develop a budget," says Warren Morgan, a financial center manager at Fifth Third Bank's downtown Detroit banking ...

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Getting organized is a smart investment - Michigan Chronicle

Q. My husband and I are trying to decide if we should buy a $330,000 home in our neighborhood that, at 2,300 square feet, is twice the size of our current home (the monthly payment would be only about $50 more a month than our current payment), or ...

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Buy New or Remodel? - Wall Street Journal

Suddenly, the traditional wisdom of putting aside cash for an emergency seems more important than ever. With economic storm clouds brewing, it makes sense to have three to six months' worth of living expenses -- even more if you can manage it ...

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Need cash? Here's where to find it fast - WTVF

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Mortgage Calculator With Down Payment Links

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