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mortgage early payment calculator

Springfield, Ohio â€” With Christmas memories still fresh and New Year's Day almost here, the last thing many people are thinking about is filing a 2008 federal income tax return. But taking time before the end of the year to organize and plan can ...

It's not too early to plan for tax time - Springfield News Sun

I've been playing around with mortgage calculators this morning, after getting an email from a renter in Long Island who wants to buy but isn't happy with falling mortgage rates: I have saved enough for a substantial down payment - and was looking ...

Rent vs. Buy: Buying Becomes More Attractive - Seekingalpha.com

Sorry, this won't sound the least bit festive. But amid the holiday merriment, take a few seasonal moments to contemplate that most unseasonal of topics: taxes. Although it sounds about as appetizing as stale eggnog right now, it could pay off next ...

Get your 2008 taxes in shape - Grand Forks Herald

Prepare for taxes before year's end - Akron Beacon Journal

Search: Sorting out your finances - Check your credit hasn't been tampered with - Get a better mortgage deal - Cut your household bills The New Year isn't just about giving up chocolate, alcohol and smoking - it's also the time for some positive ...

Financial planner for 2009 - January Sales with Tiscali - Tiscali

Financial planner for 2009 - Tiscali

This post is part of our feature on Money Losers of 2008 . See all 20. If there could be a more cruel joke played on the downtrodden American middle class this year, I don't know what it could be. Battered by high gas prices and a punishing mortgage ...

Posts with tag 401k - Bloggingstocks.com

Historian Niall Ferguson argues in a new book that while money may be the root of all evil, it is also the source of the human race's greatest progress. If you disagree with Professor Ferguson, you may be one of those unrepentant, doctrinaire ...

Illusory dollars for a real crisis - Asia Times

GM isn't going to let a little thing like a lack of money prevent the Volt from coming to market in 2010 General Motors has been in a downward spiral all year with lagging sales and losses in the billions. GM and its cross town rival, Chrysler, asked ...

Chevrolet Volt - DailyTech

Resolved Question: Should I take out money from my 401K to pay off my timeshare? ?

I have $20,000+ in my 401K account. I bought a timeshare with an ex-boyfriend five years ago. (I know, I know) Monthly payment: $168 Interest: 17% Will be paid-off in 10 years. I have five more years to go. Current balance: $6, 235.64 (amount left that I need to pay) I've been paying the minimum every year for five years. I don't know why, but I just realized that I should try to pay this timeshare off as quickly as possible. Using Karl's Mortgage Calculator, my total interest would be 50.25% after everything is paid off!! Should I take out the money from my 401K plan? The interest rate is 5% and I can try to pay it off within one-two years. There's no penalty if I pay it off early. Update: Thank you all for the advice! I am still considering taking out a loan, but my main concern is security. What if I lose my job, then I'd have to pay off what I owe withing 30 days. That will be tough. The other option is to pay at least $540 a month in order to pay it off in a year. I might just do that? In addition, it's so hard to sell a timeshare. I don't know how people do it. My timeshare is in West Palm Beach, FL and there are nicer timeshares. I will try eBay and see what is available to me. more

Voting Question: How do you determine the interest dollar amount savings when you make a early principle payment on a mortgage?

Using 100k principle; 2 years schedule; 5% interest rate example, and assuming you make a 10k payment right on the first day, are you saving $417 (first month payment's interest portion) or approx $108 (last few months payments' interest portion)? If it is the later, is it better to hold the money and then pay it off at the end when your outstanding principle is 10K? Some banks may do it differently but what is the general method used in the mortgage industry? To help, I am using this calculator ..... http://partners.leadfusion.com/tools/firsttech/home02/tool.fcs 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: Can someone explain a daily compounded mortgage to me?

I got a mortgage on 1/24/07. Bank said our first payment was due on 4/12. I have paid on time (early actually) every month and the first 2 months payments went entirely to interest. Every mortgage amortization calculator I've found says that SOMETHING should be applied to interest. When I called the bank (Wachovia), they said my interest is compounded daily. Should I look to refinance somewhere else?? 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

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