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payment calculator for mortgage

With a booming demand for foreclosure-related services, at least one market savvy individual -- California consumer attorney Peter Fredman -- had the bright idea to launch a "Walk Away" calculator , which helps cash-strapped homeowners calculate the ...

Pay Your Mortgage Or Walk Away? New Calculator Helps You Decide - San Francisco Gate

The calculator asks a series of questions -- such as the equity on the house, the monthly mortgage payment and the comparable cost of renting a similar house -- and then calculates a rate of appreciation you'd need to see in order for you to benefit ...

Pay or Walk Away? New Calculator May Help You Decide - San Francisco Gate

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 ...

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

Rob and Amy Clement unpack boxes as they settle into the home they bought in Lutherville. Baltimore Sun photo: Doug Kapustin Rob and Amy Clement moved from Pittsburgh to Baltimore last year, to be closer to family in Maryland. After they landed jobs ...

Home economics - Baltimore Sun

Federal Reserve cuts in the federal funds rate have an unpredictable impact on long-term mortgage rates. So it's impossible to know for sure when -- or even if -- rates will fall as a result of the Fed's latest rate cut. Fixed-rate mortgages usually ...

How Soon Will the Rate Cut Affect You? - CNBC

It's nearly Christmas, so it's time for us homeowners and investors to line up for our presents from Uncle Sam. Oh, no, you won't find a fat bailout under the tree. Uncle is a reverse Santa Claus. His richest presents go to big boys who have been ...

Use tax and home mortgage strategies to save money this year - St. Louis Post-Dispatch

Pssst, want to line your pockets? Double-check credit card bills, medical bills, supermarket checkout slips, desposit slips, the interest rate computation on your car, your mortgage. No need for a third job if you catch a few errors. Found money ...

SHEA-TAYLOR: Need money? Check your bill - Sun Chronicle

Jeff and Anita Miller of Forest Acres are among Midlands residents refinancing their home after mortgage rates fell to their lowest level since the 1960s. The Millers, a surgeon and nurse, plan to use the reduction of $300 per month to pay off ...

Low rates prompt rush to refinance - The State

Given the stock marketâ€™s wild ride this year, most folks have a few duds sitting in their portfolio or 401(k) account. â€œIf you have dogs, you may want to think about getting rid of them now,â€ said Patrick Rogan, a CPA and an accounting ...

Get your 2008 taxes in shape - The State

Abbey, one of the largest lenders, has introduced stricter criteria to calculate how much new customers can borrow so they cannot take out potentially unaffordable loans while interest rates are low. The bank has expressed concern that, as base ...

Resolved Question: How could this be right?!?!?

I did an mortgage affordability calculator and it told me I could only afford a $41,000 house? Really, kind of funny that when I do a mortgage monthly payment calculator with tax and homeowners insurance on a $110,000 loan I come to a monthly payment that equals what I am already paying in rent on an apartment, and I am making it right now so how is that possible? I mean, I know I couldn't afford much more than what I am already paying but regardless, it was a little disheartening. Are those things right? more

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

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

Voting Question: can someone please help me with some algebra questions?

they have something to do with investing money and findong the accumulated balance after a couple of years.. i missed that day of school but my friend said that it was easy with one of those T-I 83 calculators but i dont have one.. 1.Suppose you want your sonâ€™s college fund to contain $145,000 after 15 years. If you can get an APR of 9.3%, compounded monthly, how much should you deposit at the end of each month. 2.Suppose you have 18 months in which to save $3,100 for a vacation cruise. If you can earn an APR of 4.3%, compounded monthly, how much should you deposit at the end of each month. 3.Calculate the monthly payment for a home mortgage of $234,000 with a fixed APR of 7.3% for 15 years compounded monthly. 4.You take out an auto loan for $9400 over a period of 6 years at an APR of 8%. Determine your monthly payments. (compounded monthly) 5. You take out an auto loan for $9400 over a period of 5 years at an APR of 8%. Determine your monthly payments. (compounded monthly) more

Voting Question: can someone please help me out with some algebra problems?

they have something to do with investing money and findong the accumulated balance after a couple of years.. i missed that day of school but my friend said that it was easy with one of those T-I 83 calculators but i dont have one.. can someone help me with 5 questions please 1.Suppose you want your sonâ€™s college fund to contain $145,000 after 15 years. If you can get an APR of 9.3%, compounded monthly, how much should you deposit at the end of each month. 2.Suppose you have 18 months in which to save $3,100 for a vacation cruise. If you can earn an APR of 4.3%, compounded monthly, how much should you deposit at the end of each month. 3.Calculate the monthly payment for a home mortgage of $234,000 with a fixed APR of 7.3% for 15 years compounded monthly. 4.You take out an auto loan for $9400 over a period of 6 years at an APR of 8%. Determine your monthly payments. (compounded monthly) 5. You take out an auto loan for $9400 over a period of 5 years at an APR of 8%. Determine your monthly payments. (compounded monthly) 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

Voting Question: Help with java program?

I did allright with the program, but now I have to add an array of 7 years payment amount @ 5.35%, 15 years payment amount @ 5.5%, and I have yet to be ableto put this into a decimal place of two. This has been a very complicated addition to an easy program. How can I do this? import java.text.DecimalFormat; public class MortgagePayment { public static void main(String args[]) throws Exception { //declare and construct variables int loanAmt = 200000; // this is the principal loan amount int loanTerm = 30; // this is the loan term in years int monthNum = 360; // indicates the monthly line item number int line = 0; double intRate = 5.75; // this is the initial interest rate double monthlyPay = 0; // monthly payment double monPrinPay; // monthly principal payment double newLoanBal = 200000; // the loan balance double monIntPaid; // interest paid double newIntRate = 0; // monthly interest rate // displays in the console window System.out.println(); System.out.println("Welcome to Anne's Mortgage Payment Calculator"); System.out.println(); System.out.println("This program will calculate and display: (1) Monthly mortgage payments"); System.out.println("The principal loan amount = $" + loanAmt); System.out.println("The interest rate = " + intRate + "%"); System.out.println("The term of the loan = " + loanTerm + " years"); // construct the formulas loanTerm = loanTerm * 12; newIntRate = (intRate * .01) / 12; monthlyPay = loanAmt * newIntRate / (1 - Math.pow(1 + newIntRate, - loanTerm)); // displays the variable information and formula results System.out.println(); System.out.println("The monthly payment for a $" + loanAmt + " over a " + loanTerm + "-month term (30 years) at a "); System.out.println(intRate + "% interest rate = $" + monthlyPay); System.out.println(); } } more

Resolved Question: Help correct this code until it runs-interest needs to increase-numbers rounded?

//This program will show how much you will pay per //month if you take out a loan for $200,000.00 and pay it back //in 30 years. The formula to calculate mortgage is as follows: //R=Pi/1-(1+1)-n(sqrt) //R= Monthly Payment, P= Amount Borrowed, r= Annual Interest Rate (decimal), i= Interest //rate per compounding period r/12, n= Number of months to repay (360) //This calculator will also show the loan balance and interest paid //for each payment over the term of the loan. // import java.text.DecimalFormat; public class MortgagePaymentFranklin { public static void main(String args[]) throws Exception { //declare and construct variables int loanAmt = 200000; // this is the principal loan amount int loanTerm = 30; // this is the loan term in years int monthNum = 360; // indicates the monthly line item number int line = 0; double intRate = 5.75; // this is the initial interest rate double monthlyPay = 0.0; // monthly payment double monPrinPay; // monthly principal payment double newLoanBal = 200000; // the loan balance double monIntPaid; // interest paid double newIntRate = 0; // monthly interest rate // displays in the console window System.out.println(); System.out.println("Welcome to Anne's Mortgage Payment Calculator"); System.out.println(); System.out.println("This program will calculate and display: (1) Monthly mortgage payments"); System.out.println("The principal loan amount = $" + loanAmt); System.out.println("The interest rate = " + intRate + "%"); System.out.println("The term of the loan = " + loanTerm + " years"); // construct the formulas loanTerm = loanTerm * 12; newIntRate = (intRate * .01) / 12; monthlyPay = loanAmt * newIntRate / (1 - Math.pow(1 + newIntRate, - loanTerm)); // displays variable info and formula results System.out.println(); System.out.println("The monthly payment for a $" + loanAmt + " over a " + loanTerm + "-month term (30 years) at a "); System.out.println(intRate + "% interest rate = $" + monthlyPay); System.out.println(); System.out.println("Listed below are the monthly interest rates, monthly payments, interest"); System.out.println("payments, and loan balances for the term of the loan:"); System.out.println(); System.out.println("Interest Rate\t\tMonthly Payment\t\tInterest Paid\tLoan Balance"); System.out.println("-------------\t\t---------------\t\t-------------\t------------"); // constructing formulas for monthly interest paid, monthly principal paid, and new loan balance monIntPaid = newIntRate * newLoanBal; monPrinPay = monthlyPay - monIntPaid; newLoanBal = loanAmt - monPrinPay; // Begins while loop while(monthNum > 0) { System.out.println(newIntRate + "%\t$" + monthlyPay + "\t$" + monIntPaid + "\t\t$" + newLoanBal); monthNum--; newIntRate = newLoanBal * monIntPaid; monPrinPay = monthlyPay - monIntPaid; newLoanBal = newLoanBal - monthlyPay + monIntPaid; if(line == 1) { line = 0; try { Thread.sleep(2000); } catch (InterruptedException e) { } } else { line++; } } } } 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

Resolved Question: Round Up Payment amounts to the 10ths in Java?

Am having trouble figuring out where to put a code in to round up payment amount and internterest rates in a mortgage calculator Java program code. I have figured out how to get the math in formula and the calculator works, I just can't get the output to read as rounded up and to the 10ths. ( i.e. 0.00 ) more

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

Thanks for your answer, however, I saw it done using a TI calculator, I don't remember what steps they used. How do you figure monthly payments using an installment loan formula? PMT??? w/o interest and escrow, and taxes. thank you thanks..... more

Resolved Question: Does it make a difference when a mortage is paid at the end or beginning of the month?

The prob I'm working with this a $500,000 mortage, 6% annual rate that is paid at the END of each month. If I remember right from finance class there is a difference then the standard paying it at the beginning but I can't find any mortgage calculators that let me choose the payment date. more

Resolved Question: Principal loan balance ?

What is the remaining balance of the loan principal on December 31? Business takes out a $200,000, 6% mortgage loan on October 1st to buy medical building. Payments of $1,800 are due at the beginning of the each month, beginning November 1. Which one is correct ? and how did you get there ? No calculators, a) $199,388 b) $198,396 c) $197,391 d) $198,400 more

Resolved Question: What is the remaining balance of the loan principal on December 31?

Business takes out a $200,000, 6% mortgage loan on October 1st to buy medical building. Payments of $1,800 are due at the beginning of the each month, beginning November 1. Which one is correct ? and how did you get there ? No calculators, a) $199,388 b) $198,396 c) $197,391 d) $198,400 more

Resolved Question: rent or buy for 3 years, then move?

I'm getting married in May 2009 and plan to buy or rent a hose by about that time. I can't rent an apt, it has to be a house for enough space for my home business. IF I buy, I'd really like to buy way under my means at around $120-140K (already approved for $275K in August) and pay it off really quickly. Using calculators and such, I estimate I could pay off that entire mortgage in 3 years (no car payment, no kids, tight spending). I want to stay here in VA for 3 more years so I can stay closer to our two families just a bit longer, but all our lives we have wanted to move further south where it is much warmer (both seasonal depressants when it comes to winter). In 3 years when we do move, it will definitely be a more permanent home. So in these 3 years, should we rent or buy (with the intention of fully paying off the house before we move)? The market here has not experienced a decline really and my realtor friend says the average around this area remains at 6-8% appreciation each year, but he could just be *saying* that. thanks so far guys, thats been good info. I've been doing some more math, and with just living in the house for 3 years then selling, it would be throwing away about $36,000 on interest, tax's, and insurance. Even if the house value went up a few %, any maintenance needed and closing cost's would eat that profit entirely away. (all math on a $150K home with $30K down at 7.25%) The only principle I'd get back out of it in the best case scenario I see would be about $4000 in payments to principle from the 3 years. In total spending $40k in 3 years, and coming back with $4000 (from principle). So if I can just find a rental for $36K over 3 years ($1000 a month) and just invest the $30K down payment, I'll actually make off way better eh? Or maybe I can ask the rental owner for a 5% break if I pay 2 or 3 years up front? I guess the only other question I could propose would be if I bought a foreclosure at a really good deal and sell it with a 10-15% gain? or buy a fix'er upper or even fix up the foreclosure and gain 10-15% in 3 years? more

Resolved Question: Australian Mortgages - Extra payments per week vs periodic lump sums?

I currently put in $150 per week extra into the mortgage. Should I continue doing this or bank the $150 pw into a 7.6% savings account (such as ING) and make 1 or 2 lump sum payments per year into the mortgage? There are online calculators for lump sum payments, but they only calculate one offs, not annual lump sum payments. Thanks! Please, bankers and finaciers advise only. more

Resolved Question: Im looking for a mortgage calculator?

That will tell me how much quicker my mortgage will be paid off if I increase my monthly payments. Thanks in advance! more

Resolved Question: Java Mortgage calculator help.?

Can someone help me flesh out the details of this? I need to make a mortgage calculator in java does the following The user will be asked to enter to the amount of the mortgage loan, the term in years of the mortgage, and an annual interest rate. The amount of the mortgage loan shall be greater than 0 and not exceed 10,000,000 dollars. The minimum term for the loan is five years, with a maximum of 30 years. In addition to the user being able to supply the mortgage information the application will display three of the most commonly used mortgages and the user shall be able to select these mortgages instead of supplying the mortgage information. Once the user has provided the mortgage information, the program shall calculate the monthly mortgage payment and the amortization table for the life of the mortgage. For each month the amortization table shall display the loan period, loan balance, principal balance, interest balance, principal paid and interest paid. Here is mortgage payment formula. PMT = (PV x IR) / (1 - (1 + IR)^-NP) Where: PMT = Monthly Payment PV = Principle Value (amount of loan) IR = Interest Rate, by month NP = Note Period, or mortgage term in months IR = apr/100/12 NP = term * 12 if Apr > 0 AND APR <= 100 then PMT = (Principal * IR)/(1-(1 + IR)-np) else if Apr = 0 PMT = Principal/NP end if I need help I am not so good with Java. As long as i get the calculator part of this done i think i can handle the rest. more

Resolved Question: Why do mortgages seem like robbery?

I've run a bunch of different scenarios through different mortgage calculators, and the numbers just seem outrageous. Simple math, ie dividing the purchase price by 360 months for a 30yr loan, it would seem, would give you the principal payment. So why, at 5% interest, does the payment end up at twice or even 1.5X the principal? The payment on a 150K, 30yr mortgage at 5% is $805. The total payments (360 months X $805= $289,800) is 1.932 X the original purchase price!!! Wouldn't that be closer to 200% interest than 5%?? more

Resolved Question: Questions from a first-time home buyer?

My husband and I are looking at buying our first house. We've been in an apartment for a year and a half now and we're more than ready to move into a house and actually have some counter space and decently sized bedrooms haha. How do you calculate mortgage payments? I saw some mortgage calculators online, but they were not accurate. They didn't ask for interest rates or property taxes or anything like that. They just divided the cost of the house over 30 years. I would have assumed that you multiply the interest rate (we'll say 6%) by the cost of the house. Then divide the actual loan amount by 30 and add the interest to it. 80,000 x 0.06= $4,800 (per year, interest). 80,000/30= 2,667 + 4,800= $7,466/year or $622/month. Is that how you do it? Am I doing it wrong? Also, my husband is paying back his school loans. Our cars are paid off. We spend $65/week in groceries, $125/month for car insurance, $116/health insurance, etc. We don't waste money on frivolous crap... And according to this mortgage calculator online, it says he needs to make $61,000. If the mortgage + utilities = what we pay in rent now, and we're paying that on time every month with no problems, why does it say his salary needs to be almost twice what it is now? This is stressful... more

Resolved Question: Can anybody explain to me how mortgages really work?

I went to some mortgage calculator website and put those numbers. Loan amount: $100,000 Interest rate: 5.20 % Amortization: 25 Monthly mortgage payment will be: $593.04 Yearly: $7116.48 What really confused me was when I calculated the total payment after 25 years. 7116.48 X 25 = $177,912 The question is, how come only %5.20 interest rate will end up paying about 77K over the original 100k price of the property? Or is it how things work out for mortgages? Sorry I'm from 3rd world countries and kinda don't get things right over there. 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: How on earth do property investors make any money when you compare purchase price to rental return?

For example, a home selling for $350,000 will very likely rent for $350 p/wk. I've used mortgage calculators, and I can't figure out how it could be a money-making venture with all outgoing expenses and having to pay the shortfall in mortgage payments as well. I know negatively-geared property is an asset tax-wise, but geez, how much money must be lost to get that tax break anyway? How long are you willing to pay for a roof over someone else's head? I know I'm missing something here - please enlighten me? Thanks in advance. :-) more

Resolved Question: Why do home affordability calculators come back with such a small number?

When I enter information into a calculator on any website that offers them, it comes back saying I can only afford to pay a mortgage of 300ish a month. I currently pay almost 700 a month in rent and I'm fine, and I could pay higher and still be FINE. Where are they coming up with this? If I were to go talk to a loan officer at a bank, would they do something similar and only approve me for a very low amount? I mean, I could probably pay the amount their saying I could afford 3 times in a month. A little info here. I was calculating the gross income (which would include myself and my fiance together) at about 3500, total debt payments required each month at 500 (not including mortgage/rent related expenses). And the number it came back with in the 300s. Someone please enlighten me, maybe I'm missing why they think I'm so destitute. I'm really only trying to be approved for a 110,000 loan. Also eligible for VA loan if that helps. more

Resolved Question: Who comes up with mortgage calculators?

I'm a single mother who has not debt a credit rating of 783 and pay 1415 in rent & that is just rent that doesn't include water, power, trash, phone, cable or anything else. Through those in and it's closer to $1800.I have no debt not even a car payment. I make sadly only about $40,000 dollars as an executive assistant. I don't live lavishly and while like any woman enjoy nice things I know when & what I can afford and live within my means though admit sometimes times are tight but I know what I can afford & never bite off more then I can afford even if I might like something better. I don't mind paying what I currently pay cheapier would be nice but still & yes I know about property taxes which where I live is about 10% paid twice a year. My point and question is I would like to buy a condo or house obviously it makes more sense so how come if I go to a "how much home can I afford" calculator it will tell me I can only afford a loan for $150,000 if that even at a fix rate and for 30 years. When even after taxes I would make well over that in 30 years. more

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

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

Resolved Question: How do I figure out how much my house payment will be?

There are a million mortgage calculators out there. I'm trying to figure out what other costs will be involved in owning a house, ie. taxes, home owners insurance, etc. So, a mortgage calculator is telling me that I would pay about $900 a month for a 30 year mortgage on a $150,000 house. How much else am I looking at? Thanks. more

Resolved Question: W-4 Allowance Question?

Okay last year I earned $71,479 from one job. For the past 7 to 8 years I've been claiming Single & 0 on my W-4 because I'm not the best saver and use to enjoy the large refunds....However as I've just turned 30 I'm getting wiser and would like more of my money through-out the year instead of loaning it to Uncle Sam on an interest free basis. My wife just started working in February and makes roughly $20,000 a year to my estimate @ $10.50/hour. Additionally we have no mortgage payment just rent, and two children ages 6 and 4. My wife is currently claiming Married and 2 on her W-4. I used the with-holding calculator at the website and it suggested that I claim 10 allowances and my spouse 5 to sort of break even. I definitely don't want to pay and in regards to refund wise we would only like to receive maybe around $1200 back..... Additional notes> we do pay for after-school care for the kids at the private school they attend..rough estimate of 3K a year....Please help, thanks! more

Resolved Question: What should I do?

My mom owes 54k left on our house I said I would "buy" it for 80k So if I do do this what do I have to do...If I take out a mortgage for 80k what kind of loan should I get...I dont understand fixed rate, interest only fixed rate, arm, interest only arm... I plan on buying it but selling it in 2-5 years because I am going to have 2 of my friends live with me and have them pay rent...so which is the best way to go about this if I will be selling it in 2-5 years. If I get a long term 30 years? or I have no clue what to do...or like 10 years or whatever. I can just sell the house (for more than 80k, i hope) and would make a profit? I just used a mortgage calculator that had %7 interest for 15 years on 80k it came out to 720 a month would be ideal for 3 people to pay. Should I go higher so my payments would be lower and then I can sell it in a short time? What is the best way to go about this? more

Voting Question: where can i find a monthly payment mortgage calculator?

Resolved Question: Are those online mortgage calculators accurate?

I am so ready to move out of my rental, and according to most of the online mortgage calculators I would qualify for a loan. How much difference does your credit score make? I have been making all payments on time for over 6 months and there are a few black marks set to come off my credit report in August. Also, how are student loans viewed, as I have some student loan debt? I just checked out an online debt-to-income calculator and it says I have a 19%. This I know is correct as the figures are very straight-forward. This is a good sign, right? Also, I have made an appointment with my bank's mortgage originator for tomorrow afternoon. I'm just very nervous about what I'll learn there and I'm hoping for some reassurance. So thanks! more

Resolved Question: First time home buyer?

I am looking into buying my first home in about 7 months. I was wondering how much I can afford. There are mortgage calculators that help you do so, but they do not take into affect the extra costs of buying a house. Is there an easy way to get a realistic estimate of monthly payments related to the cost of the home itself? To make it more clear, I need to know what price range to look into. Should I speak to a mortgage lender at a bank or elsewhere? 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: Mortgage amount?

Sooooo I have a question. When I use a mortgage calculator for about a 238,000 loan, it tells me my monthly payment with about 7% interest or so is about 1500 for a 30-year plan. But then I multiply 1500 * 360 (30 years) and I get 540,000??? Dude that's more than twice the loan. WTF? more

Resolved Question: Can I get a mortgage for $11,000?

Or would I have to buy an $11,000 home without it? Realtor.com says my mortgage payments would be $59 for 30 years, but I could pay way more than that and pay it off faster than 30 years. Using their calculator, I figured I could get a three year mortgage for $331 a month. Is this realistic? Would a lender accept those terms? more

Resolved Question: What is the fastest/most economical way for me to pay of my mortgage?I can afford to prepay, but I donâ€™t know

Which one to pay of first or to prepay on all of them equally I have 3 loans against my house, when I bought my house for 145K 3 years ago I had a 80/15/5 loan (to avoid PMI). And 2 years ago I got a HELC for 15K Loans â€“ (current balances) [monthly payment] #1 â€“ 116K (112K) @ 6% fixed for 30 years [$836] #2 â€“ 21,750 (19,860) @ 6.75% fixed for 30 years [$165] #3 â€“ 15K (14500) 4.25% adjustable for 20 years My monthly payments for #1&2, including taxes are $1001. (I prepay my insurance) payment for # 3 varies but is $215 per month right now. I CANNOT refinance, I have tried for 3 months now, with different companies, the numbers donâ€™t make sense, and there is too much cost for it to help me. I dont live in the property; it is a rented for $1050 per month. I dont have any plans to sell it. maybe i will try to refi or sell in a year If you know of an online calculator where is can put in all of my figures and do it myself, i looked but coulnt find one. 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: my mortgage payment is more than what my rental is paying me.?

Is there any calculators to determine my negative results? Is there a simple calculator? more

Resolved Question: Survey: How much are your mortgage payments?

I have seen mortgage calculators saying big loans are for small payments. How? I would like to know about 30 year fixed loans for homes between $100,000 and $300,000. How much is your loan and what is your monthly payment? Including insurance, taxes and pmi (if applicable)? Please say what city and state you are in. Thanks!! Extra advice appreciated. more

Resolved Question: how much do you pay for your home mortgage?

Online mortage calculators seem like they are fulll of lies. I exact same info used has be from 700 a month to over a 1000 (for a loan of about 122,000). I know taxes and interest rate will change, but about how much is your loan and what is your monthly payment? I've hear it is about 10% of your mortgage, but I have a really hard time trusting the people that make a living off of selling homes. more

Resolved Question: If I want to take out a mortgage with 6.5% for 200k... even though the mortgage calculator states?

that I am paying 568k over 30 years... would I be paying only 200 if I make a few payments and then pay it all off in cash? In other words, am I only paying principal if in a year I decide to pay off my loan or am I obligated to paying the remainder of the interest even though I don't have a loan anymore? more

Voting Question: How much can u afford calculator says im buying more than i can afford?

Im closing on my house in 2 weeks, and i just did one of those "how much can you afford" calculators but im not sure its right. Here are the details. Take home pay is 4,000 per month. (i pay taxes at end of the year usually less than 400$ for the year) 30 year fixed @ 4% interest (yeah pretty low, right?) 100% financed 95% First mortgage 5% silent second Purchase price 219k PITI & MI = $1,350 per month no car payment no credit card payment no debt of any kind I thought i was doing pretty good, but this website says the max i can afford is 180k even at that low interest rate. Strange because lender said i qualify for over 300k+ but I felt i didnt want to get over my head so i picked a less expensive place. What do you think? more

Resolved Question: How do I set up a mortgage calculator in Excel?

What I would like to do is have 4 different fields, one each for the principal, interest rate, number of payments, and monthly payment. I'd then like to change ANY of the 4 fields, leaving one blank, and have Excel calculate whatever the missing variable happens to be in the last remaining field. How can I do this? Thanks! more

Resolved Question: What is a smart amount to borrow for a mortgage based on my income?

My wife and I make $80,000 between us. We only have one car payment and it is $500/month. I have no other loans or credit card debt. My credit is an 805 Equifax and 762 Transunion. I am also aware of the ratio calculators but I am not looking to borrow the maximum amount and overextend myself. Does anyone know of any other calculators that are more conservative more

Resolved Question: How true are the "how much house you can afford calculators"?

I filled out one of the calculators and it says I cannot afford a mortgage payment more than 57,0000 or 300 dollars a month, which isn't true as my rent is $860. So how true are the how much house you can afford calculators true. more

Resolved Question: I'm trying to determine how much home I can afford. Do I include rent I currently pay?

I don't see rent payment as part of the monthly debt these online mortgage calculators ask for. Please advise and thanks! more

Voting Question: House Buying, please please help?

Interest= 5% 25 year amorization 5 year team bi weekly house cost= 219.99 Using this link: http://www.mortgagecentre.com/index.cfm?pg=21&CFID=994203&CFTOKEN=93153679 go to "Mortgage Payment Calculator" How would i calculate: mortgage amount owning (after 5 years) total interest paid (after 5 years) total principal paid (after 5 years) total interest paid (after 25 years) PLEASE HELP! HOUSE COST ** 219, 999 more

Resolved Question: House Buying, please help?

go to this link: http://www.mortgagecentre.com/index.cfm?pg=21&CFID=994203&CFTOKEN=93153679 then click on "Mortgage Payment Calculator" Okay, so using that calculator how can i figure out: amount owning (after 5 years) total interest paid (after 5 years) total principle paid (after 5 years) total interest paid (after 25 years) more

Resolved Question: I have a 15 year mortgage. How many extra monthly payments per year would I need to make to pay it off in 10?

I tried going to a site with an amortization calculator but when I applied an extra payment per year it only reduced the payoff by a month or two. That doesn't seem right. 178,000.00 balance approx 1,400.00 per month 3.75% interest Hirebook, As I said I did use a calculator but it just didn't seem like it reduced it by any length of time. I know if you make an extra payment per year on a 30 it reduces the payoff time by almost a 3rd. I only have 12 years left but would like to pay it off in 7 by making extra payments and would like to start this year by catching up to where I would be had I started 3 years ago and continue for 7 more. I hope that makes sense. more

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