Mortgage Payment Calculator –, simple mortgage calculator.#Simple #mortgage #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

Simple mortgage calculator

Simple mortgage calculator

Simple mortgage calculator

Simple mortgage 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.

Simple mortgage calculator


MORTGAGE CALCULATOR & Repayments, simple mortgage calculator.#Simple #mortgage #calculator


MORTGAGE CALCULATOR

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

Simple 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?

Simple mortgage calculatorSimple mortgage calculator

Simple mortgage calculatorSimple mortgage calculator

Simple mortgage calculator Simple mortgage calculator

Simple mortgage calculatorSimple mortgage calculator

Uncover the best home loan for you:

HOW MUCH DO I END UP PAYING?

HOW MUCH WILL I OWE IN THE FUTURE?

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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 Calculator with Current Rates – Calculate Mortgage Payments with Ease from, simple mortgage calculator.#Simple


Mortgage Calculator

Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it’s important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.

Choose a lender below and lock in your estimated payment of $ or less

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Simple mortgage calculator

Where will mortgage rates head next week?

Mortgage experts predict what will happen to rates over the next week — and why.

Simple mortgage calculator

How much house can I afford?

Use this calculator to determine how much mortgage you can afford to take out based on your income and expenses.

Simple mortgage calculator

Mortgage Basics

This step-by-step guide will help you understand the sometimes-difficult journey to homeownership.

Simple mortgage calculator

Top 10 mortgage tips for 2016

Thinking about buying a house? These tips will help you find the best mortgage for you.

Helpful Calculators & Tools

Loan Calculator

This loan calculator will help you determine the loan monthly payments on a loan. View Calculator

Amortization Calculator

How much of your monthly payment will go towards the principal and how much will go towards the interest. View Calculator

15 or 30 year mortgage?

Lets us help you decide which mortgage loan is right for you. View Calculator

Debt ratio Calculator

Your debt-to-income ratio can be a valuable number — some say as important as your credit score. View Calculator

About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $424,100 May Have Different Loan Terms: If you are seeking a loan for more than $424,100, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


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


#interest only mortgage calculator

#

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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  • Audio: Get my top tips
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How to Pay Off Your Mortgage Early – Real Simple #estimate #house #payment


#pay off mortgage early

#

How to Pay Off Your Mortgage Early

Photo by Mikey Burton

If you’re in the market for, say, a four-bedroom Colonial just about anywhere in America, you’re in luck. Home buyers haven’t had it this good in years: Sales prices have plummeted as much as 50 percent since 2006, and interest rates are at historic lows (at press time, about 3.5 percent for 30-year fixed loans). As a result, many people can buy a home today without taking on a mountain of debt.

Experts agree that it pays to reduce debt in all areas of your life—and, in an ideal world, to eliminate it completely. So if you’re financially secure (meaning you’re free of high-interest credit-card debt, you’re investing in your retirement, and you have an emergency savings account that will cover 6 to 12 months’ worth of vital living expenses), paying off your mortgage makes sense—yes, even though interest payments are tax-deductible. Meeting this criterion and eliminating your debt completely may be unrealistic for you, but reducing your debt isn’t. Here’s how to get it done.

5 Smart Strategies to Reduce or Eliminate Your Debt

1. Refinance to a lower interest rate. Despite rock-bottom rates, millions of creditworthy Americans have not yet refinanced. And that’s a shame: Borrowers who refinanced during the second quarter of 2012 lowered their rate by an average of 1.5 percent. For a $200,000 home loan, that translates to savings of about $2,900 in interest payments over the next 12 months, according to Freddie Mac. (To calculate how much you could save, use the refinance calculator at Money.CNN.com. which, like Real Simple. is owned by Time Inc.)

If you plan on staying in your home for at least three more years and your mortgage is at least $100,000, with an interest rate of 4.75 percent or higher, ask your current loan servicer or lender for its best refinancing rate. Then compare that with rates at banks that you already have accounts with. Or you can opt to work with an independent mortgage broker to find the lowest rate, says Keith Gumbinger, the vice president of HSH.com. a mortgage-information site. If you can reduce your current interest rate by .75 to 1 percent, go ahead and refinance.

To help the process go smoothly, gather the following paperwork: proof of income (two recent pay stubs), copies of asset information, your tax returns for the previous two years, and proof of investments and other income. Additionally, be prepared to offer explanations for any recent income irregularities, credit inquiries, or job gaps. “Lenders question these situations because they could be an indication that you can’t afford your current loan,” says Gumbinger.

2. Refinance to shorten your loan’s time frame. It’s becoming increasingly popular for home owners—even those on tight budgets—to refinance their 30-year fixed-rate mortgages to 20- or even 15-year ones. Today’s low rates allow you to do this while keeping your monthly payment fairly close to the current amount, says Erin Lantz, the director of Zillow’s Mortgage Marketplace. a real estate–valuation website. Say you’ve been making payments on a 30-year, 6 percent fixed-rate mortgage of $200,000 for five years. If you refinance to a 15-year, 2.87 percent fixed-rate loan (typical at press time), for example, your payments will increase by less than $80 a month. Yet you would pay off the loan 10 years earlier, build equity faster, and save an astonishing $130,477 in interest.

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Interest Only Loan Calculator – Simple – Easy To Use #mortgage #calulator


#interest only mortgage calculator

#

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.

Yes, Send My FREE Wealth Building Blueprint!

  • E-Course: “52 Weeks to Financial Freedom”
  • Audio: Get my top tips
  • E-Book: “18 Essential Lessons From A Self-Made Millionaire”

Yes, Send My FREE Wealth Building Blueprint!

  • E-Course: “52 Weeks to Financial Freedom”
  • Audio: Get my top tips
  • E-Book: “18 Essential Lessons From A Self-Made Millionaire”


Should You Pay Off Your Mortgage Early? The Simple Dollar #best #mortgage #company


#pay off mortgage early

#

Should You Pay Off Your Mortgage Early?

If you have a mortgage on your home, you’ve probably wondered at least once whether it would be worthwhile to pay it down ahead of schedule. And if so, you’re not alone. The debate over whether to prepay your mortgage has persisted in the personal finance world for some time now, and it’s not going away any time soon.

Pay Off Your Mortgage or Invest? The Math Says

On one side of the equation, you’ve got experts who say you should not prepay your mortgage if you are locked in at a low interest rate. Their reasoning: You would be better off investing your money in the stock market where a reasonably diversified stock portfolio can expect to earn at least 7% on average over the course of a decade or more.

Add in the home mortgage interest deduction you can take on your federal taxes and, they say, you would be silly to prepay your mortgage and miss out on those perks.

To this group, the question is just about math. After all, why would you prepay a loan at 3% or 4% and lose out on part of a valuable tax deduction when you could invest that money instead and earn considerably more?

But There s an Emotional Side to Prepaying Your Mortgage, Too

Still, there are plenty of people who ignore the math and forge ahead with their mortgage prepayment plans. My parents fell squarely in that category. Instead of taking the standard 30 years to pay off their mortgage, they paid it off in less than 20 years.

Ask them if they care about the tax deduction they missed out on, and they’ll probably look at you like a crazy person. Why? Because the decision to prepay was never about the math to them; it was about their financial freedom. And math aside, they have never regretted their decision to pay off their home and become entirely debt-free.

And a lot of people agree with that sentiment. For some people, like my parents, it all boils down to the fact that they just don t like debt. It’s as simple as that.

But others prefer a deeper analysis.

Analyzing the Pros and Cons

For starters, let’s take a look at what the home mortgage interest deduction really means.

The easiest way to figure out your home mortgage interest deduction is to look at your effective tax rate. Say your overall tax rate is 22%, for example. On average, the home mortgage interest deduction reduces your taxes by $22 for every $100 you pay in mortgage interest.

That s a pretty nice perk, but there’s a caveat. Your home mortgage interest deduction is only valid for the amount you deduct over and above the standard deduction, which is available to taxpayers who don t itemize their returns. The standard deduction for married spouses filing jointly was $12,400 in 2014.

So what does that mean? Simply put, if you don’t itemize your taxes. your home mortgage interest deduction is worth nothing. And even if you do, it’s only worth what it helps you save over the standard deduction that anyone can take. In many cases, this drastically reduces the value of the home mortgage interest deduction to the point where it’s barely worth considering.

But what about those lost investing returns? When you ask people whether or not they prepay their mortgage and why, you’ll find plenty of skeptics who balk at the idea of carrying long-term debt in favor of investing their extra dollars in the stock market. And when it comes to who is wrong or right, there are several ways to look at it.

Since the stock market has performed well historically, the math favors those who choose to hold onto low-interest mortgages and invest their extra dollars instead.

However, unlike the stock market, which is not guaranteed, the interest you save by prepaying your mortgage is a sure thing. Many people are happy prepaying and banking the extra money they save on interest, even if it’s less than they may have earned by investing their extra dollars instead.

A Balanced Approach

As someone who loves math but despises debt, I see both sides of the issue. And that’s why my family takes a balanced approach. Our only debt is a small 15-year mortgage at 3.75%, and we choose to prepay it somewhat, but not as heavily as we could. My strategy involves maxing out our retirement accounts first and foremost and then throwing a few extra hundred dollars at the mortgage every month. I just don’t see the reason to choose between investing extra money or prepaying my mortgage, so I choose to do a little of both.

That seems like a good compromise to me. Still, there is nothing wrong with taking sides on this issue.

When you hate debt, you want to put it behind you once and for all. and that’s understandable. But it’s also understandable for someone to make their decision based solely on the numbers. After all, it s hard to argue with math. At the end of the day, we all have to do what is best for our families and what helps us sleep best at night.

So, should you prepay your mortgage? It is, and always has been, up to you. Just make sure any decision you make is an informed one.

Do you prepay your mortgage? Why or why not?

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How to Pay Off Your Mortgage Early – Real Simple #loan


#pay off mortgage early

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How to Pay Off Your Mortgage Early

Photo by Mikey Burton

If you’re in the market for, say, a four-bedroom Colonial just about anywhere in America, you’re in luck. Home buyers haven’t had it this good in years: Sales prices have plummeted as much as 50 percent since 2006, and interest rates are at historic lows (at press time, about 3.5 percent for 30-year fixed loans). As a result, many people can buy a home today without taking on a mountain of debt.

Experts agree that it pays to reduce debt in all areas of your life—and, in an ideal world, to eliminate it completely. So if you’re financially secure (meaning you’re free of high-interest credit-card debt, you’re investing in your retirement, and you have an emergency savings account that will cover 6 to 12 months’ worth of vital living expenses), paying off your mortgage makes sense—yes, even though interest payments are tax-deductible. Meeting this criterion and eliminating your debt completely may be unrealistic for you, but reducing your debt isn’t. Here’s how to get it done.

5 Smart Strategies to Reduce or Eliminate Your Debt

1. Refinance to a lower interest rate. Despite rock-bottom rates, millions of creditworthy Americans have not yet refinanced. And that’s a shame: Borrowers who refinanced during the second quarter of 2012 lowered their rate by an average of 1.5 percent. For a $200,000 home loan, that translates to savings of about $2,900 in interest payments over the next 12 months, according to Freddie Mac. (To calculate how much you could save, use the refinance calculator at Money.CNN.com. which, like Real Simple. is owned by Time Inc.)

If you plan on staying in your home for at least three more years and your mortgage is at least $100,000, with an interest rate of 4.75 percent or higher, ask your current loan servicer or lender for its best refinancing rate. Then compare that with rates at banks that you already have accounts with. Or you can opt to work with an independent mortgage broker to find the lowest rate, says Keith Gumbinger, the vice president of HSH.com. a mortgage-information site. If you can reduce your current interest rate by .75 to 1 percent, go ahead and refinance.

To help the process go smoothly, gather the following paperwork: proof of income (two recent pay stubs), copies of asset information, your tax returns for the previous two years, and proof of investments and other income. Additionally, be prepared to offer explanations for any recent income irregularities, credit inquiries, or job gaps. “Lenders question these situations because they could be an indication that you can’t afford your current loan,” says Gumbinger.

2. Refinance to shorten your loan’s time frame. It’s becoming increasingly popular for home owners—even those on tight budgets—to refinance their 30-year fixed-rate mortgages to 20- or even 15-year ones. Today’s low rates allow you to do this while keeping your monthly payment fairly close to the current amount, says Erin Lantz, the director of Zillow’s Mortgage Marketplace. a real estate–valuation website. Say you’ve been making payments on a 30-year, 6 percent fixed-rate mortgage of $200,000 for five years. If you refinance to a 15-year, 2.87 percent fixed-rate loan (typical at press time), for example, your payments will increase by less than $80 a month. Yet you would pay off the loan 10 years earlier, build equity faster, and save an astonishing $130,477 in interest.

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Interest Only Loan Calculator – Simple – Easy To Use #10 #year #mortgage


#interest only mortgage calculator

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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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  • E-Course: “52 Weeks to Financial Freedom”
  • Audio: Get my top tips
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HOME – Free Bass Guitar Lessons #learn #bass, #free #bass #guitar #lessons, #learn #how #to


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FAT STRINGER LOW END LOVER!

Welcome to my Bass tutorial website. If you are new here, then please check out the ‘Lesson tree’. This is an order of practice, starting at beginners level, and slowly raising.

Also take time to check out all the other free Bass lessons and content that is on this site! – Kris

A TESTIMONIAL

I’ve sampled many online bass lessons over the past year or so. Paid a lot of money but didn’t learn much. But your lessons are a breath of fresh air. Most sites and teachers are dull, over complicated and in some cases-self-important. You have managed to simplify the jargon, to a point where literally anyone can understand and have fun when learning this instrument. But also, behind that laid back, almost jokey exterior is one hell of creative and innovative bass player. In a way it’s a shame that you don’t flaunt and show yourself off like many famous musicians, because if you did, you’d be one of the best. You’re an inspiration. Thankyou for everything, and god bless you – Tom, USA.

Welcome to Dmans’ Bass blog, and video log! Learning Bass guitar made fun, simple, and easy! Slapping, popping, tapping, beginners Bass songs, beginners riffs, Bass guitar tips, Bass chords, Bass finger picking, plus many other Bass lessons are covered on this site!

Hundreds of Thousands have learnt from me online, and many have gone onto becoming succesfull bass players in their bands, since I started doing these lessons in 2007. My online students often remark on how I keep things simple, and connect with them as people. That was always my main aim. To connect, which is what so many other online teachers fail to do. I hope you take something positive out of these lessons, and go onto to becoming a great Bass player!

The first port of call on your Bass journey should be the “Lesson tree”. There, you will find a list of lessons that start off easy, and slowly progress.

As hundreds will tell you: If you do those lessons one by one, you will be well on your to becoming a great Bass player, like many of them have done. Take it seriously, and go one by one!

QUICK LINKS

My Top ten Bass lines!

Who is this Kris Rodgers guy, anyway?

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