MORTGAGE CALCULATOR & Repayments, easy mortgage calculator.#Easy #mortgage #calculator


MORTGAGE CALCULATOR

When people are searching for “mortgage calculator” they are looking for answers. What are the questions the typical borrower has?

Easy mortgage calculator

  1. What Will My Payments Be?
  2. How Much Can I Afford?
  3. How Long To Pay The Loan Down?

Most mortgage calculators make the answering your question needlessly complex. They ask for information that helps them and not you. That’s why we created this easy to use and mobile friendly Mortgage Repayment Calculator! Enter the interest rate and answer two of those questions and you’ll find the answer to the third one.

How to use this Mortgage Calculator

Use sliders to select your home loan interest rates, how much you are borrowing or what monthly/biweekly payments you can afford and repayment time in years.

If interest rates are not round number, or you want to borrow more than the range of the slider, please use text boxes above the sliders to enter desirable amount.

Mobile phone users that are suffering “Fat Finger Disease” – use the text boxes as well. 🙂

HOW LONG TO PAY IT DOWN?

HOW MUCH CAN I AFFORD?

WHAT WILL MY PAYMENTS BE?

HOW LONG TO PAY IT DOWN?

HOW MUCH CAN I AFFORD?

WHAT WILL MY PAYMENTS BE?

Easy mortgage calculatorEasy mortgage calculator

Easy mortgage calculatorEasy mortgage calculator

Easy mortgage calculator Easy mortgage calculator

Easy mortgage calculatorEasy mortgage calculator

Uncover the best home loan for you:

HOW MUCH DO I END UP PAYING?

HOW MUCH WILL I OWE IN THE FUTURE?

Please share this mortgage calculator:

There are also a number of Assumptions that need to be taken into consideration:

Interest Rate Assumption

The Home Loan Calculator assumes that the Interest rate does not vary during the period of the Home Loan. In accordance if your Home Loan is based on a Variable Rate, then this would mean that as market conditions change, then so does your interest rate, and the amount of your regular payment.

Yearly Assumptions

The Mortgage Calculator assumes that the year comprises of 364 days and not 365 days and further does not take into account leap years within the Home Loan period. Further it is assumed that all months are equal and do not vary. This would affect the interest charged on the Home Loan, and vary the end result.

Regular Contribution Assumption

The Mortgage Repayment Calculator provides results on regular monthly or fortnightly payments. This would mean that there would be a slight variation to the end result as interest is calculated daily.

A good mortgage calculator usually offers not 1, but 3 pronged computations:

  1. Loan Borrowing Calculator – could be perceived as somewhat trickier calculator that after entering repayments that you can afford, frequency that you would choose to do so, interest rate and length of loan would determine maximum the amount that you can borrow. Why this calculation is thought to be more complicated? Simple answer is that to define the repayments that one will be financially comfortable with, one has to have basic budgeting knowledge. That is the main reason why so many borrowing calculators you can find by simply using google do look complicated and require answering to questions like: “what are your living expenses”, “do you have other financial commitments” etc. Some experts call it needless information gathering and fear mongering – borrowing calculator should be a mere play with numbers to find out a rough borrowing amount (so that you can start looking at the houses you can afford), but not a loan application process itself.
  2. Loan Repayment Calculator that should easily answer your question about how much your repayments be. All you need is amount that you are thinking of borrowing, interest rate, your chosen repayment frequency and length of loan. Main goal of repayment calculator is to help you play with numbers and gauge the best repayment plan and understand the ratio of debt and repayments that you are going to be making.
  3. Loan Term Calculator – that one should simply answer the question how long it will take to pay the loan down. Or alternatively allows for current loan owners to play with numbers and see how changes to their current loan contract would alter the date they could call themselves loan free.

Disclaimer: The results obtained from this Mortgage Repayment Calculator are indicative only and it is advised that you seek professional advice before considering your next Home Loan structure. Read full disclaimer.


3 Ways to Create a Mortgage Calculator With Microsoft Excel, easy mortgage calculator.#Easy #mortgage #calculator


How to Create a Mortgage Calculator With Microsoft Excel

This wikiHow teaches you how to calculate your mortgage-related expenses like interest, monthly payments, and total loan amount using a Microsoft Excel spreadsheet. Once you’ve done this, you can also create a payment schedule that uses your data to generate a monthly payment plan to ensure you pay off your mortgage in time.

Steps Edit

Method One of Two:

Creating a Mortgage Calculator Edit

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Method Two of Two:

Making a Payment Schedule (Amortization) Edit

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator

Easy mortgage calculator


MORTGAGE CALCULATOR & Repayments, easy mortgage calculator.#Easy #mortgage #calculator


MORTGAGE CALCULATOR

When people are searching for “mortgage calculator” they are looking for answers. What are the questions the typical borrower has?

Easy mortgage calculator

  1. What Will My Payments Be?
  2. How Much Can I Afford?
  3. How Long To Pay The Loan Down?

Most mortgage calculators make the answering your question needlessly complex. They ask for information that helps them and not you. That’s why we created this easy to use and mobile friendly Mortgage Repayment Calculator! Enter the interest rate and answer two of those questions and you’ll find the answer to the third one.

How to use this Mortgage Calculator

Use sliders to select your home loan interest rates, how much you are borrowing or what monthly/biweekly payments you can afford and repayment time in years.

If interest rates are not round number, or you want to borrow more than the range of the slider, please use text boxes above the sliders to enter desirable amount.

Mobile phone users that are suffering “Fat Finger Disease” – use the text boxes as well. 🙂

HOW LONG TO PAY IT DOWN?

HOW MUCH CAN I AFFORD?

WHAT WILL MY PAYMENTS BE?

HOW LONG TO PAY IT DOWN?

HOW MUCH CAN I AFFORD?

WHAT WILL MY PAYMENTS BE?

Easy mortgage calculatorEasy mortgage calculator

Easy mortgage calculatorEasy mortgage calculator

Easy mortgage calculator Easy mortgage calculator

Easy mortgage calculatorEasy mortgage calculator

Uncover the best home loan for you:

HOW MUCH DO I END UP PAYING?

HOW MUCH WILL I OWE IN THE FUTURE?

Please share this mortgage calculator:

There are also a number of Assumptions that need to be taken into consideration:

Interest Rate Assumption

The Home Loan Calculator assumes that the Interest rate does not vary during the period of the Home Loan. In accordance if your Home Loan is based on a Variable Rate, then this would mean that as market conditions change, then so does your interest rate, and the amount of your regular payment.

Yearly Assumptions

The Mortgage Calculator assumes that the year comprises of 364 days and not 365 days and further does not take into account leap years within the Home Loan period. Further it is assumed that all months are equal and do not vary. This would affect the interest charged on the Home Loan, and vary the end result.

Regular Contribution Assumption

The Mortgage Repayment Calculator provides results on regular monthly or fortnightly payments. This would mean that there would be a slight variation to the end result as interest is calculated daily.

A good mortgage calculator usually offers not 1, but 3 pronged computations:

  1. Loan Borrowing Calculator – could be perceived as somewhat trickier calculator that after entering repayments that you can afford, frequency that you would choose to do so, interest rate and length of loan would determine maximum the amount that you can borrow. Why this calculation is thought to be more complicated? Simple answer is that to define the repayments that one will be financially comfortable with, one has to have basic budgeting knowledge. That is the main reason why so many borrowing calculators you can find by simply using google do look complicated and require answering to questions like: “what are your living expenses”, “do you have other financial commitments” etc. Some experts call it needless information gathering and fear mongering – borrowing calculator should be a mere play with numbers to find out a rough borrowing amount (so that you can start looking at the houses you can afford), but not a loan application process itself.
  2. Loan Repayment Calculator that should easily answer your question about how much your repayments be. All you need is amount that you are thinking of borrowing, interest rate, your chosen repayment frequency and length of loan. Main goal of repayment calculator is to help you play with numbers and gauge the best repayment plan and understand the ratio of debt and repayments that you are going to be making.
  3. Loan Term Calculator – that one should simply answer the question how long it will take to pay the loan down. Or alternatively allows for current loan owners to play with numbers and see how changes to their current loan contract would alter the date they could call themselves loan free.

Disclaimer: The results obtained from this Mortgage Repayment Calculator are indicative only and it is advised that you seek professional advice before considering your next Home Loan structure. Read full disclaimer.


Mortgage Calculators, Mortgage Calculator Canada, easy mortgage calculator.#Easy #mortgage #calculator


Mortgage Calculator Canada

Make informed decisions about your next home purchase by using our simple mortgage calculators. It’s easy!

Calculate Your Payments with Today’s Rates

  • 1 Yr Fixed – 2.69% – Try this rate
  • 2 Yr Fixed – 2.79% – Try this rate
  • 3 Yr Fixed – 2.48% – Try this rate
  • 4 Yr Fixed – 2.89% – Try this rate
  • 5 Yr Fixed – 2.74% – Try this rate

Rates last updated on 16/11/2017

The Best Mortgage Rates in Canada

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Financial Calculators

Mortgage Payment Calculator

Calculate monthly mortgage payments with our handy mortgage payment calculator.

Rent vs Buy Analysis

Tired of paying rent? Ready to purchase a home? Our Rent vs Buy calculator can help you determine the decision that’s right for you by evaluation and comparing both situations.

Maximum Mortgage Calculator

Determine the maximum mortgage you can qualify for with our simple maximum mortgage calculator resource.

Mortgage Variable Isolator

See what kind of effects different financial and mortgage factors can have on a single, isolated variable.

Mortgage Principal Calculator

It’s good to understand how your future looks like. Using this tool, you can determine the remaining balance of your mortgage after several of your regular mortgage payments.

Mortgage Length Calculator

What would your overall savings look like if you shortened the length of your mortgage by making larger payments? Take a look with our Mortgage Length Calculator.

Loan Comparison Calculator

Compare and contrast your different loan options and figure out which one is the better deal.

Additional Payments Calculator

By putting more money towards you mortgage payments, you will see your mortgage reduced. Use this to calculate how mortgage prepayments affect your overall mortgage.

Interest Only Calculator

Want to see how interest only payments look like? Then use this calculator and evaluate the results.

Payment per Thousand Financed Calculator

You borrow money for a mortgage loan, but how much are you actually paying for every $1000 of your loan? Determine that here.

Interest only with Additional Payments Calculator

Interest only payments can be the cause of a great reduction in your mortgage payments, what what if you made additional payments (towards your principal)? Determine how much you can save with this tool.

From the blog.

When you find yourself in seemingly insurmountable debt, working on building your credit score and saving money at the same time can seem like an impossible feat. As you struggle to climb to the top of the mountain of bills, it seems like a never-endin.

Another year is here and so are the many resolutions that accompany the New Year trends. We all know that nine out of 10 times resolutions are not kept and so we end up with broken promises and a series of disappointments. When resolutions are too high.

While several items in Canada remain to have low interest rates, one sector is on the rise. Homeowners can expect to see a rise in mortgage interest rates later in 2013. For quite some time, interest rates were staying right around 2.99% for qualified .

MortgageCalculatorCanada.com aims to provide its users with the best mortgage tools and calculator resources on the web. We are proud to offer our customers with a complete set of mortgage analysis resources to assist them in preparing their financial futures. We recognize and value the importance of home loans and the significance such transactions can have on one’s life. We hope that our extensive set of resources and information will help you in your search for a home mortgage and a better future. Our tools take your income, budget, loan amount and payment period into consideration to provide you with personalized solutions for your mortgage.

If you require any assistance or explanations of any of our tools, or if you’re ready to make the next move and obtain a mortgage for a home, do not hesitate to contact us. An experienced mortgage professional is ready to assist you with all of your needs.

Canadian Mortgages: Learn the Basics

Purchasing a home in Canada can be a complicated process, but it doesn’t have to be. Mortgage Calculator Canada recognizes and understands the difficulties homebuyers face. The information below, in conjunction with our mortgage calculator tools, will facilitate the process of understanding and applying for your mortgage.

Variable Rates vs Fixed Rates

The first thing you need to know about mortgages and mortgage interest rates is the difference between a variable mortgage rate and a fixed mortgage rate. A fixed mortgage rate stay constant (unchanged) through the term length of a mortgage. A variable rate fluctuates over time. As the prime rate (set by the Bank of Canada) changes, the variable rate will change with it. When the prime rate rises, a larger portion of your mortgage payment will go to interest and when the prime rate falls, a larger portion of your mortgage payment will go to principal.

Mortgage Down Payment

A mortgage down payment is a sum of money that is collected to put down towards the purchase of a new home. It is not required in all cases, however, in the case that it is, there is a minimum. How can a down payment affect your mortgage? Well, if you do provide a down payment, it is used to calculate the maximum price of a home you can afford, it is used to calculate the size of your mortgage and the mortgage payments, as well as the amount of CMHC insurance you have to pay. To qualify for a mortgage with no down payment, you need a credit score of at least 680.

Open Mortgage, Closed Mortgage – What’s the difference?

An open mortgage is a mortgage that can be paid out at any time without financial penalties. You are also able to make additional mortgage payments with no financial penalties. Typically, open mortgage terms range from 6 months to 1 year and can have either fixed or variable mortgage interest rates. On the other hand, closed mortgages have lower interest rates than open mortgages. Closed mortgage terms can range from 6 months to 10 or more years. You are not able to pay out a closed mortgage early with no penalty although with most lenders you are still allowed to pre-pay up to 20% of your original principle balance every year.


MORTGAGE CALCULATOR & Repayments, easy mortgage calculator.#Easy #mortgage #calculator


MORTGAGE CALCULATOR

When people are searching for “mortgage calculator” they are looking for answers. What are the questions the typical borrower has?

Easy mortgage calculator

  1. What Will My Payments Be?
  2. How Much Can I Afford?
  3. How Long To Pay The Loan Down?

Most mortgage calculators make the answering your question needlessly complex. They ask for information that helps them and not you. That’s why we created this easy to use and mobile friendly Mortgage Repayment Calculator! Enter the interest rate and answer two of those questions and you’ll find the answer to the third one.

How to use this Mortgage Calculator

Use sliders to select your home loan interest rates, how much you are borrowing or what monthly/biweekly payments you can afford and repayment time in years.

If interest rates are not round number, or you want to borrow more than the range of the slider, please use text boxes above the sliders to enter desirable amount.

Mobile phone users that are suffering “Fat Finger Disease” – use the text boxes as well. 🙂

HOW LONG TO PAY IT DOWN?

HOW MUCH CAN I AFFORD?

WHAT WILL MY PAYMENTS BE?

HOW LONG TO PAY IT DOWN?

HOW MUCH CAN I AFFORD?

WHAT WILL MY PAYMENTS BE?

Easy mortgage calculatorEasy mortgage calculator

Easy mortgage calculatorEasy mortgage calculator

Easy mortgage calculator Easy mortgage calculator

Easy mortgage calculatorEasy mortgage calculator

Uncover the best home loan for you:

HOW MUCH DO I END UP PAYING?

HOW MUCH WILL I OWE IN THE FUTURE?

Please share this mortgage calculator:

There are also a number of Assumptions that need to be taken into consideration:

Interest Rate Assumption

The Home Loan Calculator assumes that the Interest rate does not vary during the period of the Home Loan. In accordance if your Home Loan is based on a Variable Rate, then this would mean that as market conditions change, then so does your interest rate, and the amount of your regular payment.

Yearly Assumptions

The Mortgage Calculator assumes that the year comprises of 364 days and not 365 days and further does not take into account leap years within the Home Loan period. Further it is assumed that all months are equal and do not vary. This would affect the interest charged on the Home Loan, and vary the end result.

Regular Contribution Assumption

The Mortgage Repayment Calculator provides results on regular monthly or fortnightly payments. This would mean that there would be a slight variation to the end result as interest is calculated daily.

A good mortgage calculator usually offers not 1, but 3 pronged computations:

  1. Loan Borrowing Calculator – could be perceived as somewhat trickier calculator that after entering repayments that you can afford, frequency that you would choose to do so, interest rate and length of loan would determine maximum the amount that you can borrow. Why this calculation is thought to be more complicated? Simple answer is that to define the repayments that one will be financially comfortable with, one has to have basic budgeting knowledge. That is the main reason why so many borrowing calculators you can find by simply using google do look complicated and require answering to questions like: “what are your living expenses”, “do you have other financial commitments” etc. Some experts call it needless information gathering and fear mongering – borrowing calculator should be a mere play with numbers to find out a rough borrowing amount (so that you can start looking at the houses you can afford), but not a loan application process itself.
  2. Loan Repayment Calculator that should easily answer your question about how much your repayments be. All you need is amount that you are thinking of borrowing, interest rate, your chosen repayment frequency and length of loan. Main goal of repayment calculator is to help you play with numbers and gauge the best repayment plan and understand the ratio of debt and repayments that you are going to be making.
  3. Loan Term Calculator – that one should simply answer the question how long it will take to pay the loan down. Or alternatively allows for current loan owners to play with numbers and see how changes to their current loan contract would alter the date they could call themselves loan free.

Disclaimer: The results obtained from this Mortgage Repayment Calculator are indicative only and it is advised that you seek professional advice before considering your next Home Loan structure. Read full disclaimer.


Loan Amortization Schedule in Excel – EASY Excel Tutorial #mortgage #quote


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Loan Amortization Schedule

This example teaches you how to create a loan amortization schedule in Excel .

1. We use the PMT function to calculate the monthly payment on a loan with an annual interest rate of 5%, a 2-year duration and a present value (amount borrowed) of $20,000. We have named the input cells.

2. Use the PPMT function to calculate the principal part of the payment. The second argument specifies the payment number.

3. Use the IPMT function to calculate the interest part of the payment. The second argument specifies the payment number.

4. Update the balance.

5. Select the range A7:E7 (first payment) and drag it down one row. Change the balance formula.

6. Select the range A8:E8 (second payment) and drag it down to row 30.

It takes 24 months to pay off this loan. See how the principal part increases and the interest part decreases with each payment.


Interest Only Loan Calculator – Simple – Easy To Use #mortgage #minute #guy


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Interest Only Loan Calculator

What Is Your Loan s Monthly Interest-Only Payment?

Are you considering an interest-only loan?

It helps to know what your payment will be before you sign on the dotted line.

This Interest Only Loan Calculator figures your payment easily using just two simple variables: the loan principal owed and the annual interest rate. Click Calculate Interest Only Payment and your monthly interest payment will display.

Interest-only loans are simple. Read on to better understand how these loans work and how they might affect your finances.

What Is An Interest-Only Loan?

Interest-only loans are loans where the borrower pays only the monthly interest for a set term while the principal balance remains unchanged. There is no amortization of principal during the loan period.

At the conclusion of the interest-only term, borrowers usually have the option to convert to a conventional loan, or pay the balloon (principal owed).

Payments for conventional loans amortize principal by including both principal and interest in every payment. The principal is the face amount of money owed, while interest is the time cost of borrowing.

The monthly payments on interest-only loans are relatively low since you will not be paying any principal during the loan term. However, after the interest-only loan term expires, which is usually 5-10 years, you normally have to start paying the principal and interest. This means you should expect higher monthly payments after the interest-only period.

Are Interest-Only Loans Right For You?

For most people, the interest-only loan is a good option if you do not intend to keep your property for a long period of time. This is also a good option if you are a savvy investor because it can free up available cash to be invested for a potentially higher return.

However, if the extra money is used for basic needs such as food, children’s education, or paying debts then this might not be a good option for a borrower; unless, of course, the borrower is expecting to receive a big amount of money at the end of the interest-only period.

This Interest Only Loan Calculator makes the math easy by figuring the monthly payments for you. If the monthly payment doesn t fit your budget, it s a good idea to look for other financing or funding options.

What Are The Risks Involved With Interest-Only Loans?

You should also be aware that there are risks associated with interest-only loans.

For example, interest-only mortgage loans are very risky if the market price of the property falls during the loan period and you want to sell the property. If the sale price of the property is less than the face amount of your mortgage loan you will be upside-down meaning you owe more than your property is worth. This is known as negative equity.

Additionally, the interest rate of an interest-only loan is usually higher than a conventional mortgage loan because lenders consider interest-only loans to be riskier.

It is also possible for the interest rate to vary based on fluctuating market conditions if your particular loan is set up as an adjustable-rate loan. Thus, if the interest rate goes up, your monthly payment also goes up. If you don’t have enough extra cash to cover the additional amount due to the increased interest rate then you will be at risk of failing to make the monthly payments. If you fail to pay your monthly payments over a period of successive months than you could face foreclosure.

When Are Interest-Only Loans Beneficial?

However, interest-only loans can be very beneficial if used in the right situation.

They can offer more value for your money than any other refinancing option if used for a brief period of time. However, if this is the only way you can afford to purchase a home then consider reassessing your needs to find a more affordable options.

The key is to not be overly lured in by the appeal of a lower monthly payment. Be sure to seek professional advice before signing up for an interest only loan. Be smart, think through your options, and make the best financial decision for you and your family.

Interest Only Loan Calculator Terms Definitions

  • Principal – The face amount of the loan, denoting an original sum invested or lent.
  • Interest – Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
  • Interest Rate – The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
  • Mortgage Payment – The amount of money usually charged on a monthly basis for a mortgage that normally includes interest and principal.
  • Mortgage – A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.
  • Loan Term – The number of years that the borrower needs to pay the loan.
  • Interest-Only Loan – Loans where the borrower pays only the interest on the principal balance for a set term while the principal balance remains unchanged.

Related Loan Calculators :

  • Interest Rate Calculator. How do I find any missing loan term – including interest rate, payment, amount owed, or remaining payments?
  • Amortization Schedule Calculator. How can I get a full amortization schedule?
  • Loan Repayment Calculator. How much will my monthly payment and total interest cost change for different repayment periods?
  • Accelerated Loan Payoff Calculator. How fast can I pay off all my loans using the rollover (debt snowball) method?
  • Loan Interest Calculator. How much of my monthly payment is interest and what will my total interest cost be for the life of this loan?
  • Loan Payment Calculator How do payments and costs compare between a principal and interest loan vs. an interest-only loan?
  • Personal Loan Calculator. What are the monthly payments and interest costs for a personal loan?

Disclaimer: Each calculator on this web site is believed to be accurate. However no guarantee is made to accuracy and the publisher specifically disclaims any and all liability arising from the use of this or any other calculator on this web site. Use at your own risk and verify all results with an appropriate financial professional before taking action. The information contained on this web site is the opinion of the individual authors based on their personal observation, research, and years of experience. The publisher and its authors are not registered investment advisers, attorneys, CPA’s or other financial service professionals and do not render legal, tax, accounting, investment advice or other professional services. The information offered by this web site is general education only. Because each individual’s factual situation is different the reader should seek his or her own personal adviser. Neither the author nor the publisher assumes any liability or responsibility for any errors or omissions and shall have neither liability nor responsibility to any person or entity with respect to damage caused or alleged to be caused directly or indirectly by the information contained on this site. Use at your own risk. Additionally, this website may receive financial compensation from the companies mentioned through advertising, affiliate programs or otherwise. Rates and offers from advertisers shown on this website change frequently, sometimes without notice. While we strive to maintain timely and accurate information, offer details may be out of date. Visitors should thus verify the terms of any such offers prior to participating in them. The author and its publisher disclaim responsibility for updating information and disclaim responsibility for third-party content, products, and services including when accessed through hyperlinks and/or advertisements on this site.

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How easy is it to get a 40-year mortgage? #mortgage #rates


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#

How easy is it to get a 40-year mortgage?

Rising house prices and tough affordability requirements are forcing borrowers to take on mortgages with terms of up to 40 years. But how easy is it to get a very long loan and which lenders offer them?

Some 20pc of property buyers searched for very long-term loans between April and July this year, according to brokerage Mortgage Advice Bureau. This was up from 8pc during the same period in 2014.

The trend is mainly a result of rapidly rising house prices and lacklustre wage growth. By taking a longer term loan borrowers can reduce their monthly repayments, which helps meet affordability requirements.

While 25 years is the standard mortgage term, most lenders will extend this to 35 or even 40 years.

Which lenders offer longer terms?

Natwest and Virgin will agree to 35-year terms, while Halifax and Nationwide, plus some of the smaller building societies such as Ipswich and Nottingham, will offer 40-year terms.

HSBC on the other hand will only lend for up to 30 years.

Securing a very long loan is not difficult. Borrowers can simply request a longer term when they apply for a specific mortgage deal.

What about older borrowers?

There are limitations. David Hollingworth, of mortgage broker London and Country, said lenders maximum age caps mean that few people aged in their mid to late thirties or older will be able to take out longer deals. This limits the market mainly to first and second-time buyers.

The natural limitation here is the maximum lending age, he said. This varies across lenders but most will typically require the mortgage to finish by age 65. This is slowly changing though and some lenders will accept borrowers who say they plan to work to age 70 for example.

While some may be able to borrow into retirement, in most cases lenders will require proof of retirement income, which can be very difficult to produce.

What about the costs?

While longer-term loans will bring down monthly costs, the additional interest that builds up over time is substantial.

Take a £200,000 repayment mortgage with a rate of 3pc. Over 25 years, the monthly repayments would be £948 and the total interest payable over the life of the loan would be £84,526.

The same mortgage taken over 35 years would have lower monthly repayments of £770, but the overall interest would reach £123,274 some £38,748 more.

Monthly cost of your repayments


3 Easy Ways to Pay Off Your Mortgage Early #amortization #mortgage #calculator


#pay off mortgage early

#

3 Easy Ways to Pay Off Your Mortgage Early

4 Minute Read

More than 20 million Americans own their homes outright. Some bought their homes with cash while others whittled away at their mortgages year after year until they were gone.

That leaves about two-thirds of the nation s homeowners with the goal of one day making that last mortgage payment. Since we re all about getting out of debt as quickly as possible, here are a few suggestions to get your home loan paid off quickly.

An Extra Habit

Each time you pay extra on your mortgage, more of each payment after that is applied to your principal balance. Here are some options for paying extra and examples of how extra payments will affect the average $220,000, 30-year mortgage with a 4% interest rate:

Local experts you can trust.

  • Make an extra house payment each quarter, and you ll save $65,000 in interest and pay off your loan 11 years early.
  • Divide your payment by 12 and add that amount to each monthly payment, or pay half of your payment every two weeks, also known as bi-weekly payments. You ll make one extra payment each year, saving you $24,000 and shaving four years off your mortgage.
  • Round up your payments so you re paying at least a few extra dollars a month.
  • Increase your payment when you get a raise or bonus.

Always check with your mortgage company before you make additional principal payments. Some companies will only accept extra payments at specific times or they may charge prepayment penalties. And always make sure the additional money is applied to the principal and not next month s payment.

Refinance or Pretend You Did

The only type of debt Dave won t yell at you about is a fixed rate 15-year mortgage with a payment that s no more than 25% of your take-home pay. You ll pay much more in interest on a 30-year mortgage and, besides, who wants to be in debt for 30 years?

You can refinance a longer term mortgage into a 15-year loan. Or, if you already have a low interest rate, save on the closing costs of a refinance and simply pay on your 30-year mortgage like it s a 15-year mortgage. The same goes for a 15-year mortgage. If you can swing it, why not increase your payments to pay it off in 10 years?

Using the same stats above for the average mortgage with a 15-year term, you d need to bump up your monthly payment to about $2,200 to pay off your loan in 10 years. You ll save $25,000 in interest, but best of all, you ll be out of debt five years sooner and have $2,200 a month to invest for retirement, save for college, or give away!

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New Mortgage Solutions – We make mortgages easy #mortgage #calculator #free


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Let us handle it all

Stress-free process

Thank you so much for helping us get our first home. We didn’t really know where to start but you made the process simple and stress-free. Before coming to New Mortgage Solutions we’d been struggling to get a mortgage as we were contractors and had been living overseas for a few years, but you found us a great mortgage and took all the hard work out of our hands. You also made us realize how important it was to get the right insurance and organized it all for us, giving us peace of mind. Thanks for all your help!

Mr and Mrs M

We wanted to say a huge thank you for your help with our move. We know that you have really gone above and beyond what is expected and we can’t thank you enough for everything you have done on our behalf. I believe, without any doubt, that we wouldn’t have been successful in securing the house if we hadn’t had your help. Thank you for all your efforts!

Mr E and Mrs P

Thanks so much for helping make our first house a reality! We are thrilled to be in and you helped make the process so smooth and less stressful for us newbies! We will recommend you to our friends. Many thanks again.

Mr and Mrs S

We just wanted to say a big Thank You for everything you did in order for us to buy our 1st home! We are moving in this Friday and are so excited! We really appreciate all of your help and for always available when we needed questions answered.

Mr C and Miss T

It’s been a few months since we moved to our new house and we have just had confirmation that our son can go to the school we wanted so thank you for your part in helping us get him get there.

Mr and Mrs C

Just a quick message to say a huge thank you for arranging our mortgage and insurance. I’m pleased to say we are settled in our new home and love it! We are so grateful to you and Lorna for all the help and advice you gave us along the way. We couldn’t have done it without you!

Mr B and Miss H

Thank you to Andrew and everyone at New Mortgage Solutions for making our move a reality. We couldn’t believe that we would be able to keep our flat and still be able to buy our dream house so thank you so much for showing us options we hadn’t thought about. I’m happy to say we are now settled in our new home and really pleased we have the flat as an investment. We will definitely recommend you to everyone we know. Many thanks!

Mr H and Mrs V

We re just back from holiday and wanted to say a big thank you for getting our remortgage finalised so quickly and efficiently. We ve dealt with a couple of mortgage advisors in the past and can quite honestly say that the service we ve received from you was by far the best. I set great store to good communication and you kept us in the loop the whole time. It is a rare thing, I can tell you, and very much appreciated. Your advice was pro-active and the timeline amazing. We will very happily recommend you to friends and family. And use you again in the near future! Thanks again.

Mr and Mrs O