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mortgage rates calc
NEW YORK , Dec. 4 /PRNewswire-FirstCall/ -- Mortgage rates dipped again this week, with the average 30-year fixed mortgage rate falling from 5.97 percent to 5.92 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed ...
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Bankrate: Mortgage Rates Fall Further - MSN MoneyCentral
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Mortgage Rates Calc Questions and Answers
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){}
}
}
}
}
moreVoting Question: Can someone please help me with my calc project? i need to do it using the maple program.?
a couple have just taken on a mortgage of $200,000. an annual interest rate of 7.5% compounded monthly is being offered for a 30-year loan (360 payments). Two different payment schemes are offered.
One consists of a series of ballooning house payments which will increase by exactly the same amount each month until the loan is paid off. the first month's payment is only $1250, which is exactly the interest due during the first month. determine how much the house payment is to increase each month. list the sequence of payments. list the sequence of balances over the life of the loan.
the other payment scheme is a fixed payment each month over the life of the loan. determine how much that payment should be. list the sequence of balances over the life of the loan.
the Truth in Lending Law requires that you tell your client the true total cost of the loan for each payment schedule. determine these amounts for each of the two payment plans.
i will be indebted to anyone who can help.
moreResolved Question: how to round up 0.125 to say 7.4250% on a calc mortgage rate adjusting soon need help?
moreResolved Question: CyberProblem?
Cyberproblem: Prepayment vs. Investment Analysis.
In managing one's own finances, as well as those of a business, there are numerous decision situations where applications of "Time Value of Money" (TVM) concepts and methods help one assess the financial consequences of alternative courses of action. One such situation is the decision to prepay part or all of one's mortgage or loan balance by making extra periodic principal payments. As one makes extra principal payments, the loan balance is reduced faster. This means you pay less interest over the life of the loan and the loan will be repaid earlier (i.e. fewer payments). For example, a person might decide to pay $50.00 per month extra (i.e. if their mortgage payment was $900 per month, they might pay $950 each month, $50 extra) on a mortgage loan. The extra payment of $50 would be applied each month to reduce the principal balance. However, there are important factors to consider before making this decision. For example, if the mortgage loan is on the person's primary residence, the interest on the loan may be tax deductible. This reduces the net, after-tax cost of the loan.
To consider the financial consequences of this decision, you can search the Internet for free financial calculators, including some that will assist with a prepayment versus investment scenario analysis. Before using a Web site, you will need to amortize the loan you will use as input data for the analysis.
Suppose you purchase a home for $150,000 and obtain a 90% mortgage loan, 30-year maturity, at a fixed annual interest rate of 8.0%, with deferred monthly payments. What is the monthly payment for principal and interest (P&I) on this loan?
The loan amount is $150,000 x 0.90 = $135,000 The calculator keystrokes follow. PV = - $135,000; N = 360 (30yrs x 12 per year); I = 8.0%/12 = 0.6667; FV = 0 (the loan will be paid off at maturity); SOLVE for PMT = $990.62 Note: If you enter the interest rate at 0.6667% per month you get the payment above. If you carry full precision on your calculator, the PMT = $990.62.
The data you will need for the prepayment scenario include the following.
Loan Balance: $135000
Current Payment: $990.62
Additional Payment: $50.00
Loan Interest Rate: 8.0%
Loan Interest Deductibility: YES
Investment Rate Return: 6.00%*
Tax Bracket: 30.00%
Investment Type: After-Tax
*The Investment rate return is your opportunity cost estimate. It is the annual rate you think you can earn on the $50 extra principal payment if you did not make extra principal payments on your mortgage but instead, invested it.
Now visit the website http://www.mortgage-calc.com/mortgage/index.html, and select Prepayment vs. Investment.
a.After 12 months of making extra payments, what will be the loan balance?
b.After 12 months of making the regular payment and investing the $50, what will be the loan balance?
c.Under the regular payment and investing option, excluding the tax due on the interest earned, what is the investment balance after 12 months?
d.Compare the scenarios of investment versus prepayment by examining the 60th payment, which occurs at the end of the fifth year. What is the difference between the (a) interest portion of that payment, (b) tax deduction for interest, and (c) principal balance? Finally, how much is in the investment account?
e.(a) How long does it take to repay the entire loan under the prepayment option? (b) What is the total interest paid over the life of the loan?
f.Compare the total interest paid under each scenario? How much less in interest do you pay under the prepayment option?
g.If you make an extra $50.00 principal payment per month, what are the opportunity cost considerations?
h.What are the relevant cash flows to consider in this decision? For example, do you consider the tax implications and if so, then how?
i.Do you go out to lunch too often? Go to this site http://marketplacemoney.publicradio.org/toolbox/calculators/LunchSaver.htmland use the Lunch Savings Calculator to see how much money you can save by not going out to lunch. If this site does not function for you, search the Internet for a similar calculator. Suppose you usually spend $6.00 a day when you go out to lunch, when bringing your lunch to school/work would only cost you about $2.00 a day. Since there are approximately 20 weekdays in a month, enter that value for the days eaten per month. How much money would you save after 15 years if you could earn a 10% yield on the money you save? If this site does not function for you, search the Internet for a similar calculator. If you do use a different site, provide the URL to your instructor.
j.Suppose your investment account earns an average annual return of 9%, and the average rate of inflation is 3%. Go to this site http://www.nwcu.com/Web_Tools_and_Links/Calculators/Reitrement_Planner/ and use the Save a Million Calculator to see how long it would take to have a million dollars. State your answer in total years. Imagine that you started with an initial investment of $20,000 and made monthly $150 contributions (assume that your deposits are inflated at the average rate of inflation)? If this site does not function for you, search the Internet for a similar calculator. If you do use a different site, provide the URL to your instructor.
*Adapted from:
Brigham, E. F. & Houston, J. F. Chapter 6 Cyberproblem: Prepayment vs. Investment Analysis in Fundamentals of financial management (10th ed.). Retrieved March 10, 2006, from http://www.swlearning.com/finance/brigham/ffm10e/ffm10e.html
moreResolved Question: I am buying a house, I uses mtg calc, but does anyone know the p[ayment on a 120k mortgage?
I have a 30 yr lined up, don't know the interest rate off top of my head. I was curious if anyone was a mortgage broker and could give advice. Its a 100% loan with seller concession included.
moreResolved Question: Need Help with Loan Calc Logic in C# for ASP.NET 2.0 App?
Hi!
I am coding a ASP.NET 2.0 mortgage calc app and need some help with the C# code required to perform the actual calcs. Here are the specs.
The following data is available:
- Selling price
- Down payment
- Interest rate (value between 0.0 and 1.0)
- Number of years
- Periods per year (12, 24, 52)
- Payment per period
Based on validation groups, I need to calc the following:
1. Payment per period using the following formula
payment = (Principle x Rate) / (1 - (1+Rate)) ^ -period
(or)
"Payment is equal to principle times rate divided by 1 minus (1 plus rate) to the negative period power"
2. Loan amount using the following formula
loanAmount = Payment *(1 - (1 + Rate)^-period)/Rate
(or)
"Loan amount is equal to payment times 1 minus (1 plus rate) to the negative period power divided by rate"
Any help is appreciated!
moreResolved Question: nd mortg calc on a Freddie/fannie web pg vry hlpful but can't find it. wd hv 2 go into toolbox link once there
When purchasing a house a yr ago I used a very helpful tool on either a fannie mae or freddie mac web site. once on the site, you would click on the toolbox link and it would bring up this really detailed page where you would input all of your info (interestr rate, cost of property, mortgage ins, taxes, homeowners ins etc) and it would calculate the payment for you. The one I've seen recently is no where near as detailed nor does it request all of the pertinent info like the other one did that I used before. Does anyone know what site I am referring to?
moreResolved Question: without using a mortgage calc. but with a regular calc. how do u calc arm rates?
FOR INSTANCE DO I TAKE THE AMOUNT OF THE LOAN (150,000)AND DIVIDE BY THE INTEREST SAY 6%. AND THEN MULTIPLY BY THE TERM OF THE LOAN SAY 30 YEARS. iS THAT THE WAY TO DO IT WITHOUT USING A MORGAGE CACULATORAND HAVING TO USE A REAL ONE?
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