Welcome To Our Mortgage Payment Calculation Page

The purpose of this page is to give you access to the finest resources about Mortgage Payment Calculation. We are sure you will find something here that will lead you to what you are looking for.

Mortgage Payment Calculation Questions and Answers

Open 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

Open Question: Real Estate in an IRA - can it have a mortgage?

I have an IRA which is substantial. I've considered using a portion of the IRA to buy some real estate, which in my area is now 20% undervalued, by my calculation. Is it legal or possible to have the IRA to have a mortgage? Put down 20, 30 or 40 percent, and then finance the rest, and the IRA makes the mortgage payments? I bet the answer is no. But, if it is possible, it opens up a lot of possibilities for me, and makes it a very attractive option. more

Open Question: mortgage pmt calculations?

Can anyone fix me up with a user-friendly formula for mortgage payments given the interest rate and principal? I'm near certain I saw such a formula once that used an "n" value, presumably a variable, that was easy to use. I'd rather not have a link to click ; just a formula if you have one. Thanks in advance more

Resolved Question: buying my first home, I know nothing....any pitfalls to avoid?

And any direction to reasonable advice and information are greatly appreciated. I have a steady job (more than four years) earn a decent rate, and do not have a lot of debt. 2k on a card, and two car payments. But my calculations, suggest that my ratio of committments, to an affordable house payment, mean I can easily afford a mortgage of around 1k to 1.2k a month. I also am interested, in if anyone here, can direct me to where in the US, in Ca, the laws allow me to take money from my pension, for the down, without any penalties. I have heard, that I can draw 10k without penalties. I know there are some very informed people here, and I would be truly grateful, for any information relative to what I have asked, and to any pertinent info, that I will need to consider. Home prices, in my area, have dropped from 390k for a 3b 3 bath 1200sq ft, to 150k and under. Please help, because this market seems to be a once in a lifetime opportunity. Thank you in advance. Any and all relevant links appreciated. more

Voting Question: Please help to correct my java code?

I have been correcting the arrays, and still need help with how I am putting this together. I have called out the interest rates, years, and need to printout all three mortgage payments for only one month. Any suggestions? import java.text.DecimalFormat; // public class MortgagePayment { public void calc(double interest, double principle, int monthlypayments) { //Declare and construct the variables DecimalFormat decimalPlaces = new DecimalFormat(".00"); double monthlypayments, principle, interest, interestAmount, payment; int amount, i, paymentsPerPage, lengthOfPause; // Variable Declaration int principal[] = {200000, 200000, 200000};// Principal for each calculation double interestRate[] = {5.35, 5.50, 5.75};// Interest Rate for each interest rate int totalYears[] = {7, 15, 30};// Length in years for each loan double monthlyInterest[] = {0, 0, 0};// Monthly Interest int totalMonths[] = {0, 0, 0};// Number of Months double monthlyPayment[] = {0, 0, 0};// Monthly Payment // Calculations Loop for (int i = 0; i < 3; i++){ monthlyInterest[i] = interestRate[i] / (12 * 100); totalMonths[i] = totalYears[i] * 12; monthlyPayment[i] = principal[i] * (monthlyInterest[i] / (1 - (Math.pow((1 + monthlyInterest[i]),(-totalMonths[i]))))); } //Output to screen System.out.println("Principle = $"+decimalPlaces.format(principle)); //The loan amount System.out.println("Interest Rate ="+interest*100 +"%"); //The interest rate System.out.print("Payment per Month = $"); //The monthly payment amount System.out.println(decimalPlaces.format(payment)); System.out.println("********************"); System.out.println("********************"); for(i = 1; i <= 1; i++) { System.out.println("Payment " + i + ":"); System.out.println("----------"); System.out.println("Payment Amount: $ " + decimalPlaces.format(payment)); interestAmount = ((interest / 12) * principle); System.out.println("Interest Amount: $ " + decimalPlaces.format(interestAmount)); // You also have to calculate interest and add that back in. principle = (principle - payment) + interestAmount; System.out.println("Loan Balance: $ " + decimalPlaces.format(principle)); System.out.println("----------"); System.out.println(""); if(((i - 1) % paymentsPerPage) == 0) { try{Thread.sleep(lengthOfPause * 1000);} //This is a pause function. catch(InterruptedException ie){} } } } } more

Resolved Question: Can help anyone about Visual Basic.NET below?

Question about Console Application on Visual Basic.NET Write a program to compute the monthly cost of a house based on the following 4 input values: -purchase price; -annual fuel costs; -the tax rate expressed as tax per $1,000; and -the down payment. The monthly cost is 1/12th of the annual cost obtained by summing the costs of tax, fuel, and mortgage. The annual tax is obtained by multiplying the tax rate by the purchase price. For example, if the rate is $20.50 per $1,000 and the purchase price is $100,00, then the annual of tax is $2,050. The annual mortgage cost is 10% of the balance left after deducting the down payment from the purchase price. The program should repeat the calculation for new inputs as often as the user desires. more

Resolved Question: This code will not compile..I keep getting the same error about the end bracket..help?

I am having a hard time just finishing this code, and keep getting the same error about the parser not being able to finish properly. import java.text.DecimalFormat;import java.text.DecimalFormat; public class MortgageCalculatorWeek4 { // Initial values set for the fields public static double amountFix = 200000; //Initial mortgage amount public static int[] term = {7, 15, 30}; // hard coded array of terms public static double[] interest = {.0535, .0550, .0575}; // hardcoded array of loans /** * Computes the monthly payment based on the loan amount, rate, and length of the loan * @param loanAmt double - Loan amount * @param rate double - Loan rate * @param term int - length of the loan * @version 3.0 * @author MM */ public double computePayment(double loanAmt, double rate, int term) { double mrate; // mortgage rate double months; // months double answer; // result months = term * 12; //Gets number of months mrate = rate / 100.0 / 12.0; //Gets monthly rate from annual answer = loanAmt * mrate / (1 - Math.pow ((1 + mrate),(-months))); return answer; // return result } /** This is the section where all the calculations are performed and printed * @version 3.00 * @author MM */ public void setCalc() { boolean displayHeader = true; // boolean which decides what header should be displayed int array = 0; // array index double computePayment; double ipaid; for(array = 0 ;array<3;array++){ computePayment = amountFix; // assign initial value double monthlyPayment = new Double(computePayment(amountFix, interest[array]*100,term[array])); // calculate monthly payment printMonthlyPayment(monthlyPayment,interest[array],term[array]); // display monthly payment for(int month = 1; month <= (term[array] * 12) ; month++) { // calculate interest and balance ipaid = computePayment * (interest[array] / 12); computePayment -= (monthlyPayment - ipaid); if(month == term[array] * 12 && computePayment < 0) { computePayment *= -1; } if(displayHeader){ // if it's needed displayHeader headerPrinter(month); } displayHeader = false; // set displayHeader to false again printAmortisation(month,ipaid,computePayment); // display results if((month%12) == 0){ if(!(month == (term[term.length-1]*12) && (term.length-1 == array))){ // if month is different of value in last term continueMessage(); // print continue message displayHeader = true; // set display header to true }else{ endProgramMessage(); // else display end program message System.exit(1); // and finish program } try{ System.in.read(); }catch (Exception ex){ ex.printStackTrace(); // if any exception occurs print stack trace } } more

Resolved Question: What is your opinion on?

the new Provident credit card for use at Argos. In the long term lending criteria of mortgages it would have an APR of 227% That is it is for payment within 6 months. An example on Sky main page is that if you bought a wii for Â£179.99 you pay back Â£248.46. Now in the Real world to an average Jo this would represent 72.44% without the calculation that they can reuse the money again. This is still on the high side - BUT - it is designed and sold to the sub-prime market (people who can't get credit anywhere else and often default) If the whizz kids in the big banks had UNDERSTOOD the prime market then we would not be in the mess we are now. So why are Sky reporting on it. They have Louis Bond of USwitch saying it shouldn't be seen as anything but a sub prime loan - well Yes! - Could it all be that Ms Bond brought it to their attention knowing that it would be reported as it comes from the NOT so independent company that gets rewarded financially for every switch. Alongside is details of how to get the cheapest credit cards on USwitch - but - stupidly the ones that get the Provident/Argos card wouldn't get one of them in a month of Sundays. Isn't it time to kick these so called experts, who are anything but, into touch ? Christine H. Maybe if you consider the two stories in the bible, in one Jesus kicked the money lenders out of the Temple the operative part here is "out of the TEMPLE" The other story is the man who gave three sons money and only one eventually came back giving him profit (bit like the sub prime) the others squandered the money. Bruntslev. Agree far better to be insular than globalised. (think that is what the arab chappie we don't hear to much about now was against-was is Osama or Abama) As far as working the rates out, that is exactly it they have used a B52 to do the job of a F111. (that aeroplanes) and the sites like uswitch give you a different answer every time but get away with it by putting in a couple of questions that have no revelance. more

Voting Question: Compute the monthly mortgage payment on a loan of 480,000, with an interest rate of 6.5% per year for 20yrs?

Compute the monthly mortgage payment on a loan of 480,000 dollars with an interest rate of 6.5% per year for 20yrs. Please show calculations!! more

Voting Question: Is Canadian tax benefits considered income in providing support issues?

I am a citizen of Canada so is my x-wife. We got seperated mid this year. According to my income, I am paying $866/month for two child's support and $98 for daycare. I am also paying interest of loan of $30000. I am paying $200 over the rent I get for an appartment for mortgage + maint in a Ontario.( I live and work in Alberta). I am also paying car payments of $400/month. She filed a case for spousal support and got approval by court of $300/month.Now I am paying $1250 for total support payments. I pay $825/month for my apt rent and about $500 for my own expenses. She works part time and makes $1300/month. Now according to my calculation, her income is more than my income. Which includes total of $800/month in canada tax benifits, 1250 for my support payments, $1300 her own income from work. She has not much expenses. My question: Is canada tax benifits of $800 is considered as income or not? providing that raising two kids does not cost $1650/month. My financial position is getting worst day by day. I have showed my concern to my lawer but she is taking time to research. I think this should be fairly common situation for couples separating. Please help me.. more

Resolved Question: What is the average cost paid by someone in the secondary mortgage market for an existing mortgage?

I am curious as to what is the typical percentage paid on an existing mortgage in the secondary market currently. Is it merely a present value of money calculation, or is there more of a discount premium? For example, say you have a $300k 30yr fixed at 6%, by my calculations, over the life of the loan the lender would receive $347,515 in interest which would be there profit for lending the money, typically if a contract like this is sold as a right to receive these future payments they will not receive this entire amount due to present value calculations, but is there any more or less of a discount? So what is the rate or percentage a typical loan is sold for in a secondary market within its first few years? Also, do banks accept lower offers to get rid of loans now than the principle balance much as they are so willing to get rid of homes in short sale situations, etc. for banks that need cash and have obviously lent out most of their assets and want some cash assets back. The reason I am asking is, I know a personal lender who would possibly being willing to hold a mortgage for me at an equal or current rate as I currently have and that way I would be paying them a substantial and safe interest rate instead of a bank, and instead of me refinancing my current loan with a loan from this private individual I was thinking I could have them maybe make an offer to the current holder of my note to buy it, that way I would avoid closing costs, etc. And possibly they would give this person a good deal since so many banks are willing to liquidate loans for cash right now at substantial discounts to meet other needs even though they know I am a great borrower, I would think they may be willing to at least even take just the principal balance, or even less, and be happy with the interest they have received over the last 3 years, and enjoy having actual cash on hand since so many banks are hurting with other loans, though I don't know my lender's situation, they are a big bank/lender so I am sure they are experiencing difficulties with some borrowers and the economy as all others are. If anyone works or has personally held a loan and knows what type of value loans have in the secondary market compared to their principal balance and the expected income over the life of the loan I would greatly appreciated it. Also any tips if my thought is no good. In response to Ronwhiz's attempt at an answer, assume this is as low of a risk loan as there could be that the lender will recoup all the principal and interest, which it is. Borrower has great credit, solid income and assets, and the loan-to-value ratio is still only half since I paid half cash for the home. I am merely looking for a general answer such as, typically a loan that seems to be low risk for like this goes for about 90% of the present value of the future income, that's all I am looking for, not more insight, just a generic answer, yes obviously, like most things, this will be evaluated on a case by case basis, I am just looking for a general average generic response, so please (Ron for example) don't give me further advice, opinions, or insight into the issue, this is yahoo answers, not a forum for your opinion, so please if you can answer this question please do, but an answer would be in the form of a percentage or rate not an opinion or insight. 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: Mortgage payoff mix-up!?

I will try to make this short: We have 3 properties on one loan. They are all rental properties. I am a little confused...I asked our commercial lending bank to e-mail me information as to the amount I would need to pay each property off separately. I was e-mailed back with 3 separate pay-offs for the three separate properties totaling $119,567. Breakdown of payoffs: West 23rd Street $36,167, West 21st Street $41,277 and Cherry Street $41,277. We put all of them up for sale a little above the payoffs I was given in the e-mail. The West 23rd Street sold for $37,000, we called the bank to confirm the payoff amount, agreed with the contract, and closed. Then I receive a new mortgage amount in the mail for my new payment book, with the remaining two properties on it, and they totaled $109,000. But, I should only have a $81,721 balance right?? Now the wind up is that we sold Cherry Street (it closes at the end of September) for $45,000, but according to their calculations, the price we agreed on with the buyer, is not enough to pay their new estimated $54,618 balance on that property. We have to bring cash to closing to sell it, over $10,000 with all of the closing costs. The bank says they are sorry that their e-mail was confusing to me, but they said that there is nothing they can do to help me...it is what it is. This is the way the wording was on their original e-mail; "The current payoff is $150,047. Based on the original appraisals of $71,000 for West 23rd, and $78,000 for West 21st and the Cherry street property, and a loan to value ratio of 73%, the monies needed to release each property individually would be as follows: West 23rd $36,167, West 21st $41,277, Cherry Street $41,277." Do I need to contact an Attorney, or did the bank make it clear enough for any of you? If so, I must be really stupid! Please help!! I feel that I was mislead, and now I have to pay for it. By the way, our Realtor said that an offer came in for our West 21st Street property at $45,000, but now I can't accept it knowing what I know about the new payoff amounts. SORRY this is so long! more

Resolved Question: Finding calculation for Amortizing loan?

I need assistance answering this question, please help. You take out a 30- year $100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance of the loan? Thank you, va more

Resolved Question: What sort of calculations are used in determining mortgages?

I checked into getting a mortgage, and was told that I qualified for a mortgage of around $140,000 (which where I live is just enough to buy a crack house). With no money down, over forty years, they said my payments would be around $900 every month. I calculated that $900 a month over forty years is almost $400,000. So what gives? What am I missing here? Oh yeah, they said 7 percent locked-in interest. more

Resolved Question: interest rate reset: monthly payment calculation?

I have 5yr adjustable mortgage interest rate reset comming in august 08. My original mortgage was 300k As of today I have payed this ballance down to 160k. Then when the rate resets in august, how will the mortgage monthly fee be calculated- from 300k or 160k more

Voting Question: Need educated or professional realtors to answer my questions.?

Once again my question was. Is there any online calculators that can help/make me a 5yr analyzation of my total mortgage and what my rentors monthly payment is? For example, my mortgage is more than what my rentors are paying me. I need help in figuring out what would be a five year negative mortgage calculation analisis? I need an educated realtor not some high shool answer like my previous question ? more

Resolved Question: Match the time value of money problems below with the correct calculation application...?

PROBLEM: ___ a. Calculation of the amount that will be in a special endowment fund created by the will of a donor after 20 years ___ b. Select the best current value from among several investments promising different future return amounts ___ c. after opening a retirement account with a large initial deposit, you want to know how much you need to deposit each year to have a certain amount at retirement ___ d. you have an opportunity to buy a home with a fixed down-payment and either assuming the existing mortgage or taking out a new mortgage and you need to determine which is the least expensive option __ e. Deciding how much to deposit monthly into a fund for the repayment of a loan in 30 years POSSIBLE APPLICATION: 1. Present value of a sum 2. Future value of a sum 3. Present value of an annuity 4. Future value of an annuity 5. Combined annuity and single sum calculation more

Resolved Question: i'm looking to buying a house?

hi to all. i'm interested in purchasing a foreclosure house and i was wondering how would calculate my monthly mortgage. i a copy for the mortgage calculation formula but when i went to different web page they give something else. please show me how to use this formula: Mortgage price: $ Interest Rate: % Down Payment: $ Yearly Taxes: $ Yearly Insurance: $ Term:30 years 20 years 15 years 10years 5years TOTAL: If the price of the house is high, ie250,000, should i take out a lower term, and the down payment is :0 please help figure the amount i will be paying monthly more

Resolved Question: My mortgage company has been overcharging me for several years. who do i call to get help.?

In 2004 something was changed and the late fees were almost doubled. I called and was told that it was correct. so that went on until now. In 2006 I filed chapter 13. the mortgage company disputed my filing because the payment was to low to cover the monthly charges. i was told my monthly mortgage payment went from 1623 to 1720. So that is what i was paying since dec 2006. I have recently been sick and am out of work. I had recieved a letter in may stating that due to escrow shortage my payment would be going from 1623 to 1709. I called and they have been over charging me since 2006. Putting that money in a suspence account. and racking up the late fees. they filed to dismiss the chapter 13 because i fell behind. I worked that out. But all their calculations are wrong. where did my money go. They are making some payments out of the suspense account. if they had a couple of thousand dollars of mine how could they file to dismiss. I could have lost my home and they had my money. more

Resolved Question: How do interest payments affect your taxes?

Is it a direct calculation? For instance, if I took the standard deduction last year and paid on 30% of my AGI, and this year bought a house and paid $28,000 in interest, is this the calculation for my tax savings: (28000 - 10700)*.3=tax savings for the year (5,190)? I'm also wondering if this tax savings is guaranteed, so technically I would be able to take ($5,190/26=199.61) it out of each of my paychecks so that the savings could help me pay my mortgage payments? And finally, does this work if you have an interest only loan? Thanks more

Resolved Question: Help with mortgage payment calculation for my first possible house?

I am looking at one around 179,000.00. Would someone be able to tell me the monthly payments on a standard mortgage? There would be no down payment. more

Resolved Question: Calculating Self Employment Taxes, am I doing this right?

Hello all, desperately need some help in making sure I don't make a huge tax error. I currently have a route that I do for the local paper where I collect old papers and coins from the racks. They pay $57 a week. Here are the current figures I've come up with: 52 weeks a year x $57 =$2964.00 $2964 x .9235=$2737.26 $2737.26 x.153=418.80 in yearly taxes Does this calculation sound correct for me? Is it safe to say that my weekly taxes are $8.06? I'm signed up with the IRS online tax payment system and I'd like to pay my estimated taxes at least bi-weekly. The company has factored in the mileage of the route into my weekly pay, I am wondering that since they did this, can I no longer deduct gas expenses? I live in California, and file the rest of my income taxes as single, itemized deductions (have a mortgage and real estate taxes.) I really appreciate any intelligent answers from anyone who knows a thing or two about taxes, I'm having a hard time! more

Resolved Question: McCanns: the Fund ?

By my rough calculation approximately Â£1.75 million has gone into the 'Find Madeleine' Fund. Of that approx Â£100,000 was spent on poster campaigns, Â£10,000 went to the McCanns mortgage and Â£350,000 went to the 110% Defective agency. With the recent payment from Desmond they must have about Â£700,000 left in the fund. So where did the other Â£500-Â£600,000 go ? more

Voting Question: My Texas Instruments BA II Plus Calculator is giving me answers 10x higher than what they should be?

I'm using my calculator to calculate mortgage and car payments...amortizing. I've been using these calculators for the same calculations for 10 years but have never had to program one. I'm calculating the payment of a mortgage...150k, interest 6%, 360 payments, but I keep getting a payment of 9000 instead of 900. Why am I getting an answer 10x higher? and how do I fix this? I've reset the calculator a few times with no fix. Thanks no, the decimal is in the right place. When the answer should be 900.00, the answer displayed is 9,000.00 more

Resolved Question: Real Estate Investment Calculation?

I am planning to buy a house and sell it in 3 years. I just want to know if my understanding is good and my calculation is correct. So I put down some math here: Assumption: * Assume no closing costs nor other fees for easy calculation * House Price: $383,000 * Down Payment (10%): $38,000 * Loan Amount: $344,700 * APR: 4.793% * 3/1 ARM: 30 years -> Monthly Mortgage Payment: $1,807 * Monthly Property Tax: $479 (Assume 1.5%) -> Total Monthly Payment: $2,286 -> 3 Years Payment: $82,289 Let say if the house sold for $510,654 in end of Year 3 I want to know how much I made in profit: -> Profit = $510,654 - $383,000 - $82,289 = $45,365 Am I doing the right math? Thanks. I just want to check if the calculation and thought process is correct, especially finance related. I don't know if there is any difference if I use 3/1 ARM or the one with interest payment only. I wonder when I sell the house, the difference in principle would have an effect on profit. Add some more assumption: * Assume zero cost when buy house (closing/points..) * Assume zero cost when sell house (listing fee, agent fee, remodel...) more

Resolved Question: Should I buy a house in the Sacramento, CA area???

Yeah, my father is pressuring me into purchasing a house in the Sacramento, CA area (number 2 worst real estate markets in the US according to Forbes) and I'm not sure if its a good idea. He says that he has done the calculations and that after 15k down payment on a 30 yr loan it would cost about a grand a month with the bills and mortgage if the property is bought for 150k. However, I neither have that kind of money for a down-payment, nor do i have that kind of income. I'm 20 yrs old and I make about 1500 a month but 500 is nowhere near what I need for my other bills, expenses, and not to mention, gas. My dad is convincing me that I can rent it out to someone for about 1200 per month n that it is a good investment for my future, especially when I get married so as to already have a house. Can anyone give me advice, especially if you have a real estate or financial background, I don't know what to do and I'd really appreciate any help. Thank you, Roman The Warrior more

Resolved Question: Should I buy a house in Sacramento?

Resolved Question: PLS help figure monthly payment for given interest rate...?

loan amount 285,000 Bank A... 5.625 interest rate... 1640.63 principal + interest/mo. Bank B... 5.5 interest rate... 1619 principal + interes / month Shouldn't the monthly payment be lesser than 1619 with a drop of 0.125 in interest rate? I am sorry I get confused when it comes to mortgage calculation. Thank you. more

Resolved Question: 150,000 mortgage 7/1 ARM - Question about the payment amount?

I refinanced my house for $150,000 with a 7/1 ARM. I already know the index plus margin will be used to determine the interest rate when it adjusts, but I have a question about the monthly payment amount when it adjusts. The note says the following: "The Note Holder will determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment." Am I right that the new monthly payment amount is based off whatever the balance on the loan is when it changes.....or is it based off the original $150,000? more

Resolved Question: How can one be innocent and do not know their "adjustable" mortgage rate can be adjusted!?!?

English is my third language and I still know how to use mortgage calculation tools on lender websites. Not to mention, I can use mathematic formula or spreadsheet or calculator to calculate monthly payment. I also know to ask my parents, uncles, aunts, teachers. and friends too. Still I feel that people project stupidity image on anyone who don't speak English well. Thanks everyone! It's good to know that I am not alone in feeling that this whole thing is not fair. The future of this country would be interesting if government keep rewarding stupid, irresponsible, lazy and greedy behavior. Note that ambition and greed are not the same thing. For crabby_blindguy3: I am very humble. I am almost surprised there are many other people less smart than I am and signed into a contract in English language which is their native language. For culpepp11: I agree they're ignorant rather than innocent, but I have the feeling that the government painted them as innocent so they are eligible to help spending the falling US dollars. My question read: "How can one be innocent...?" more

Resolved Question: Mortgage Payments (bi-weekly)?

Need some help with the following calculations here... Principal = $180k Interest = 5.875% This is the scheduled payment for first 2.5 years Jan to May 08 = $1,000 per payment June 08 to May 08 = $2,250 per payment June 09 to May 10 = $3,250 per payment How much principal is left at this point? and how long will it take if I pay $3,750 per payment! Happy Holidays! more

Resolved Question: Do you think this lady got more than tired of pressing one for English?

Shown below, is an actual letter that was sent to a bank by an 86 year old woman. The bank manager thought it amusing enough to have it published in the New York Times. Dear Sir: I am writing to thank you for bouncing my check with which I endeavored to pay my plumber last month. By my calculations, three nanoseconds must have elapsed between his presenting the check and the arrival in my account of the funds needed to honor it. I refer, of course, to the automatic monthly deposit of my entire pension, an arrangement which, I admit, has been in place for only eight years. You are to be commended for seizing that brief window of opportunity, and also for debiting my account $30 by way of penalty for the inconvenience caused to your bank. My thankfulness springs from the manner in which this incident has caused me to rethink my errant financial ways. I noticed that whereas I personally answer your telephone calls and letters, --- when I try to contact you, I am confronted by the impersonal, overcharging, pre-recorded, faceless entity which your bank has become. From now on, I, like you, choose only to deal with a flesh-and-blood person. My mortgage and loan repayments will therefore and hereafter no longer be automatic, but will arrive at your bank, by check, addressed personally and confidentially to an employee at your bank whom you must nominate. Be aware that it is an offense under the Postal Act for any other person to open such an envelope. Please find attached an Application Contact which I require your chosen employee to complete. I am sorry it runs to eight pages, but in order that I know as much about him or her as your bank knows about me, there is no alternative. Please note that all copies of his or her medical history must be countersigned by a Notary Public, and the mandatory details of his/her financial situation (income, debts, assets and liabilities) must be accompanied by documented proof. In due course, at MY convenience, I will issue your employee with a PIN number which he/she must quote in dealings with me. I regret that it cannot be shorter than 28 digits but, again, I have modeled it on the number of button presses required of me to access my account balance on your phone bank service. As they say, imitation is the sincerest form of flattery. Let me level the playing field even further. When you call me, press buttons as follows: IMMEDIATELY AFTER DIALING, PRESS THE STAR (*) BUTTON FOR ENGLISH #1. To make an appointment to see me #2. To query a missing payment. #3. To transfer the call to my living room in case I am there #4. To transfer the call to my bedroom in case I am sleeping #5. To transfer the call to my toilet in case I am attending to nature. #6. To transfer the call to my mobile phone if I am not at home #7. To leave a message on my computer, a password to access my computer is required. Password will be communicated to you at a later date to that Authorized Contact mentioned earlier. #8. To return to the main menu and to listen to options 1 through 7. #9. To make a general complaint or inquiry. The contact will then be put on hold, pending the attention of my automated answering service. #10. This is a second reminder to press* for English. While this may, on occasion, involve a lengthy wait, uplifting music will play for the duration of the call. Regrettably, but again following your example, I must also levy an establishment fee to cover the setting up of this new arrangement. May I wish you a happy, if ever so slightly less prosperous New Year? Your Humble Client (Remember: This was written by an 86 year old woman) 'YA JUST GOTTA LOVE ' US SENIORS' !!!!! As far as I am aware, the lady was not refunded her $30. She should have been. This very thing has happened to me, too! more

Resolved Question: Mortgage payments after first renewal?

Hi Everyone, I was wondering that what will i have to pay once my current mortgage comes for renewal after the first term of 5 yrs. To be specfic, currently i have a locked interest rate for 5 yrs. After the term is over i would have to shop around for a good rate. Assuming that i get the same rate and i lock in for next 5 yrs. What will be my mortgage payments keeping in mind that i have paid out a portion of the capital. Will the new payment be based on the new outstanding amount. If so then for how long will be amortised for. I am confused. In the back of my head i know that the mortgage is amortised for 25 yrs and the principal payments wont change only the interest part changes. I want to know the logic behind the calculation .......................I may be wrong. Please help with calculation. Thx for your time guys more

Resolved Question: Is it possible for my bank to apply entire EMI mortgage payment to Interest only for certain months?

My bank applied 3 months of payments to only interest and nothing went to principle. Is it because of incorrect calculation by bank? more

Resolved Question: How does a spouse "buy out" of the marital home when you owe more than the house is worth (no equity)?

Husband & I refinanced our home 1.5 yrs ago to pay off his college loans & our joint credit card debt. We qualified for a "110% loan," leaving us with no equity. Plan was to not sell for quite some time. However, we're now divorcing. 1st mortgage = $160k, 2nd mortgage = $50k ($210k total). Home's current value is ~$170k. Husband accepts responsibility for debt from his college loans ($42k). He also agrees that I get $10k "credit" for original down payment which came out of my personal savings. I will probably stay in the home for a few years; it's not in our best interest to sell now given the $ situation & housing market. Based on my assumptions & calculations, to "buy him out" he actually owes me $72k. Correct? Lawyer recommends not refinancing & leaving husband's name on mortgages so he feels more pressure to pay, or me refinancing with parents cosigning to reduce payments but then husband has no financial responsilibity to mortgage company, only to me. Recommendations?? 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: Need a real estate advice.?

Hi all, My wife and I own a house for 16 months now in Ontario, Canada. This is our first home and we went in with 5% down. Real estate prices in our area have gone up some good 20%, BUT our calculations show us that even with the price increase, we'd lose 10K if we sold now. Here's how: We've calculated all the money we've invested over the course of 16 months (property tax, insurance, down payment, initial lawyer expenses, mortgage payments) and when we add it all up, and deduct agent's 5%, we're gonna come up $10 K short. Is this something that's common for sellers like us, who've spent short time owning a house? Does anyone know if there's some sort of formula on what you should expect to get back on investment after one year? We're selling the house cuz my wife got a job transfer, so we need to sell. I'd really appreciate if anyone local to Ontario could share advice. more

Resolved Question: I need help with Visual Basic 2005. I have problems with variables, calculations and loops.?

How do I calculate decimals and integers? What are the codes. Example, I need to calculate mortgage payments. Loan amount * interest Rate * years. How can I output the information? Basically I need a tutor because I am on the verge of withdrawing from this class. more

Resolved Question: Qualifying for a Mortgage on a Duplex?

I am working with a lender to qualify for a mortgage on an owner-occupied duplex. I am told that 75% of rental income will be counted towards my personal income, of which 40% will be counted for my monthly payment. Is this the standard, or is my mortgage lender mistaken? By my calculation, they are only taking into consideration 30% of the monthly income! There's no way I can buy a duplex with that. more

Resolved Question: Questions about carrying costs for a bank-owned foreclosure property?

I canâ€™t find any internet sources on this so hopefully someone here can help. I am more than willing to do the calculations myself if someone has a formula for this. If a bank foreclosed on a mortgage that was somewhere between $150-160,000, what would it cost that bank per month in carrying costs? If you canâ€™t give me a number, can you at least define "carrying costs?" I understand that itâ€™s the cost of owning the home until it sells, but what items/expenses make up the actual cost? Is it just the foregone mortgage payments? Thanks so much in advance! more

Resolved Question: With the recent mortgage crisis, is it still possible to do no-doc loans?

I have a good credit score (720) and a decent down payment (20 %) but I have only been at my job 6 months, and I don't work there in the summer. I will have to find seasonal summer work and I know that usually doesn't count in the calculation. I plan to have a roommate to help me make the payments. Are there any reputable mortgage companies that still offer a no-doc loan based on good credit? more

Resolved Question: Do mortgage for cooperative apartments include hazard insurance and property tax?

A mortgage company included hazard insurance and property taxc in the calculation of our monthly payment. Im not quite sure if these costs should be a part of the mortgage or part of the coop apt monthly maintenance fee. more

Resolved Question: What's wrong with my simple interest calculation for my mortgage?

I have a home loan that I've made 8 payments on so far. The initial loan amount was for $139,650 at a simple interest rate of 8.5%. The interest accrues on a yearly basis. The bank calculated my monthly payment to be $1,130 / month. Alright, so I'm getting ready to sell the house and I call up the bank to ask how much I still owe on the house. They tell me $139,400. That's only $250 that I've paid off after paying 8 payments of $1,130 (which is $9,040)! I've done this calculation: I = PRT, which gives I = $139,650 * 0.085 * 1 = $11,870.25 of interest this year. $11,870.25 / 12 = $989.19 of interest per month. This should mean I'm paying $1,130 - $989.19 = $140.81 of principle per month, which is about $1,125 over the course of 8 payments! So why have I only paid $250 towards the principle? What am I missing here? more

Resolved Question: Compound interest/ PV ? Plz help very confusing?

X and Y were brothers. X paid a fixed mortgage (term= 30 years) on his house and Y rented. Both had equal amounts to pay... $465.35 in mortgage and in rent. However, Y's rent increased at a rate of 5% per annum and X continued making payments of $465.35 as it was a fixed mortgage. X invested the difference between his fixed mortgage and Y's escalating rent. Each year he would accumulate the monthly savings in a 8% money market fund (compounded monthly) and at the end of the year would invest in a bond mutual fund @ 10% per annum compounded monthly. This continued till the end of the mortgage (30 years). What had this invested accumulated to at the mortgage burning date ? Plz show calculations more

Resolved Question: Mortgage payment/Compound interest? Pz help?

X financed $53,492.92 on a 10% fixed rate mortgage payable monthly over 30 years. What is his monthly payment? Plz show calculations more

Resolved Question: Help with Interest calculation?

I have a remaining mortgage of approx $8900.00 (as of 6/07) the APR = 12% My Monthly Payment is 346.00 , I have been making double payments since January 2007 of $692. I am trying to determine if by paying off the Loan this year I would save any money. My thinking is I wont save any money because I have already paid the interest off this year and all remaining payments will be applied to the principle. So it would make no difference if I paid the 8900. off more

Resolved Question: the c s a fair or not?

the csa have just informed my husband that his payments are going to be Â£549 a month,im going out of my mind with worry as i dont know how we can manage this along with our mortgage reypayments.my husband was unemployed when the csa first took on the case which was in 2001 so he falls under the old csa rules for working out payments,which includes my wage too.however after 2003 the new rules came into effect and seem to be a much fairer way of working out payments,and do not include my income.i met my husband in 2004, is it fair that i should be included in there calculations,i have to add that i love my step children,but this seems unjust.both children have left school ones 17 and the others16. more

Resolved 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. more

Resolved Question: monthly mortgage calculation... please help you mathematics out there...?

can anyone tell me what my monthly mortgage payment would be on an 84,000 home with a 30 yr loan at 7 % with 5-6,000 down? please help.. we are looking at a nice house, and my husband wants to get a good idea of what our monthly payment would be without going to one of those stupid "lending tree" sites, where the bug the crap out of ya for months. we both have pretty decent credit.... in the 600's for both of us. more

Mortgage Payment Calculation News

mortgage payment calculation

Britainâ€™s biggest mortgage lenders were on Wednesday night struggling to work out the details of a hastily arranged scheme designed to prop up the housing market and add lustre to an otherwise dull Queenâ€™s Speech. Senior bankers were given just a ...

Mortgage holiday plan leaves confusion - Financial Times

Gordon Brown has just announced a scheme which he hopes will lead to significantly fewer repossessions next year than the 75,000 currently expected by the CML. It's an attempt to provide assistance for two years to those families which suffer a fall ...

Taxpayers' mortgage guarantee - bbc

The recent sharp drop in mortgage interest rates is creating a window for homeowners nationwide to refinance and providing an incentive to people who have been holding back on buying a house. In the past week, mortgage rates for 30-year fixed loans ...

Interest rate drop opens door to refinancing - Austin American-Statesman

There was an unexpected treat from Gordon Brown for middle-class voters in the debate following Wednesday's Queen's Speech: state help to stem the rising tide of home repossessions. The Prime Minister announced a taxpayer-backed scheme to allow ...

Leading article: The wrong priorities - The Independent

Thirty years ago, a typical consumer had a fixed-rate mortgage, a life-insurance policy, a bank account and an employer-paid pension plan. Nowadays, that same consumer may have a payment option adjustable-rate mortgage, a 401(k) retirement-savings ...

Some Consumers Say Wall Street Failed Them - Wall Street Journal

Fiscal 2008 highlights (year over year) - Earnings per share (diluted) of $3.05 versus $4.01, includes $0.82 from writedowns - Net income of $3.14 billion, down from $4.05 billion, includes $822 million from writedowns - ROE of 17%, versus 22 ...

Scotiabank Reports Fourth Quarter and Full Year Results - MSN MoneyCentral

As the global financial crisis deepens, Report on Business writers examine and explain the turmoil in credit and stock markets. Here, we answer your questions daily, with the most recent at the top. Ford's CEO says he will work for $1 a year if ...

Who were the original $1-a-year men? - Globe and Mail

The financial information in this earnings release is in Canadian dollars and is based on financial statements prepared in accordance with Canadian generally accepted accounting principles (GAAP), unless otherwise noted. Our 2008 Annual Report to ...

Royal Bank of Canada reports fourth quarter and 2008 results - CNW Group

Please register to gain free access to WSJ tools. An account already exists for the email address entered. Merck has agreed to pay $58 million to settle allegations by a few dozen states that the company used deceptive advertising to promote Vioxx ...

Register for FREE - Wall Street Journal

----- Surpassed $100 million in total earnings Very strong loan growth of 6% in the quarter and 16% for the year Constrained revenue growth due to ongoing margin compression

Mortgage Payment Calculation Links

Blinkx Video Search
World's largest video search engine. Over 26 million hours of video.
www.blinkx.com

Looking For Mortgage Payment Calculation?
Information, Option, and Images for Mortgage Payment Calculation.
www.best5online.co.uk

Mortgage calculator

Deals