Personal Banking, NRI Banking, Personal Loan & Home Loans – IndusInd Bank, how to get


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  • How to get a home loan
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  • How to get a home loan
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How to get a home loan

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  • How to get a home loan
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  • How to get a home loan

Finance

  • How to get a home loan
  • How to get a home loan
  • How to get a home loan

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  • How to get a home loan
  • How to get a home loan

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How to get a home loan

INSTANT TWO WHEELER LOANS

Fill in an easy online application form and get immediate approval basis your credit profile.

You need not be an existing IndusInd customer to apply for the loan, anyone can apply for the loan.

Attractive Interest Rates

Get the best of interest rates when you apply online at IndusInd Bank.

How to get a home loan

Never share your ATM PIN with anyone.

Always collect your card and transaction slip once you have completed your transaction.

Report the loss of a card to the bank immediately.

Log off from Internet Banking after every online banking session. Don’t just close your browser.

Always check the last log-in to your internet banking account.

Always use a secure browser connection (https://) while entering your personal and financial details.

Check on the security certificate of the site where you are sharing any information.

Be wary of emails requesting information- Do not provide sensitive information through email, and use caution when clicking on links in email messages.

Keep Your Passwords Secret – Online passwords, including your ‘Verified by Visa’ password or ‘MasterCard SecureCode’, should be kept secret the same way as your ATM PIN (Personal Identification Number).

Don’t Fall for Phishing Message – Do not reply to such mails asking for your personal or bank details. Please report any such suspicious emails to [email protected]

How to get a home loan

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  • In case of any grievance / complaint against the Depository Participant Indusind Bank Ltd:

Please contact Compliance Officer Mr. Vishal Nayak on email-id ( reachus<>indusind.com ) and Phone No. – 91- 1860 500 5004.

  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your Bank to make payment in case of allotment. No worries for refund as the money remain in investor’s account.

    Consequent to the introduction of an amendment to Section 194A of Income Tax Act vide Finance Bill 2015, TDS provisions would be applicable to Recurring Deposits (RDs) with effect from June 01,2015 and Tax At Source will be deducted as applicable.

    IndusInd Bank Limited Registration Number NSE: INE231308847. MCX Stock Exchange Limited: INE261314434 for dealing in currency derivatives segment

    Prevent unauthorized Transactions in your demat account. Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL/CDSL on the same day. Issued in the interest of investors.

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    KYC is one time exercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.

    As per SEBI guidelines we are dispatching new format DIS (Delivery Instruction Slip) to those demat clients who are still using old DIS. Please note that old DIS cannot be accepted on or after January 7, 2016 as per the provisions of SEBI circular.”

    How to get a home loan


  • How To Calculate Late Payment Interest – Compensation – Pay on Time, how to calculate


    Pay on Time. The Complete Guide to the

    Late Payment of Commercial Debts

    How to calculate late payment interest and compensation.

    What rate of interest can be charged?

    At the start of a six-month period the official dealing rate of the Bank of England (the base rate) will be made a fixed “reference rate” for the subsequent six months. The table below shows how this works.

    To determine what interest rate you should use when calculating interest on a late payment, you need to add 8% to the “reference rate” that covers the six-month period in which your debt became late.

    How do I find the correct base rate to use?

    The correct interest rate to be used can be found by viewing this reference rate table.

    How do I calculate the interest charge?

    The interest owed on a late payment is simple, not compound, interest. It is calculated like this:

    Debt times interest rate divided by 365 times the number of days late

    Do I calculate inclusive or exclusive of VAT?

    You charge interest on the gross amount of the debt (including any element of VAT), but you do not pay VAT on the interest.

    If the base rate is 4% for the six-month period when the debt became late, then the statutory interest rate is 12% (4% base rate plus 8%)

    If this debt is 30 days late, then the interest owed is: £1,000 x 12% = £120 (the annual rate)

    £120 ÷ 365 = 32.9p (the daily rate)

    32.9 pence x 30 days = £9.86 (the interest owed to date)

    When does the interest stop running?

    Interest stops running on a debt once the principal has been paid i.e. once payment is received but not yet cleared if relevant. If the purchaser owes the principal, interest and compensation, unless payment is accepted on other terms, any part payment of the debt will go to reduce the amount of the interest and compensation first.

    Compensation arising from late payment

    How much compensation am I allowed?

    The table below shows how much compensation you are entitled to.


    What Does a Mortgage Payment Consist Of, The Truth About, how to calculate mortgage payment.#How


    What Does a Mortgage Payment Consist Of?

    How to calculate mortgage payment

    More fun and exciting mortgage Q A: “What does a mortgage payment consist of?”

    Have you ever been curious what you’re paying each month to live in your shiny new (or possibly dingy old) home or condo?

    A mortgage payment, assuming it s not an interest-only loan, generally consists of four key items:

    • a principal portion
    • an interest portion
    • property taxes
    • homeowners insurance

    Mortgage Payment = PITI

    How to calculate mortgage payment

    There’s a handy acronym to sum up the mortgage payment breakdown known as PITI. When you say it, it sounds like pity. And I suppose it is a pity that we have to make mortgage payments every month, often for a staggering 30 years or 360 months, but I digress.

    Anyway, mortgage lenders typically want X number of months of PITI for cash reserves if you’re verifying assets when you apply for a mortgage. In short, this tells the underwriter you can actually pay back the loan, at least for a few months

    Lenders will also use the PITI payment to determine your monthly housing expense, which is then used to calculate your DTI ratio. So it s pretty important!

    The principal portion of your mortgage payment is essentially the amount of debt you are borrowing, which eventually transitions into your ownership in the home, also known as home equity.

    The interest portion of your mortgage payment is the cost of borrowing that money for the loan, or the expense the bank or mortgage lender charges for taking on the risk.

    The tax portion of the mortgage payment is paid to the local government based on the assessed property value and tax rate for the area.

    Finally, the insurance portion of the mortgage payment covers homeowners/hazard insurance, which protects the borrower (and lender) from a number of dangers and provides liability coverage.

    For those with a mortgage impound account (typically required for a high LTV loan), taxes and insurance are paid monthly with the mortgage payment.

    If you aren t subject to impounds, you must pay taxes and insurance directly to the tax office/insurer, and the mortgage payment each month will consist of only principal and interest.

    This can be a relief on a monthly basis, but make sure you stash enough cash to pay for taxes and insurance when they are due. I ve had friends who forgot they were on the hook for a big property tax bill, and didn t save accordingly.

    Note: If your loan-to-value exceeds 80 percent on a single loan, you’ll also have to pay mortgage insurance on top of the aforementioned, which is one reason why putting 20% down can be a smart move.

    And the mortgage payment on an interest-only loan consists of just interest, taxes, and insurance, meaning you can only build equity in your home if the property value appreciates.

    If we re talking about a negative amortization loan, such as the once popular option arm, making the minimum payment wouldn t even cover the interest due each month. Of course, you d still have to pay the required taxes and insurance.

    * You may also see the acronym PITIA, which stands for principal, interest, taxes, insurance, and association dues. This may apply if there is an HOA that charges due for your property each month.

    How Are Mortgage Payments Applied?

    In the beginning of the loan term, mortgage payments primarily go toward paying off interest because the loan balance is so high.

    While this may be viewed as a negative, it does mean mortgage interest tax deductions are bigger and more beneficial early on.

    Over the years, as the outstanding balance decreases, more of the monthly mortgage payment will go toward principal each month until you eventually own the home outright. This is how amortization works.

    It also explains why some savvy homeowners choose to make biweekly mortgage payments, thereby increasing the amount of principal paid early on and decreasing the amount of interest paid over the life of the loan.

    Doing so will also shorten your mortgage term, which is beneficial if you want to own your home sooner, but don t want the commitment of larger payments associated with certain loan programs such as the 15-year fixed.

    As a rule of thumb, the longer your loan term, the more you ll pay in interest because the loan is paid off slower. If you re able to accelerate your payoff, you ll pay less interest.

    What Will My Mortgage Payment Be?

    • principal
    • interest
    • real estate taxes
    • HOA dues
    • mortgage insurance
    • flood insurance
    • homeowners insurance

    If you re trying to figure out what you ll be paying your lender each month, consider all the ingredients of a mortgage payment and your mortgage rate.

    As noted, if you ve got an impound account, add up the principal, interest, taxes, and insurance. Those last two bits will be determined by your lender, so ask them to break it down.

    The principal and interest portion is something you should be able to calculate on your own. Simply plug your loan amount and interest rate into a mortgage calculator to figure out the monthly payment.

    If it s interest-only, plug those two items into an IO calculator. Principal will no longer be part of the equation.

    Don t forget the extras. Do you need to pay mortgage insurance premiums each month? For example, there are monthly mortgage insurance premiums on FHA loans that must be paid.

    What about monthly HOA dues? If it s a condo, there probably are, though you might pay them separately to the association and not your lender.

    Either way, it s good to know what your total housing payment will be so you can budget accordingly.

    The payments you see advertised typically only include principal and interest. That makes them look relatively cheap. Once everything else is added, the payment can look a whole lot different.

    In summary, no one enjoys making mortgage payments every month, but knowing where that money is actually going should make you a more informed borrower. And it could even save you some money!


    Mortgage Payment Calculator –, how to calculate mortgage payment.#How #to #calculate #mortgage #payment


    Mortgage Payment Calculator

    Use our mortgage loan calculator to determine the monthly payments for any fixed-rate loan. Just enter the amount and terms, and our mortgage calculator does the rest. Click on “Show Amortization” Table to see how much interest you’ll pay each month and over the lifetime of the loan. The mortgage loan calculator will also show how extra payments can accelerate your payoff and save thousands in interest charges.

    Amortization Table

    How to calculate mortgage payment

    How to calculate mortgage payment

    How to calculate mortgage payment

    How to calculate mortgage payment

    Whether you’re buying a new home or refinancing, our mortgage calculator can do the math for you. Simply enter the amount, term and interest rate to get your monthly payment amount. If you’re refinancing, enter the current balance on your mortgage into the loan amount section and input the new term and new rate that you’ll receive. Then click on the amortization table to see how much interest you’ll pay over the life of the loan. Add extra payments to find out how they can put your payoff schedule on the fast-track and save you thousands.

    Keep in mind that this calculator only calculates the mortgage payment. It does not include taxes, insurance or other fees included in the purchase of your home.

    Loan amount: The amount of money you’re borrowing. It’s the cost of your new home minus the down payment if you’re buying or the balance on your existing mortgage if refinancing.

    Interest rate: The exact rate you will receive on your loan, not the APR.

    Loan term: The length of time you have to pay off your loan (30- and 15-year fixed-rate loans are common terms).

    Amortization table: Timetable detailing each monthly payment of a mortgage. Details include the payment, principal paid, interest paid, total interest paid and current balance for each payment period.

    Monthly extra payment: Extra amount added to each monthly payment to reduce loan length and interest paid.

    Yearly extra payment: Extra amount paid each year to reduce loan length and interest paid.

    One-time extra payment: Extra amount added once to reduce loan length and interest paid.

    How to calculate mortgage payment


    Mortgage Calculator: Calculate Your Monthly Mortgage Payment, how to calculate mortgage payment.#How #to #calculate #mortgage


    Mortgage Calculator

    This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

    NOTE: This calculator updates automatically as you move from field to field using the “tab” key. If you’re entering prepayment information, click the “calculate” button to see the final results.

    A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

    How to use the loan amortization calculator

    With HSH.com’s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins.

    Your initial display will show you the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

    Most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal. To see this, click on “Payment chart” and mouse over any year.

    Clicking on “Amortization schedule” reveals a display table of the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year. Clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

    Click “calculate” to get your monthly payment amount and an amortization schedule.

    The effect of prepayments

    Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. The calculator allows you to enter a monthly, annual, bi-weekly or one-time amount for additional principal prepayment.To do so, click “+ Prepayment options.”

    Let’s say, for example, you want to pay an extra $50 a month. Using the $250,000 example above, enter “50” in the monthly principal prepayment field, then either hit “tab” or scroll down to click “calculate.” Initial results will be displayed under “Payment details,” and you can see further details in either the “Payment chart” or “Amortization schedule” tabs.

    You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator. Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

    HSH.com has developed a host of other free mortgage calculators to help answer your other questions, such as, “Can I qualify for a mortgage,” “Will prepaying my mortgage help me save money,” “How large of a down payment do I really need,” “What s the best way to pay for my refinance,” and “When will my home no longer be underwater?” See all of HSH.com’s mortgage calculators.

    This is the dollar amount of the mortgage you are borrowing. (Hitting “tab” after entering information in any field will automatically update the calculations.)

    The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

    Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years.

    To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

    This display shows the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

    This display shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year.

    While this display table also shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year, clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

    In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a one-time prepayment to see how it affects the cost of your home loan.


    Mortgage Calculator Canada, Calculate Mortgage Payment, how to calculate a mortgage payment.#How #to #calculate #a


    Mortgage Payment Calculator Canada

    Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land transfer tax.

    Purchase

    Renewal or Refinance

    Select rate

    Make your calculator results reality

    Secure a great mortgage rate and lock in your monthly mortgage payment now.

    How to estimate mortgage payments

    There are a number of factors that go into estimating how much your regular mortgage payments will be. The most important numbers are the total mortgage amount (the price of the home, less the down payment, plus mortgage insurance if applicable), the amortization period (the number of years the mortgage payments will be spread across), and the mortgage rate (the rate of interest paid on the mortgage).

    To use the calculator, enter the purchase price, and select your amortization period and mortgage rate. Then you can see how your payment will be affected by the size of your down payment and frequency of payments. Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments will be if mortgage rates go up, and show what your outstanding balance will be over time. It is a good idea to use the calculator to determine what you can afford before you start looking at real estate listings.

    If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.

    How to lower your mortgage payments

    There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period (if your down payment is less than 20%, the maximum is 25 years), or choose a lower mortgage rate. Use the calculator above to try different variables to see what your payment will be with different scenarios.

    Frequently Asked Questions

    Is your mortgage payment calculator free?

    Absolutely! Our calculators, website and rate comparisons are completely free for users. Ratehub.ca earns revenue through advertising. We promote the lowest rates in each province offered by brokers, and allow them to reach customers online.

    Why does your monthly calculator have four columns?

    We think it’s important for you to compare your options side by side. We start the calculator by outlining the four most common options for down payment scenarios, but you are not limited to those options. We also allow you to vary amortization period as well as interest rates, so you’ll know how a variable vs. fixed mortgage rate changes your payment.

    How do payments differ by province in Canada?

    While majority of the mortgage regulation in Canada is consistent across the provinces (minimum down payment 5%; maximum amortization period 35 years), there are some things that do vary. This table summarizes the differences:


    How much mortgage can you actually afford, how much mortgage.#How #much #mortgage


    How much mortgage can you actually afford?

    Posted August 2

    How much mortgage

    Raleigh, N.C. When it comes to mortgages, your bank gives you one number — but does your budget meet it? Luckily, there’s a way to figure out how much house you can actually afford.

    According to a recent Bankrate report, 80 percent of homeowners say their mortgage payments make it difficult to save money, and homeowners with children said they definitely have a hard time juggling competing financial priorities.

    Homes in a certain price range are going fast, but how do you know if the house you fall in love with is the right one? Buyers usually want to get in their home, unpack and make it their own, but it’s important to make sure you can afford the house before signing all those papers.

    First-time homebuyers Chiara Norbitz and Mike Grubiak had two goals when figuring out their price range — spend less than what they’d been paying in rent and make sure they had enough leftover to cover other expenses and then some.

    “We tried to break it into a pie where we were at least saving a certain amount of money every month,” said Norbitz. Their bank pre-approved them for one number, but experts at Consumer Reports say that number can be deceiving. Lenders look at how much they think you can pay them each month, not what you can actually pay.

    “[The number lenders give you] doesn’t guarantee you can make those payments and still save for retirement, still save for college and still manage to go on a vacation every year,” said Lauren Lyons Cole, a money editor at Consumer Reports.

    Deciding how much mortgage you can afford is personal, officials say. A good rule of thumb is to cap your housing costs at 25 percent of your take-home pay, which should leave a little wiggle room in case of emergencies.

    “You need to have money in case the air conditioner breaks or you need to replace the roof,” said Cole. “Owning a home is very cost intensive, so keeping your mortgage payments as low as possible will help you afford everything else that goes with it.”

    In the end, Grubiak and his wife found a home they loved for less than the bank was willing to loan them. Now, they can save for other things. “We really want to have a nest egg right now for vacations, emergencies and, eventually down the road, having our first child,” said Grubiak.

    If you’re having trouble calculating a number you can live with, Consumer Reports editors suggest consulting a financial planner or a third party you trust to help you find the right fit.

    For more advice, check out Consumer Reports’ mortgage guide.


    How much house can you afford, how much mortgage.#How #much #mortgage


    How much house can you afford?

    How much house can you afford?

    If that question is on your mind, you’re in good company. The spring buying market is here, and the housing market remains strong across most of the country.

    Home prices continued to climb in June, rising 6.7% year-over-year nationally, according to CoreLogic’s latest Home Price Index.

    House prices in most markets have now recovered most or all of the value they lost when the housing bubble burst in 2008.

    That means bidding wars for desirable homes have become common again, putting pressure on buyers to spend more.

    It also means now is the time to take a step back: The fundamentals of wise homebuying never change.

    It’s all about figuring out what you can afford — based on how much you can reasonably borrow and the amount you have for a down payment — and then sticking to that budget.

    How much house can you afford? Follow these 5 smart moves to find out.

    You’ll know exactly what you should spend on a place to live and not wind up house-poor with a bad case of buyer’s remorse.

    Smart move 1. Determine how much you can afford to borrow.

    For many years, homebuyers seeking a mortgage have been well-served by what’s called the 28/36 rule.

    Maximum housing costs

    We calculated how the 28% rule works out for various incomes. If you have one of the incomes below, here’s the maximum you should spend.

    It says your total:

    • Monthly housing costs, which include mortgage payments, insurance, property taxes and condo or association fees, shouldn’t exceed 28% of your monthly gross income.
    • Monthly debt payments, including credit card bills and student loans, shouldn’t exceed 36% of your gross income.

    It’s easy to put these guidelines to work.

    Just enter your monthly income, bills and projected housing costs into our mortgage calculator, and it determines exactly how much you can afford to borrow and the monthly mortgage payment you can reasonably handle.

    A key factor the calculator needs to know is how much your mortgage will cost.

    Home loans remain a bargain, historically speaking.

    The average cost of a 30-year fixed-rate mortgage — the most popular way to finance a home — is around 4.02%.

    How debt limits what you can afford

    And remember, it’s the average cost of financing a home. Savvy borrowers with decent credit can almost always pay a quarter to a half of a point less.

    Spend a few minutes searching our extensive database for the best current mortgage rates from dozens of lenders in your area to get a good idea of what you can expect to be charged.

    An online real estate listing for the size and type of home you hope to buy can provide property tax and insurance costs you’ll need to get an estimate of how much you can afford to borrow.

    Smart move 2. Add up how much you have for a down payment.

    The bigger the down payment, the bigger the house you can afford to buy.

    For most buyers, the down payment comes from two sources — savings and the equity they’ve built up in their current residence. (Equity is the current market value of a home minus what you still owe on mortgages.)

    Ideally, you’ll be able to make a down payment of at least 20% to avoid paying mortgage insurance.

    How much mortgage

    But borrowers can qualify for conventional mortgages with down payments of 3% and credit scores as low as 640, according to Jim Merrill, founder of Axel Mortgage Inc. in Phoenix.

    And options are available for lender-paid or discounted mortgage insurance, including programs from Fannie Mae and Freddie Mac, the government-created lending institutions, that also will let you use a monetary gift for a down payment. A good mortgage broker can run you through the possibilities.

    “I’m getting loans approved today that would not have been approved a few years ago,” Merrill says.

    If you’re struggling to qualify for a conventional loan, another option is a government-backed FHA loan, which requires down payments of as little as 3.5%, or a VA loan, which can require no down payment at all.

    Smart move 3. Choose wisely if you tap retirement accounts for a down payment.

    Taking money out of retirement plans for a down payment is not ideal.

    But we know that many families have most, if not all, of their savings tied up in individual retirement accounts (IRAs) or 401(k) accounts where they work.

    If that’s the case, tap a Roth IRA or Roth 401(k) plan first.

    Because contributions to Roth plans are fully taxed before they’re made, you can withdraw what you’ve put into those accounts at any time without incurring penalties or additional taxes.

    If you’ve held a Roth IRA for at least five years, you can withdraw an additional $10,000 in earnings to buy or renovate a first home without paying any penalties or taxes.

    How much mortgage

    The next place to turn is a traditional IRA, which will allow you to withdraw up to $10,000 for the purchase of a first home without penalty. (If you have individual accounts, you and your spouse could take a total of $20,000.)

    But since contributions to these accounts are tax-deductible, you’ll have to pay income tax on withdrawals and a 10% penalty above the $10,000 limit until you reach age 59½.

    Your employer’s traditional 401(k) plan is the last place you should turn for a down payment. Such “hardship withdrawals” are fully taxed and incur a 10% penalty until age 59½.

    The better option is taking out a loan against your 401(k). You can usually borrow up to $50,000 or half of the value of the account, whichever is less. Your employer can give you up to 15 years to repay the loan if it’s for a home purchase.

    Monthly payments are deducted from your paycheck. The interest you pay, generally a couple of percentage points above the prime rate, goes into your retirement account.

    Smart move 4. Calculate an affordable purchase price.

    Add how much you have for a down payment (from Smart moves 3 and 4) to the maximum amount you should borrow (from Smart move 1), and that’s the amount you can afford to spend on a house.

    Don’t hesitate to revise this estimate as you shop for houses and mortgages.

    Has a fixer-upper popped up on your wish list? If so, you probably need to reduce the size of your down payment to have more cash available for renovations.

    Do the homes you’re looking at have lower property tax bills, or higher association fees, than you expected? Have you found the perfect lender offering a lower interest rate?

    Go back to the mortgage calculator, and revise your borrowing power.

    How much mortgage

    The 7 biggest mortgage mistakes

    Dodging these pitfalls will make you a happier homebuyer now and more satisfied homeowner down the road. You’ll know that you got the best possible mortgage and won’t be overwhelmed by unexpected costs.

    Smart move 5. Know your local housing market and plan accordingly.

    It’s a seller’s market across most of the country again, creating lots of pressure to commit more than 28% of your income to housing.

    How much mortgage

    Let’s say you can buy a house for $250,000, but you determine that desirable homes in your area have started going for about 5% above the asking price.

    That means you need to adjust the price of the homes you’re looking for — at least the best ones — down by about $12,500 (5% of your actual budget).

    If you absolutely must spend more than these calculations say you can afford, figure out how much more you’re committing and go into the purchase with your eyes wide open.

    Should all of the extra money have to come from a bigger mortgage, you can probably cope with spending an additional 10% without too much pain or inconvenience.

    But once you get up to 20% or 25% more, you’ll have to make significant changes in other parts of your life, such as suspending contributions to retirement plans and college funds, or giving up vacations or other big-ticket items.

    You’ll know what it means to be house-poor, and that’s what we’re trying to avoid.

    How much house can you afford? Are near record low mortgage rates helping you to afford more?

    Wow. A $250,000 house? In my area, you can’t find an outhouse for less than 350,000. $650,000 is considered really cheap.

    clearly this does not apply to houses in any metropolitan cities in north america. you cannot even buy a reasonably sized condo where I live for $250k!


    Mortgage Calculator: Calculate Your Monthly Mortgage Payment, how to calculate house payment.#How #to #calculate #house


    Mortgage Calculator

    • Monthly Payment (Principal and Interest)

    Mortgage calculator for your home loan

    This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

    NOTE: This calculator updates automatically as you move from field to field using the “tab” key. If you’re entering prepayment information, click the “calculate” button to see the final results.

    A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

    How to use the loan amortization calculator

    With HSH.com’s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins.

    Your initial display will show you the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

    Most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal. To see this, click on “Payment chart” and mouse over any year.

    Clicking on “Amortization schedule” reveals a display table of the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year. Clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

    Click “calculate” to get your monthly payment amount and an amortization schedule.

    The effect of prepayments

    Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. The calculator allows you to enter a monthly, annual, bi-weekly or one-time amount for additional principal prepayment.To do so, click “+ Prepayment options.”

    Let’s say, for example, you want to pay an extra $50 a month. Using the $250,000 example above, enter “50” in the monthly principal prepayment field, then either hit “tab” or scroll down to click “calculate.” Initial results will be displayed under “Payment details,” and you can see further details in either the “Payment chart” or “Amortization schedule” tabs.

    You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator. Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

    HSH.com has developed a host of other free mortgage calculators to help answer your other questions, such as, “Can I qualify for a mortgage,” “Will prepaying my mortgage help me save money,” “How large of a down payment do I really need,” “What s the best way to pay for my refinance,” and “When will my home no longer be underwater?” See all of HSH.com’s mortgage calculators.

    This is the dollar amount of the mortgage you are borrowing. (Hitting “tab” after entering information in any field will automatically update the calculations.)

    The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

    Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years.

    To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

    This display shows the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

    This display shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year.

    While this display table also shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year, clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

    In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a one-time prepayment to see how it affects the cost of your home loan.

    How to calculate house payment


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    Mortgage Payment Calculator Canada

    Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land transfer tax.

    Purchase

    Renewal or Refinance

    Select rate

    Make your calculator results reality

    Secure a great mortgage rate and lock in your monthly mortgage payment now.

    How to estimate mortgage payments

    There are a number of factors that go into estimating how much your regular mortgage payments will be. The most important numbers are the total mortgage amount (the price of the home, less the down payment, plus mortgage insurance if applicable), the amortization period (the number of years the mortgage payments will be spread across), and the mortgage rate (the rate of interest paid on the mortgage).

    To use the calculator, enter the purchase price, and select your amortization period and mortgage rate. Then you can see how your payment will be affected by the size of your down payment and frequency of payments. Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments will be if mortgage rates go up, and show what your outstanding balance will be over time. It is a good idea to use the calculator to determine what you can afford before you start looking at real estate listings.

    If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.

    How to lower your mortgage payments

    There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period (if your down payment is less than 20%, the maximum is 25 years), or choose a lower mortgage rate. Use the calculator above to try different variables to see what your payment will be with different scenarios.

    Frequently Asked Questions

    Is your mortgage payment calculator free?

    Absolutely! Our calculators, website and rate comparisons are completely free for users. Ratehub.ca earns revenue through advertising. We promote the lowest rates in each province offered by brokers, and allow them to reach customers online.

    Why does your monthly calculator have four columns?

    We think it’s important for you to compare your options side by side. We start the calculator by outlining the four most common options for down payment scenarios, but you are not limited to those options. We also allow you to vary amortization period as well as interest rates, so you’ll know how a variable vs. fixed mortgage rate changes your payment.

    How do payments differ by province in Canada?

    While majority of the mortgage regulation in Canada is consistent across the provinces (minimum down payment 5%; maximum amortization period 35 years), there are some things that do vary. This table summarizes the differences: