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How do I calculate the interest rate I am being charged on my mortgage loan?
Wiki User
∙ 15y ago
Loan Amount : Rs. 100000/- Loan Taken On 15.05.2006 EMI Amount : 3762/- Per Month Loan Period " : 37 Months Please find the rate of interest
Wiki User
∙ 15y ago
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What are the disadvantages of a variable interest rate mortgage?
A variable interest rate mortgage is one where the amount of interest being charged may change during the course of the mortgage depending on the current interest rates, but the usually monthly payment remain the same. The disadvantages of this type of mortgage is that if interest rates go up more of the monthly payment goes towards paying the interest instead of the principal, taking longer to pay off the mortgage. If rates go to high, the monthly mortgage payment may go up, this is rare however.
Does being married get you a better mortgage interest rate?
No. It has nothing to do with being married or not. If that was the case that would be discrimination.
Is it beneficial to calculate a mortgage payment for the future?
It is always beneficial to calculate a mortgage payment for the future. Being aware of financial obligations, especially one as large a a mortgage payment, whether in the present or future, is a good step toward financial security.
What is the current interest rate being offered by Chase Mortgage for a home loan?
Interest rates have now been placed at 2.63 percent
What information is needed in order to use a bankrate mortgage calculator?
In order to correctly use a bank rate mortgage calculator one will need to know the amount of their mortgage, the term of the mortgage, interest rate, the start date of the mortgage as well as monthly payments being made.
What websites have simple mortgage calculators?
Most banking and mortgage websites will have simple mortgage calculators. These calculators are handy at being able to calculate mortgage payments based on principal, interest rate, and duration.
What are the disadvantages of a variable interest rate mortgage?
A variable interest rate mortgage is one where the amount of interest being charged may change during the course of the mortgage depending on the current interest rates, but the usually monthly payment remain the same. The disadvantages of this type of mortgage is that if interest rates go up more of the monthly payment goes towards paying the interest instead of the principal, taking longer to pay off the mortgage. If rates go to high, the monthly mortgage payment may go up, this is rare however.
What does zero percent interest means?
There is no interest being charged.
Do you still pay interest on mortgage if you die?
You, personally, do not, what with being dead and all. Your estate, however, is still responsible for the mortgage.
Does being married get you a better mortgage interest rate?
No. It has nothing to do with being married or not. If that was the case that would be discrimination.
You are on the deed but not the mortgage. Can you pay the mortgage without being on the mortgage if you want to keep the house?
You can make mortgage payments if you're not on the mortgage. However, you would be a volunteer and paying the mortgage in and of itself wouldn't give you any interest in the property. You would be paying for someone else's property.However, if your name was added to the property after the mortgage was granted you would be protecting your interest in the property by making certain the mortgage is paid on time.
Is it beneficial to calculate a mortgage payment for the future?
It is always beneficial to calculate a mortgage payment for the future. Being aware of financial obligations, especially one as large a a mortgage payment, whether in the present or future, is a good step toward financial security.
New ruling on payday loans in South Carolina?
In March of 2009, the state of South Carolina passed a law that requires Payday loan companies to change the way they calculate interest on loans given within the state. Interest will now be charged on a flat basis and can only compound at the maximum rate of 26%. Before the law, interest was being charged at the rate of over 270%.
What is the current interest rate being offered by Chase Mortgage for a home loan?
Interest rates have now been placed at 2.63 percent
Word meaning the sum charged for borrowed money?
The money being borrowed is the "principal." The sum charged for borrowing the money is the "interest."
Why would one wish to switch to a mortgage interest only type of mortgage?
An interest only mortgage means monthly payments only go towards paying the interest and the actual borrowed amount is only paid at the end of the mortgage period, funded by something like a savings account. However, with these types of mortgages, some people have concerns about being able to pay the final amount.
What information is needed in order to use a bankrate mortgage calculator?
In order to correctly use a bank rate mortgage calculator one will need to know the amount of their mortgage, the term of the mortgage, interest rate, the start date of the mortgage as well as monthly payments being made.
