FinAid, Calculators, Loan Calculator, payments calculator.#Payments #calculator


payments calculator

Payments calculator

Payments calculator

Payments calculatorPayments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

Payments calculator

This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. (This student loan calculator can also be used as an auto loan calculator or to calculate your mortgage payments.)

This loan calculator assumes that the interest rate remains constant throughout the life of the loan. The Federal Stafford Loan has a fixed interest rate of 6.8% and the Federal PLUS loan has a fixed rate of 7.9%. (Perkins loans have a fixed interest rate of 5%.)

This loan calculator also assumes that the loan will be repaid in equal monthly installments through standard loan amortization (i.e., standard or extended loan repayment). The results will not be accurate for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

Loan fees are used to adjust the initial loan balance so that the borrower nets the same amount after the fees are deducted.

Some educational loans have a minimum monthly payment. Please enter the appropriate figure ($50 for Stafford Loans, $40 for Perkins Loans and $50 for PLUS Loans) in the minimum payment field. Enter a higher figure to see how much money you can save by paying off your debt faster. It will also show you how long it will take to pay off the loan at the higher monthly payment. You can also calculate private student loan eligibility on comparison sites like Credible.

The questions concerning enrollment status, degree program and total years in college are optional and are designed to evaluate whether the total debt is excessive. The total years in college should include the total number of years in college so far (or projected) corresponding to the loan balance, including previous degrees received.


Alimony Calculator, Guidelines For Support Payments After Divorce, payments calculator.#Payments #calculator


Alimony Calculator

Calculating alimony is often a complex process involving many factors on both sides of the equation. Each state has it s own guidelines on how much will be awarded and for how long. This form is meant to be used to obtain an estimate of potential alimony.

To find out a more accurate idea of the alimony you can expect to receive or pay as part of a divorce you should consult with an attorney.

Alimony FAQ

What is alimony?

Alimony is the payment that is made to one spouse by another spouse after a divorce. The purpose of alimony is to ‘balance’ the difference in the earning capacities for each party of a divorce, so that each party can continue to live in the same standard of living they have been accustomed to during their marriage. Alimony does not mean that marital property will be evenly distributed.

In the case of divorce, how do you determine alimony?

The guidelines to determine alimony are complex. Such considerations include the marital lifestyle, the ability of the spouse to pay, and the ability of the dependent spouse to contribute to their own support.

According to statutes, the following factors must be considered when determining alimony:

  • The contributions of each spouse to the marriage, both financial and non-financial.
  • The absent time period from the job market.
  • The established standard of living throughout the marriage and the likelihood of each party maintaining a reasonable and comparable standard of living.
  • The tax consequences related to alimony.
  • The earning capability of each party, as well as their education and employability.
  • The time and expense needed by the dependent spouse to garner the education and training to obtain employment.
  • Equitable distribution.
  • The length of the marriage.
  • The emotional health, physical health and age of the parties.
  • The genuine need for alimony in addition to the ability of the spouse to pay.
  • The parental responsibilities.
  • Any other relevant factor the court finds should be taken into consideration.
  • The number and ages of any children
  • Accustomed Lifestyle

What role does earning capacity play in determining alimony?

The earning capacity of the dependent spouse plays a significant role in the amount of alimony set and can affect alimony both negatively and positively. In cases where the spouse is truly dependent on the supporting spouse, alimony will be affected positively. However, in cases where the dependent spouse is merely lazy or underemployed, alimony will be affected negatively.

What does pendente lite alimony mean?

In some cases of divorce, temporary alimony is awarded prior to the final divorce judgment. This is known as pendente lite alimony. The reasoning behind pendente lite alimony is to ensure the dependent spouse can maintain the established lifestyle of the parties until the divorce is final. This ensures that the mortgage will be paid, the phone remains in service, etc.

Will adultery affect alimony?

Objectively, no, adultery will not affect alimony. However, subjectively, yes it could potentially play a role in ‘coloring’ the view of the court.

What does limited duration alimony mean?

Limited duration alimony is most commonly awarded form of alimony. It is sometimes referred to as ‘term’ alimony. Limited duration means exactly that; it is alimony that is awarded for a limited duration of time.

What does rehabilitative alimony mean?

Similar to limited duration alimony awards, rehabilitative alimony is alimony that is paid only for a specific term. The idea behind rehabilitative alimony is that the dependent spouse can be supported during their attempt to educate or train themselves for employment. Note that rehabilitative alimony does not end as a result of remarriage.

What does reimbursement alimony mean?

This is an alimony award that financially makes up for a spouse’s economic choices which enhanced earning capacity while the couple was married, such as obtaining a professional degree. Interestingly, reimbursement alimony is not affected by remarriage.

Will a domestic violence hearing affect alimony?

Usually, in the cases of domestic violence, a temporary alimony is awarded.

Can alimony be decreased after divorce?

Yes, if you can prove to the court that there has been a ‘change in circumstances’.

If the dependent spouse remarries, will their right to receive alimony be impacted?

In the case of term alimony, yes, it will be terminated. However, rehabilitative and reimbursement alimony are not affected and will not be terminated.

Will an ante nuptial agreement protect against alimony?

Yes and no. If alimony is addressed in the premarital agreement, the court will take this into consideration and will examine all circumstances of the case and agreement.

Will an inheritance affect alimony?

Receiving an inheritance is not subject to equitable distribution, but can definitely affect alimony. The size of the inheritance can affect the alimony award, either decreasing or increasing the award.

Will alimony affect child support?

A high alimony payment could result in a reduction in child support. There are various factors that will be taken into consideration.


Halifax Mortgage Calculator – Online Mortgage Rate Calculator, monthly mortgage payments.#Monthly #mortgage #payments


Mortgage Calculator.

Up to four people can be named on a mortgage but only two incomes are used, please select from the following:

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You’ve told us that you already have a mortgage with us and that you’re a first time buyer, please select from the following options:

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Your results

New to the Halifax, moving house or looking to borrow more?

For interest rates on our Shared Ownership and Shared Equity Mortgages, along with the monthly repayment amounts on Interest only mortgages – book an appointment or call us on 0345 850 3705.

Outstanding Mortgage 0.00

Additional Borrowing 0.00

Total Loan Amount 00.00

What do these numbers mean?

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 127,450 PAYABLE OVER 30 YEARS , INITIALLY ON A FIXED RATE FOR 5 YEARS AT 3.14% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 25 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 547.99 FOLLOWED BY 300 MONTHLY PAYMENTS OF 598.99 .

THE TOTAL AMOUNT PAYABLE WOULD BE 212,872.60 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 85,422.60 ) AND A VALUATION FEE ( 355 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 153,000 PAYABLE OVER 25 YEARS , INITIALLY ON A FIXED RATE FOR 5 YEARS AT 2.28% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 20 YEARS , WOULD REQUIRE 60 MONTHLY PAYMENTS OF 669.56 FOLLOWED BY 240 MONTHLY PAYMENTS OF 780.71 .

THE TOTAL AMOUNT PAYABLE WOULD BE 227,974.00 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 74,974.00 ) AND A VALUATION FEE ( 430 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 125,000 PAYABLE OVER 20 YEARS , INITIALLY ON A FIXED RATE FOR 2 YEARS AT 2.24% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 18 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 646.66 FOLLOWED BY 216 MONTHLY PAYMENTS OF 746.25 .

THE TOTAL AMOUNT PAYABLE WOULD BE 176,709.84 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 51,709.84 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 91,870.00 PAYABLE OVER 20 YEARS , INITIALLY ON A FIXED RATE FOR 2 YEARS AT 1.69% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 18 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 451.39 FOLLOWED BY 216 MONTHLY PAYMENTS OF 545.83 .

THE TOTAL AMOUNT PAYABLE WOULD BE 128,732.64 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 36,862.64 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 91,870.00 PAYABLE OVER 20 YEARS , INITIALLY ON A FIXED RATE FOR 5 YEARS AT 2.09% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 15 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 468.68 FOLLOWED BY 180 MONTHLY PAYMENTS OF 534.91 .

THE TOTAL AMOUNT PAYABLE WOULD BE 124,404.60 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 32,534.60 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

REPRESENTATIVE EXAMPLE

A MORTGAGE OF 91,870.00 PAYABLE OVER 20 YEARS , INITIALLY ON A FIXED RATE FOR 5 YEARS AT 2.09% AND THEN ON OUR VARIABLE RATE OF 3.99% FOR THE REMAINING 15 YEARS , WOULD REQUIRE 24 MONTHLY PAYMENTS OF 468.68 FOLLOWED BY 180 MONTHLY PAYMENTS OF 534.91 .

THE TOTAL AMOUNT PAYABLE WOULD BE 124,404.60 MADE UP OF THE LOAN AMOUNT, PLUS INTEREST ( 32,534.60 ).

WHAT IS A REPRESENTATIVE EXAMPLE?

THIS IS AN ILLUSTRATION OF A TYPICAL MORTGAGE AND ITS TOTAL COST.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.

THE RATES AND MONTHLY PAYMENTS SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY. THIS IS NOT A MORTGAGE OFFER. BEFORE AGREEING A LOAN A CREDIT SEARCH AND FULL APPLICATION ARE REQUIRED AND OUR LENDING REQUIREMENTS MUST BE MET.


Mortgage Calculators: Amortization Tables, Accelerated Payments, Biweekly Payments, calculate mortgage payments.#Calculate #mortgage #payments


calculate mortgage payments

Calculate mortgage payments

Calculate mortgage payments

Calculate mortgage payments

Calculate mortgage payments

Lets you determine monthly mortgage payments and see complete amortization tables.

Calculate mortgage paymentsHow Advantageous Are Extra Payments?

By making additional monthly payments you will be able to repay your loan much more quickly. Find out how your monthly, yearly, or one-time pre-payments influence the loan term and the interest paid over the life of loan. Make additional 1/12 of monthly payments (a popular ‘do-it-yourself’ biweekly) or an additional monthly payment once a year.

Calculate mortgage paymentsSimple Option ARM Calculator

Computes minimum, interest-only and fully amortizing 30-, 15- and 40-year payments.

Calculate mortgage paymentsAdvanced Option ARM Calculator with Minimum Payment Change Cap

Allows you to create a complete option ARM loan amortization table (with standard and neg-am recasts, automatically estimated possible future index changes, various fixed payment periods, interest rate rounding to the nearest 1/8 of one percentage, and more). See what happens if you always select the minimum payment option.

< Please see: Using Pay Option ARM Calculator

Calculate mortgage paymentsWhich ARM Index Is Better?

Calculate mortgage paymentsMortgage Pre-Qualifier

Mortgage Pre-Qualifier will determine the income required to qualify for the particular loan using the specified qualifying ratios.

Calculate mortgage paymentsHow Much Can You Borrow?

The calculator lets you see how various changes to your income, liabilities, and mortgage terms affect the loan amount you can borrow.

Calculate mortgage paymentsBlended Rate Calculator

Calculates a first and second mortgage blended rate.

Calculate mortgage payments‘True bi-weekly’ payment calculator

Prints yearly amortization tables. With bi-weekly payments, you pay half of the monthly mortgage payment every 2 weeks, rather than the full balance once a month. This is comparable to 13 monthly payments a year, which can result in faster payoff and lower overall interest costs.

Calculate mortgage paymentsAnother ‘true bi-weekly’ payment calculator

Builds complete bi-weekly amortization tables.

Calculate mortgage paymentsTrue bi-weekly vs standard bi-weekly

Shows how much you will save if you calculate interest for two-week intervals and apply the bi-weekly payments less the interest to reduce principal every two weeks, instead of having your money withdrawn from your bank account every two weeks by your lender and making a full mortgage payment once a month plus one additional payment once a year out of a special account, managed by the lender. Complete amortization tables are available.

Calculate mortgage payments


Mortgage Types Compared – Guide To Your Mortgage Options, calculating mortgage payments.#Calculating #mortgage #payments


Mortgage Types Explained

Not every home buyer and borrower is the same. As such, there are plenty of mortgage programs available out there to meet the needs of various types of borrowers with very different financial backgrounds and needs.

The decision about which type of mortgage you choose is an important one. It’s essential to make sure you understand all your options before making the selection on which mortgage type is right for you.

Fixed-Rate Mortgages

The most popular type of mortgage is the fixed-rate mortgage. With this option, the interest rate is locked in and will remain the same throughout the duration of the term. Fixed-rate mortgages allow borrowers to make the same payment every month without having to worry about any fluctuations in their given interest rate.

It’s important to note, however, that the rate is only locked in and guaranteed for the term, and not the entire amortization period of the mortgage. For instance, if you agree to a 30-year mortgage with a 5-year term, your rate is locked in only for that 5-year period. Once the term expires, you’ll need to renegotiate a new rate at a new term, or opt for a completely different type of mortgage altogether.

The trade-off for such predictability is that these mortgages can often come with higher closing costs. In addition, they can be a little more challenging to get approved for versus some other types of mortgages. However, despite these disadvantages, obtaining a fixed-rate mortgage can make sense for many buyers, particularly first-timers.

Adjustable-Rate Mortgages

Contrary to the fixed-rate mortgage, an adjustable-rate mortgage (ARM) comes with an interest rate that fluctuates as the market dictates. This type of loan traditionally starts off with a low rate and adjusts over time. With ARMs, the rate will change during the term of the mortgage.

Generally speaking, such mortgages are initially set up like a standard loan based on the present interest rate. At regular intervals, the mortgage is reviewed, and should the market interest rate change, the lender will adjust the mortgage repayment plan accordingly. This can be done either by changing the length of the amortization period, the size of the payment, or a combination of both.

A popular variety of an adjustable-rate mortgage these days is the “hybrid ARM,” in which a certain interest rate is guaranteed to stay fixed for a certain time. This initial interest rate is often lower than what you would traditionally be offered with a traditional 30-year fixed loan.

Conventional Mortgages

A conventional – or conforming – mortgage is one that is not insured by the federal government, which means no guarantees are made to the lender should the borrower default on the mortgage payments. As such, they are considered higher risk for lenders. For this reason, borrowers typically need to have a high credit score, a healthy financial history, and a low debt-to-income ratio in order to get approved for a conventional loan.

If less than 20% is put towards a down payment, Freddie Mac and Fannie Mae guidelines stipulate that the lender needs to bring on a private insurer for the loan. Such Private Mortgage insurance (PMI) must be paid for by the borrower. However, once the borrower has paid down at least 20% of the property’s purchase price, payments for PMI will cease.

These types of mortgages follow the guidelines set by Fannie Mae and Freddie Mac, and may either be fixed- or adjustable-rate mortgages.

FHA Loans

For those who don’t meet the stringent requirements to get approved for a conventional loan, there are government-backed loan options available, such as FHA loans. These mortgages, which are guaranteed by the Federal Housing Administration, get a lot of attention from first-time home buyers and borrowers with less-than-perfect credit because of their more attractive features and easier lending requirements.

FHA mortgages offer low down payment requirements for those who may be unable to gather a large lump sum of money to put towards their home purchase. While the minimum down payment for a conventional mortgage is 5% of the purchase price of a home, FHA mortgages allow buyers to put down as little as 3.5%.

It should be noted that the Federal Housing Administration doesn’t actually issue the loans. Instead, it supports lenders should borrowers default on the mortgage payments.

Interest-Only Mortgages

Some borrowers choose an interest-only mortgage in an effort to keep their payments as low as possible. A mortgage is considered “interest only” if the monthly mortgage payments consist only of interest. This option lasts for a specified period, typically 5 to 10 years. Borrowers can pay more than interest if they choose to. No principle portion is paid, which means the only way equity can be built up during this interest-only time period is through appreciation.

By only being temporarily responsible for paying the interest portion, monthly payments are substantially less. It’s important to note, however, that reducing monthly mortgage payments will increase the overall interest that will need to be paid over the life of the mortgage, and lowers the amount of home equity that will be gained. That’s why such an option should only be temporary in nature.

Home Equity Loans

Also referred to as second mortgages, home equity loans allow homeowners to borrow money against the equity already built up in the home. They are an attractive option for those who need to cover a large expense, such as a major home renovation where a large sum of money is required up front. With these types of loans, homeowners can borrow up to $100,000 of equity and still be able to deduct all of the interest upon filing their tax returns.

There are two types of home equity loans: fixed-rate loans and lines of credit. Both of these variations typically range from 5 to 15 years, and must be repaid in full when the home is sold.

The fixed-rate variation offers a single lump sum of money to the homeowner, which then needs to be repaid over a certain time period at a specific interest rate.

With a home equity line of credit (HELOC), homeowners can borrow against the equity in their homes similar to the way a credit card works. They are allowed to borrow a set limit, and can withdraw as little or as much as needed at any time, as long as this limit is not exceeded. Only the amount withdrawn is charged interest, and once the money is repaid, it can be borrowed again and again until the end of the loan term is reached.

Related Resources

Calculating mortgage payments

Do you have questions about a mortgage? You have come to the right place. Check here for any topic regarding mortgages answered by our financial experts.

Read More Calculating mortgage payments

Interest Only Calculator

This handy calculator can help you determine what your savings and ultimate cost with an interest only mortgage verses a traditional home loan.

Read More Calculating mortgage payments

Early Pay Off

Our early payoff calculator tells you exactly how much more it will cost per month to pay your mortgage off early based on a shorter payment term.

Read More Calculating mortgage payments

Mortgage Calculator

If you are planning to get a mortgage, our free mortgage calculator tool can provide you with plenty of information in order to make an informed decision.

Free Tool

Use the Mortgage Calculator on your site for FREE


Mortgage Tables – Calculating Payments or the Interest Rate from a Mortgage Table, calculating mortgage


Mortgage Tables

Copyright 2009 by Morris Rosenthal – – contact info

Copyright 2009 by Morris Rosenthal

All Rights Reserved

Calculating Payments or the Interest Rate from a Mortgage Table

We mentioned earlier that before computers, bankers used to use mortgage tables to calculate monthly payments. I’ve included a complete set of tables (interest rate 0% to 20% in 0.05% increments) for determining the payment per $1,000 of principal in Appendix B of version 1.2 of my mortgage math ebook. You sometimes see abbreviated versions of these mortgage tables with values per $1000 of principal in real estate magazines, to help you determine how much house you can afford. What makes it possible to reduce a fairly complex calculation to a simple table is that the complex part remains constant for a given interest rate and number of months. In other words, you only have to compute the big mess once to figure out the relationship between the amount of the mortgage principal and the monthly payment for a particular interest rate on a fixed rate mortgage. So referring back to our mortgage formula again, imagine that the messy part of the equation was replaced with a value from a table, so the equation now reads:

M = P [value from table] / 1,000

Where the value from the table is our familiar mess:

Value from table = [ i(1 + i)n ] / [ (1 + i)n – 1]

So how many interest rates should be calculated for a useful table? Since the calculation of a monthly payment based on the principal you do yourself doesn’t include the various fees and charges that show up at closing, there’s no point in trying to be super accurate when estimating your expenses. We carried the calculation out to enough significant digits that it should be within a penny on mortgages up to one million dollars, but that doesn’t mean you have to keep all the digits yourself when trying to get a ballpark figure for affordability.

The table on the following page can be used to estimate your monthly payment, per thousand dollars of loan mortgage principal, for interest rates between 4.00% and 5.95%. We put fifteen year and thirty year mortgages in the same table for in case you want to print and keep a copy in your wallet or on the fridge while you’re house shopping.


Mortgage Payment Calculator –, mortgage payments calculator.#Mortgage #payments #calculator


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

Mortgage payments calculator

Mortgage payments calculator

Mortgage payments calculator

Mortgage payments calculator

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.

Mortgage payments calculator


Mortgage Payoff Calculator – Extra Payments, mortgage payments calculator.#Mortgage #payments #calculator


Mortgage Payoff Calculator Extra Payments

This mortgage payoff calculator figures the extra payment necessary to cause an early payoff within a specified number of years. Discover how much interest you will save between now and when your mortgage is paid off.

Please Note: You should only enter the principal and interest portion of your regular monthly payment. Do not include tax and insurance escrow accounts.

In other words, use this calculator to define time period and payment amount, and use the other calculator to define optimum early payoff strategy.

And if this calculator helped you we’d sure appreciate a “like” or +1. Thanks!

How Much Extra Should You Pay To Payoff Your Mortgage Early?

You dream of paying off your mortgage early.

You long for the day when you are debt free.

But how do you do it?

How much must you pay each month to be out of debt by a certain date?

What if you wanted to pay off your mortgage in 15 years instead of 30? How much would you save?

The good news is this mortgage payoff calculator makes figuring out your required extra payment easy.

You choose how quickly you d like to pay off your mortgage, and the calculator will tell you the required extra monthly payment to get it done. It will also tell you how much interest you ll save!

However, before you start making your extra payments, there are a few factors you ll want to consider first . . . .

Mortgage payments calculator

Factors To Consider When Paying Off The Mortgage Early

Living without any debt is an exciting goal, but paying off your mortgage needs to be done right. Here are some important considerations:

  • Will you incur penalties for overpaying your mortgage?Some mortgage lenders have prepayment penalties or other loan terms designed to prevent you from prepaying. Make sure to contact your lender and read the fine print in your mortgage contract to determine if this applies to you.
  • Do you have credit card or any other debts? Many other types of debt, like credit card debt, have higher interest rates. It s usually more advantageous to pay off any consumer debt before you pay off the mortgage.
  • Have you set aside a sufficient emergency fund? It s generally a good idea to set aside money in an emergency fund to cover expenses that are not included in your budget or to protect from a rainy day. Build a solid financial foundation first!
  • Is your debt oppressing you? Some people feel debt rules their lives. If debt is stressing you out, use the Mortgage Payoff Calculator to calculate how much extra money you need to put toward your mortgage every month to get out of debt sooner.

Once you ve determined that you re ready to pay off your mortgage, it s time to start reaping the benefits!

Benefits Of Paying Off Your Mortgage Early

Owning a home without a mortgage is financially liberating. Here are just a few of the key benefits:

  • You save money. By paying off your mortgage you eliminate interest costs. This lowers your monthly expenses and reduces the total cost to own your home.
  • No interest is better than a mortgage tax deduction. If you keep the mortgage to get the tax deduction then you re paying $1 to the bank to get a $0.25 tax deduction (assuming a 25% tax bracket). You re still out $0.75. If you pay off the mortgage, you pay $0.25 in taxes and have $0.75 in your pocket.
  • You will gain the flexibility of using what had been the mortgage payment to invest in retirement or save toward other financial goals. Imagine! Not only will you avoid paying mortgage interest, but you ll be making money in higher-yielding accounts!

Pitfalls Of Paying Off Your Mortgage Early

Many homeowners think that they should pay off their mortgage early to get out of debt, but does it always make sense?

You do not want to pay off your mortgage and end up low on cash. It s much easier to take cash out of a checking account when needed than it is to refinance by pulling it out of your home loan.

Ask yourself if you ll need liquid cash in the near future. If the answer is yes, you re better off putting your extra money in savings – not toward your mortgage.

Always have a small savings buffer to help you pay for immediate expenses.

Final Thoughts

There are many competing financial goals to consider first before committing to an early mortgage payoff program.

From paying off high-interest credit cards, to starting your retirement contributions, to getting important insurance policies in place, there are many financial goals that should probably take priority over paying off your mortgage early. You must build a solid financial foundation first.

However, if you re ready to pay off your mortgage early then this calculator will help you reach your goal. Pay off your mortgage in 15 years, 10 years, 5 years, or whatever amount of time makes sense for you and your budget!

Mortgage Payoff Calculator Terms Definitions

  • Principal Balance Owed – The remaining amount of money required to pay off your mortgage.
  • Regular Monthly Payment – The required monthly amount you pay toward your mortgage, in this case, including only principal and interest.
  • Number of Years to Pay Off Mortgage – The remaining number of years until you want your mortgage paid off.
  • Principal (Mortgage Loan Amount) – The amount of money you borrowed to buy your home.
  • Annual Interest Rate (APR) – The percentage your lender charges on borrowed money.
  • Mortgage Loan Term – The number of years you are required to pay your mortgage loan.
  • Mortgage Tax Deduction – A deduction you receive at tax time on the interest you pay toward your mortgage.
  • Extra Payment Required – The extra amount of money you ll need to pay toward your mortgage every month to pay off your mortgage in the amount of time you designated.
  • Interest Savings – How much you ll save on interest by prepaying your mortgage.

Mortgage payments calculator


Mortgage Calculators: Amortization Tables, Accelerated Payments, Biweekly Payments, mortgage payments calculator.#Mortgage #payments #calculator


mortgage payments calculator

Mortgage payments calculator

Mortgage payments calculator

Mortgage payments calculator

Mortgage payments calculator

Lets you determine monthly mortgage payments and see complete amortization tables.

Mortgage payments calculatorHow Advantageous Are Extra Payments?

By making additional monthly payments you will be able to repay your loan much more quickly. Find out how your monthly, yearly, or one-time pre-payments influence the loan term and the interest paid over the life of loan. Make additional 1/12 of monthly payments (a popular ‘do-it-yourself’ biweekly) or an additional monthly payment once a year.

Mortgage payments calculatorSimple Option ARM Calculator

Computes minimum, interest-only and fully amortizing 30-, 15- and 40-year payments.

Mortgage payments calculatorAdvanced Option ARM Calculator with Minimum Payment Change Cap

Allows you to create a complete option ARM loan amortization table (with standard and neg-am recasts, automatically estimated possible future index changes, various fixed payment periods, interest rate rounding to the nearest 1/8 of one percentage, and more). See what happens if you always select the minimum payment option.

< Please see: Using Pay Option ARM Calculator

Mortgage payments calculatorWhich ARM Index Is Better?

Mortgage payments calculatorMortgage Pre-Qualifier

Mortgage Pre-Qualifier will determine the income required to qualify for the particular loan using the specified qualifying ratios.

Mortgage payments calculatorHow Much Can You Borrow?

The calculator lets you see how various changes to your income, liabilities, and mortgage terms affect the loan amount you can borrow.

Mortgage payments calculatorBlended Rate Calculator

Calculates a first and second mortgage blended rate.

Mortgage payments calculator‘True bi-weekly’ payment calculator

Prints yearly amortization tables. With bi-weekly payments, you pay half of the monthly mortgage payment every 2 weeks, rather than the full balance once a month. This is comparable to 13 monthly payments a year, which can result in faster payoff and lower overall interest costs.

Mortgage payments calculatorAnother ‘true bi-weekly’ payment calculator

Builds complete bi-weekly amortization tables.

Mortgage payments calculatorTrue bi-weekly vs standard bi-weekly

Shows how much you will save if you calculate interest for two-week intervals and apply the bi-weekly payments less the interest to reduce principal every two weeks, instead of having your money withdrawn from your bank account every two weeks by your lender and making a full mortgage payment once a month plus one additional payment once a year out of a special account, managed by the lender. Complete amortization tables are available.

Mortgage payments calculator


How to Calculate Estimated Taxes and Associated Penalties, figuring mortgage payments.#Figuring #mortgage #payments


Estimated Taxes and the Estimated Tax Penalty

Figuring mortgage payments

Paying estimated taxes is one way to make sure you re giving the Internal Revenue Service enough money during the year to avoid owing a lump sum at filing time – or worse, incurring penalties. Generally, people who have incomes that aren t subject to tax withholding should consider making estimated payments. Types of income without withholding include self-employment income, rental income, investment income and capital gains.

Estimated Tax Deadlines

Estimated tax payments are due quarterly on April 15, June 15, September 15 and January 15. Some taxpayers pay more frequently. You can make payments monthly if you like so a fixed amount of tax is included in your monthly budget. If you have to skip a monthly payment, you can adjust your subsequent estimated payment to cover the shortfall.

The Estimated Tax Penalty

If you don t make estimated payments and end up owing the IRS at the end of the year, a penalty typically applies. The estimated tax penalty is essentially an interest charge for not paying taxes throughout the year. The interest rate for underpayments by individual taxpayers is 4 percent for the 2016 tax year. The IRS sets this rate each quarter.

Figuring Out How Much to Pay in Estimated Taxes

The easiest way to calculate how much you should be making in estimated tax payments is to divide last year s unfunded tax liability by four because estimated payments are made quarterly.

Look at last year s tax return to find your total tax liability, then subtract any withholding you expect to pay in for this year. If your withholding will be about the same as last year, you can subtract last year s withholding amount. The difference is the amount of tax that needs to be paid in through estimated taxes.

Although this method is quick and easy, it doesn t take changes in your income into consideration or any changes in your deductions for the current year. You might have more or less income or qualify for different tax deductions. The alternate method is to project a tax calculation based on this year s income. For this, it s helpful to use the worksheets found in Publication 505 and with Form 1040-ES.

The 1040-ES worksheet will help you calculate the minimum amount of estimated tax you should pay to avoid a penalty. The worksheet also includes all the current year figures for standard deductions and tax rates to help you obtain an accurate figure for this year s estimated payments.

An Example of an Estimated Tax Calculation

Shelley is an independent contractor and this is her only sole source of income. She had $25,000 of self-employment income and $7,500 of business expenses in the first three months of the year. This resulted in a net profit of $17,500.

Her business isn t seasonal, so it s safe to say that her income and expenses will be similar through the next nine months of the year. The first three months represent 3/12 – or 1/4 – of her annual income. To project her income for the full year, we need to multiply by the inverse or reciprocal ratio.

The reciprocal of 3/12 is 12/3, which is the same as saying that the reciprocal of 1/4 is four. Multiplying our year-to-date figures by the reciprocal results in an income amount that is projected to be 100 percent of the full year. Multiplying Shelley s net profits of $17,500 for the first three months by the reciprocal ratio of 12/3 tells us that Shelley s net profit for the full year will be $70,000.

Now we can begin a tax calculation. Shelley s income will be subject to both the income tax and the self-employment tax because she s an independent contractor. Here s how the tax calculations would work:

Deduction for half of the self-employment tax 4,945.34

Taxable income (70,000 – 4,945 – 6,100 – 3,900) 50,055

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Now that we ve found Shelley s taxable income, we can calculate her income tax using the 2017 tax rates. As a single person, Shelley s income tax is estimated to be $8,370. This plus her self-employment tax of $9,890.69 equals how much she needs to pay in this year: $18,260.69, or $18,261 after rounding. Shelley would have to pay in at least 90 percent of this amount in order to avoid the estimated tax penalty, but she might also want to pay the full amount of the tax to prevent from owing at tax time.

If she wanted to pay in 90 percent of her current tax due, Shelley would multiply the tax amount by 90 percent then divide by four to find each of her four estimated payments – about $4,109 each. If Shelley wanted to pay 100 percent, she would take the tax amount and divide by four to find each of her four estimated payments of about $4,565 each.

If You Also Have Income That s Subject to Withholding

You can adjust your withholding from your paychecks to cover additional taxes from other income such as interest, dividends or income from side jobs or consulting work. Simply fill out a new Form W-4 and give it to your employer.

There are a couple different ways you can adjust the withholding figures. One is to change the number of withholding allowances you re currently claiming. The other is to indicate an additional dollar amount that you want your employer to withhold each paycheck.

Let s take the second method first. Let s assume that Nancy will owe $4,000 on self-employment income because she freelances in addition to her regular job.

Nancy could take this tax amount and divide it by the number of remaining pay periods in the year. This amount would be entered on Line 6 of Form 1040 as an additional amount to withhold. This additional tax will show up on her W-2 as part of her federal income tax withholding and will be applied to the total tax she owes for the year, including any self-employment tax.

If Nancy wanted to adjust her withholding allowances, she would have to reduce the number of withholding allowances she s currently claiming so that her federal withholding will increase by an amount sufficient to cover the additional tax she s expecting. This often involves trying different withholding allowances using a withholding calculator.

Paying Estimated Taxes

Assuming you can t or don t want to adjust your withholding, you can send in estimated payments by check, pay by credit card, or use the Treasury Department s online bill payment system.