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Bi-weekly Mortgage Calculator?
Bi-weekly Mortgage Calculator This calculator shows you possible savings by using an accelerated bi-weekly mortgage payment. By paying _ your monthly payment every two weeks, each year your mortgage company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.
What are the benefits of obtaining a 15 year mortgage?
A 15-year mortgage means that payments will be substantially higher. That's the first consideration of most buyers. If you are 50 years old, you want to consider a 15-year term so as not to have a house payment when you're 70 years old. But if you are a traditional first-time buyer, get a 30-year mortgage and then budget to make 13 (instead of 12) payments every year. This means you would make a payment every four weeks, instead of every month. You can also opt to pay $100 extra dollars every time you make a mortgage payment. Either way, you will cut years off the term of a 30-year mortgage, depending on the initial loan. It's remarkable how much you will save by making either 13 payments each year, or increasing the payment amount by $100.
What is the best way for one to reduce mortgage payments?
The best way to have a mortgage payment reduced is to make sure you pay your mortgage payment on time every month or earlier if you can. You can also double up on payments and then contact lenders about a lower payment loan.
How much is the average monthly mortgage payment in New York State?
Your monthly mortgage payment is affected by a couple factors, starting with your down payment. A greater down payment decreases the overall sum of the loan, therefore decreasing your monthly mortgage payments. The interest rate will also affect the total of the home loan and the amount you have to pay every month. If you have a high interest rate, then you will have to pay more on the total loan and every month.
How can I find out more information about home mortgage companies?
A home mortgage company is basically a bank. A mortgage is the payment you make every month on your house, you can find out more about this by consulting a loan officer in the bank.
A bi weekly mortgage reduces the term of a thirty year mortgage to how many years?
By making half of a monthly mortgage payment every two weeks, homeowners can save a substantial amount of money over the term of a mortgage loan. Typically, if a homeowner pays half of their monthly mortgage payment every other week, they will reduce a 30-year fixed-rate mortgage by approximately seven years. The reason is simple: instead of making 12 monthly payments, homeowners are making half a payment every two weeks, resulting in 26 half payments per year, or the equivalent of 13 monthly payments in a 12-month period. In the end, the principal is paid down a great deal faster, saving a significant amount of money on mortgage interest payments. Most banks and mortgage lenders offer bi-weekly payment options, and many even offer a weekly mortgage payment option. If you're willing to pay your mortgage bi-weekly, and your lender offers the opportunity for weekly mortgage payments, take full advantage. Does this opportunity to pay off your mortgage early sound too good to be true? Well, there is one caveat: most banks that offer the bi-weekly or weekly payment options also charge a fee to sign up, often hundreds of dollars. However, there is a way to achieve the same results without having to pay these unnecessary fees. Merely make one extra monthly mortgage payment per year or simply distribute an extra month's payment evenly throughout the year by paying down the principal each month. Most monthly mortgage statements provide an extra line for an "extra principal payment." To see exactly how much money a bi-weekly or weekly payment plan can save you over the life of your mortgage loan, an online accelerated mortgage calculator will do the figuring for you. You will be pleasantly surprised at how much time will be removed from your mortgage term.
What are mortgage payments?
They are payments you make on your house loan every month. If you are looking for specific mortgage payment amounts, there are many calculators out there to use. I will include one in the related links. Payments can be fixed or variable depending on the terms of the mortgage. In some instances there might be a balloon payment at the end of the term.
Can I pay off my mortgage early?
Yes but check with your mortgage company on how to accomplish this. The best way is to pay twice the principle amount owed every billing cycle. Not twice the entire payment but just the principle. If you have plenty of money then apply an additional payment to only the principle equaling your regular payment.
Does making one extra principal payment a year to your mortgage greatly reduce the length of the loan?
Yes, this is GURANTEED SAVINGS of time and money. For example, I know of a family who were in their mid-forties. They decided to make the incremental equivalent of an extra payment per year, to principal only, by increasing their monthly mortgage payment by 1/12th--a mere $153 in their case. Their discipline saved them $114,837 in interest and 85 payments! NOTE: You save more time and money when you reduce your principal balance earlier in the year as compared to later. In our example, instead of increasing your monthly mortgage payment by 1/12th, you are better off increasing your monthly mortgage payment by 1/6th for the first six months of every year. See examples below: 1 lump sum ($1,834.41) at the start of every year--$119,158.76 interest and 87 payments. 1/6th of mortgage payment ($305.74) for the first six months of every year--$117,147.07 interest and 86 payments. 1/12th of mortgage payment ($153.00) for every month of every year--$114,837 interest and 85 payments. Additional GURANTEED SAVINGS is realized when you employ one of the following five mortgage acceleration techniques: 1. Extra Principal Payments (EPP) 2. Frequent Fractional Payments (FFP) 3. A combination of EPP and FPP 4. Utilizing a Home Equity Line Of Credit (HELOC) 5. Utilizing a HELOC and Credit Card
Reduce Costs On Mortgage Payments?
Mortgage payments are typically paid monthly, making 12 payments per year. However, if one extra payment is made each year, thousands could be saved in interest alone and the loan repayment period shortened by years. One easy way to accomplish this is by changing the frequency of payments. Instead of making one payment a month, pay half the monthly amount every two weeks. Another option is to pay a small additional amount over the monthly payment every month that equals approximately 1/12th of the monthly payment. By the end of 12 months, an extra payment will be completed.
What does it mean when your mortgage company says your taxes have been impounded?
This means that the mortgage company has included your taxes as part of your monthly payment. They take a portion of your payment every month, hold it in an account called an escrow account, and then disburse it according to the requirements of the county that your property resides in.
Pay the Mortgage Insurance Premium at closing and in your monthly payment?
If it is an FHA loan, you will pay Upfront Mortgage Insurance (around 1.75% of the loan amount) at the time of closing ( usually added to the balance of the loan ). Then you will pay a monthly MI payment ( about .55% added to the interest rate) every month.
