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I’ve noticed in some APR calculators specifically for fixed rate products that when a higher APR is chosen such that the mortgage company pays you points to take that higher rate, the quoted APR may be lower than the actual rate?
Is that correct or is there an issue with the APR calculation?
APR would always be higher because it also factors in the fees you pay to get the loan as part of the interest cost.
Refinance Kansas City, MO (816) 559-7944
(816) 559-7944 – The White House has made available its newest proposal to help overwhelmed homeowners refinance their mortgages to lower interest rates. If you are a homeowner or not, you’ve probably noticed a lot of discussion about mortgage refinance. Refinancing your mortgage can help you to achieve the following:
* You can lessen your monthly mortgage payments by taking advantage of lower interest rates.
* You can make the same payment and decrease the length of your mortgage to pay it off faster, saving on interest charges.
* You could also increase the length of your mortgage thereby spreading out the costs for more affordable monthly payments.
* You could change from an adjustable rate mortgage to a fixed-rate mortgage or vice versa.
* You could also refinance your home for a higher loan amount to get funds for expenses, renovations or college tuition.
When you first purchased your home, your interest rates were determined by the financial environment and factors like your credit rating and the size of your down payment.
Typically your financial situation has improved over time and interest rates may be lower, so you could likely benefit by trading up to a better mortgage with a refinance of your home.
It can be confusing and even intimidating to know exactly when to refinance, what are the best approachs to take, what benefits to expect, and whether or not the cost and time are ultimately worth the end result. If this is your first home, this process may cause you undue worry as you are still shell-shocked from the process of getting your first mortgage.
There may also be substantial costs involved and you will want to take these into account while you weigh whether a refinance can save you money.
Don’t worry, we are here to help you through the whole process
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I need an online mortgage payment calculator where you can input the following:
Mortgage Amount (Example: 10,000 dollars)
Mortgage Term (Example: 1 year/12 months)
Interest Rate: (Example: 10.2%)
Monthly Payment (Example: $200)
The calculator needs to show a table of results including:
Monthly Balance
Interest on Unpaid Balance
Total (Monthly balance + monthly interest)
Monthly Payment (in my case it’s $200 per month)
and the Balance after all that. (Total Balance per month: monthly balance + monthly interest – $200)
All of that for each of 12 months, and then the grand total last.
If there is such thing, the first person to locate a calculator where you can input the monthly balance (not have it calculated) gets Best Answer.
I’m asking this cuz I’ve only seen Mortgage Calculators which calculate your monthly payment. I need one which calculates all/ most of the functions I listed above. Thanx!
If you can calculate everything i listed & put it in a graph yourself, even better!
By the way, the mortgage stuff is for a project, not in a real situation…..
Try bankrate.com. You can play around with in adding extra payments, interest rates, and terms. I can’t imagine a $200 mortgage anywhere in the US.
http://www.quickenloans.com/calculator
Ever wonder how much interest you pay over the life of your mortgage? Ever wonder how much an interest rate affects how much money you pay over the life of your mortgage? Ever wondered how much you could save it you made extra payments on your mortgage?
Well, wonder no more!
With Quicken Loans new mortgage amortization calculator, you can get all of this great information in just seconds.
Here’s how our mortgage amortization calculator works:
Step 1:
Go to http://www.quickenloans.com/calculator
Step 2:
Enter your current (or desired) loan amount, choose a term of 15 or 30 years, enter your desired interest rate (such as 4%), choose your state and then hit the Calculate button
Step 3:
In a few seconds we’ll show you a chart that shows your interest and principal payments over the life of your loan. The gold area are your interest payments, and the red area your principal payments. You can see how much of both you pay at any time during you loan. Plus you’ll see every month’s individual payment explained below the graph.
Pretty cool, huh? You haven’t seen anything yet.
This is where it gets interesting.
Step 4:
Go back to your inputs and add an extra payment. You’ll be surprised how it changes your results. In this example we’ll pick an extra annual payment that’s exactly the same as the monthly payment. So, basically, you’re paying 13 mortgage payments a year instead of 12. If you did this, you’d save over $23,000 in interest and have 51 less months of payments! You can change the extra payment to be a one-time only payment or even a monthly payment. Play around with the numbers. You’ll be shocked at how even making an extra $50 payment each month toward your principal can change your numbers over the life of your loan. Paying a little extra now is like investing in your future. You’ll have more money later to enjoy life — and isn’t that what it’s all about?
Now here’s the best part of all. We’re about to find out how lower interest rates allow you to pay tens of thousands of dollars less on interest.
Step 5:
Once again, let’s go back to our inputs, but now let’s change our mortgage rate. Keeping our same numbers, let’s try a different rate. How about 7%? Wow. The monthly payment on a 200k mortgage at 7% is $1,330.60. Compare that to the 4% payment we just saw that was $985. Same loan amount. Just a different rate. It’s amazing how much the rate can affect your monthly payment. Let’s really get crazy now and put in the rate that was available in 1980. 18%. I’m almost afraid to see the results.
Oh my. The payment on a $200,000 mortgage at 18% is over $3,000. Let’s put this one to bed forever and be very grateful we’re not living in 1980.
Try some other rates at your leisure. Put any number in you want. 4.25, 9.99, whatever.
It’s really interesting to see, in one place, how much your rate will affect what you pay for your mortgage, both monthly and overall. This hopefully shows why refinancing to a lower rate is such a smart idea. If you can refinance and lower your payment just $50 a month, you could actually take the $50 and put in back in your mortgage as an extra payment (as we did in step 4) and potentially save yourself thousands in interest!
That’s it. Hope you enjoy the Quicken Loans mortgage amortization calculator as much as we do. Use it to help plan your refinance or your next home purchase. The more you know about your mortgage, the better decision you’ll make when you’re ready to move forward.
Thanks for spending your time with us. Have a great day!
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Speeding up the debt repayment process is called an accelerated debt payoff and that’s something every person who owes money should know about. It’s a way to get out of debt faster and easier.
It doesn’t matter whether all the debt you have is in your mortgage, or whether you have lines of credit or credit card debt, you can use an accelerated debt payoff plan to shorten the amount of time you spend paying your debt, and more importantly, you will spend less money servicing your debt, too.
Here’s how it works. You make your regular payments when servicing your debt and then you add additional funds to that debt every month to save interest and pay it off more quickly. This can save you thousands of dollars.
If you’re talking about accelerated debt payoff for your mortgage, things can get a little tricky. Some mortgages don’t allow for you to make lump sum payments, increase your payments or stipulate that you can only pay up to a certain amount at certain times over the course of the mortgage. If you want to pay off your mortgage faster, talk to your financial institution to see if you can work around the fine print.
If you don’t have a lot of debt, such as one credit card or a line of credit, you can do an accelerated debt payoff very easily. Just pay your minimum payment and then add extra money to that payment each month.
If you have multiple creditors, you should consider consolidating your debt. In this way, you can access a lower interest rate and lower monthly payments. This will give you cash-in-hand every month, which you can turn around and add to your payment schedule. That means you are saving more in interest and paying off more of the money you actually owe your creditors, not just the future interest.
If you don’t want to consolidate your debt, or can’t consolidate your debt, you can still do an accelerated debt payoff. Simply analyze your debt situation. See which creditor charges the highest interest and start by adding the extra payments to that debt until it is eliminated. Then move on to the next highest interest rate. Continue in this way until you are debt-free. And don’t forget to make the minimum payments to the other creditors in the meantime.
To determine how much extra money you can put toward an accelerated debt payoff subtract all of your anticipated expenses from all of your anticipated earnings. Don’t forget to include money for entertainment or other fun outings. Then you will know how much extra money you have each month that can be contributed toward debt. Usually this extra money is spent frivolously without a second thought. It is a very good idea to put this money to good use.
To find out how much money an accelerated debt payoff can save you, search for an “accelerated debt payoff calculator” on the Internet. It will help you determine how much you stand to save by adding more money to your payments.
Kathy Burns-millyard
http://www.articlesbase.com/finance-articles/learning-how-to-accelerate-your-debt-payment-55033.html
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