principle, interest, insurance and taxes
the principal the rate the time the interest
The interest rate of a Gmac mortgage loan is very variable. Based on the amount of time to pay it, the interest rate and total payout will increase with additional time.
Form 1098 (Mortgage Interest Statement) gives the total amount that you paid in mortgage interest on your property. If you lived there for part of the year and then rented it, you need to allocate the amount to two different forms. Nine months is three-fourths of the year. So you enter 75 percent of the total mortgage interest in the "Interest you paid" section of Schedule A (Itemized Deductions). You enter 25 percent of the total mortgage interest on line 12 of Schedule E (Supplemental Income and Loss) for the three months that you rented it.
CMHC mortgage calculator can help home buyers to evaluate their financial situation and understand how much debt they can handle. It will also calculate your interest payments and total debt amount.
You need to know the following data to calculate your mortgage. Total mortgage amount ($168,5, interest rate (4.75%, etc.), term of mortgage (30 yr., etc.). Some calculate the location of the property into it however, by using the above information you should be able to get a fairly good idea of what your monthly mortgage payment would be. Now with a variable term mortgage your monthly payment would fluxate as your interest goes up or down.
Based on a 30 year mortgage with a 4.5% interest rate, you could afford a house that was worth $230,025
money down is the down payment towards a loan. It is deducted from the total debt, or principle before interest is applied.
Total amount after interest.
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.
An amortization calculator calculates interest on a mortgage. It uses interest rates and monthly payments along with the total amount of the loan to calculate the amortization. A good website this type of calculator can be found is pine-grove.com.
With an interest only mortgage, the borrower pays only the interest due on the money that is borrowed. There is no money allotted in the payment amount that is reducing the principle. Interest only mortgages therefore have much lower payments but can result in negative amortization. 30-year fixed rate mortgages have money (albeit a very small amount to begin with) figured into the payment which is paying off the principle from the very first payment. Making additional payments toward the principle not only reduces the total amount of the loan, but also the amount of the total interest that will be paid to the lender. The amount of the payment may be much higher, but the result is equity (ownership). An interest only loan never leads to equity other than appreciation.
The average national monthly mortgage payment in the United States was $1,687 in mid 2006. By contrast the average rent was roughly $890. ===What is a mortgage=== A mortgage is the amount of money borrowed from the bank to purchase a house or other real property. The monthly payment amount varies based on: *Total amount borrowed *Length of the mortgage (A standard length is 30 years but can be anything) *Interest Rate (Fixed or variable, market rate and credit history) *Escrow requirements (Based on taxes and insurance and how much money you put down to start with) *Other terms (Balloon mortgage)
Refinancing is more of a big picture concept. The goal with it is to lower the total amount you have to pay to the bank by lowering the overall interest rate. Refinancing will affect your monthly payment, but only in a trivial amount.
i only have the asnwer for question number 1:here it is:1.)The length of the mortgage is 5 years. The mortgage amount is $89600. The interest rate on this mortgage is 8%. The monthly payment on this mortgage is $1816.76. The yearly payments on this mortgage total $21801.12.Free Amortization Schedule and Monthly Payment BreakdownYearPrincipal PartInterest PartTotal PrincipalTotal InterestBalance115181.776619.3515181.836619.3574418.17216441.865359.2631623.7511978.6157976.25317806.533994.5949430.3415973.2040169.66419284.472516.6568714.8718489.8520885.13520885.07916.0589600.0019405.900.00
Gross total income
For a good mortgage interest rate, one needs to be aware of their credit score and their own financial situation. Asking one's lender for the total cost can help a lot too.
What is the total amount of money owed if $1,250 was borrowed for four years at 3.5% interest?
There is to much information not known to answer this question The easiest way for you to figure it out is the amount of your mortgage times the interest rate then divide by 12 example: 100,000 loan amount interest rate is 7% 100000 x .07 =7000/12=583.33
You can pay off your mortgage fast by making large extra payments or paying a large extra amount with your mortgage payment. For example, a $150,000 mortgage at 5% for 30 years, paying $300 extra per month reduces the number of monthly payments by 159, or 13.25 years, and reduces the interest and total paid by $68,321.30. If you want it paid off sooner, paying $600 extra per month reduces the number of monthly payments by 218, or 18.17 years, and reduces the interest and total paid by $91,039.96.
"The RBC mortgage calculator works like any other mortgage calculator. You put in the total amount, and then you divide it by how many years the loan is for."
Mortgage payment calculators are available on the web. Calculating the period of the mortgage in years against interest it will describe the term and total of repayments. It will also calculate overpayments
Some of the benefits of tracker mortgages are: When done in certain economic circumstances, one could get a mortgage at very low interest rate. This creates the opportunity to overpay and thereby shortening the total length of the mortgage and thus reducing total interest paid.
Compound interest is when interest is charged on the principal plus the interest. An example is a credit card debt. If you carry a balance from month to month you are charged interest on the total amount owed including the interest from previous months. Simple interest is calculated on the amount borrowed over a fixed amount of time and does not charge interest on the interest.