0
What is her monthly principal and interest payment if Dora is purchasing a 162000 home with a 30 year mortgage at 5.15?
Wiki User
∙ 6y ago
884.56 ApEx :)
Neatashia Quinn
Add your answer:
Earn +20 pts
How do you calculate the Principal repaid after a period of time on a loan?
get the difference of interest rate and monthly periodic payment
How does one use a mortgage calculator?
A mortgage calculator works by taking in the general loan information amount, interest rate, term. The calculator takes the information and determines a monthly payment amount.
Reading an Amortization Table?
Amortization tables are used to help customers who have a loan see how the loan is progressing. An amortization table is normally used for mortgages. An amortization table can help you see how much of your monthly payment goes towards the principal of your loan. This type of table can also help you see how much of your monthly payment goes towards the interest that your loan accumulates.The Monthly Payment Column on an Amortization TableThe monthly payment column is the column that shows you how much money you have to pay every month. Most loans feature monthly payments that do not change throughout the length of your loan's term.The Principal Paid Column on an Amortization TableThe principal paid column on an amortization table is the column that tells you how much of your monthly payment goes towards the amount of money that you borrowed and now owe to the lender. At the start of your loan, your principal payments will be pretty small. You make small monthly payments at the beginning of your loan because there is more interest at the start of the loan. Once the amount of money that you owe gets smaller, more of your monthly payment will go to the principal.The Interest Column on an Amortization TableThe interest column shows you how much of your monthly payment is going to the interest that has accumulated on your loan. The amount of interest that is taken out of your monthly payment is higher because most of you owe has not been paid back yet. As your overall balance gets smaller, your monthly interest payments will decrease as well. You can figure out how much of your payment goes to interest by multiplying the interest rate by the loan's outstanding balance.The Balance Column on an Amortization TableThe balance column tells you how much of the loan you still need to pay to your lender. You can determine how much of your loan you still need to pay by subtracting your monthly principal payment from last month's balance.
How do you convert annual interest rate to monthly?
Let i = annual rate of interest. Then i' = ((1+i )^(1/12))-1 Where i' = monthly rate of interest
How to Use a Mortgage Calculator to Estimate Your Monthly Payment?
If you are house shopping, you may be wondering how much you will be paying in monthly mortgage payments. You can find estimated monthly through online mortgage calculators. There are many sites with mortgage calculators that can be found through a simple internet search.To start the process, you will need to gather some information. First, determine what you principle will be. The principle is the total purchase price for the house minus any down payment. The second thing you will need is the number of years the loan is amortized over. 30-year mortgages amortization are common, but your loan may be a longer or shorter period. Finally, you will need the interest rate of your loan. If you don’t know your loan rate yet, you can estimate it by searching for current mortgage rates.Now you are ready to plug your information into a simple mortgage calculator. When you press Submit or calculate, the calculator will give you an estimated monthly payment. Some calculators may also show an amortization schedule which shows you how much of each payment goes to interest over time.Once you have a starting point, try seeing how alterations in your initial numbers will affect your monthly payment. If you decrease the principle, how much will the amount decrease? What if you increase or decrease the interest rate? Some of these small changes can have a big impact on your monthly bill.Remember that your monthly payment may also include PMI or private mortgage insurance and escrow payments for tax or homeowners insurance. Some calculators may allow you to enter a PMI or tax rate to include in your monthly amount. Because there is so much variation in what information mortgage calculators can use and produce, you may want to try several calculators to get the best information available. It is also important to remember that the numbers you get from a mortgage calculator are only as good as the information that you put in and if any of the information you input is incorrect, your final numbers will also be inaccurate.
What are the elements of a monthly mortgage payment?
Principal, interest, tax, and insurance
What is the average mortgage for a house that cost 250000?
Based on my experience in Illinois, your 30 year fixed mortage principal, interest, taxes & insurance monthly payment will be approximate 1% of your mortgage principal. So, if your mortgage principal is $250,000 less down payment plus interest plus taxes plus interest, your monthly payment will be about $2,500.
Interest Only Mortgage Calculator?
Interest Only Mortgage Calculator Use this calculator to generate an amortization schedule for an interest only mortgage. Quickly see how much interest you will pay and your principal balances. You can even determine the impact of any principal prepayments. Press the "View Report" button for a full yearly or monthly amortization schedule.
What would you use an amortization table for?
An amortization table is a schedule which breaks down your monthly repayments into principal and interest. You can use it to determine how much principal interest you will pay during your mortgage term.
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.
How do you calculate a monthly payment on mortgage?
The easiest way is to use an online mortgage calculator. Make sure you know the principal, interest rate, and the term or length of the loan.
what would a monthly payment run on a 30 year note & a $60,000 loan?
Assuming your mortgage rate is about 6%, the monthly principal and interest payment would be about $360. Your Mortgage rates might be higher though because of the financial problems.
What are two things that are included in your monthly mortgage payment?
Interest and a portion of the principal balance. Often banks will escrow your insurance and tax payments as well.
What output will a simple mortgage calculator give me?
A simple mortgage calculator will give you the amount of your monthly payment. It may also break it down in to what part is interest and what part goes toward the principal.
What affects the size of your monthly mortgage payment?
Your monthly mortgage payment is affected by the amount of the loan, the interest amount, and the length of time of the mortgage.
When you make monthly payments on your mortgage it have a quoted APR of 5 percent monthly compounding what percentage of the outstanding principal do you pay in interest each month?
The interest you pay will gradually change as you pay down your mortgage. It is called amortization and you can either ask your lender for an amortization table or use the related link to calculate it for yourself.
What is an interest only home loan?
In a traditional mortgage, the loan if fully amortized. Meaning that you pay both interest and principal. In order to lower the monthly payment, some mortgages allow you to pay only the interest. This results in a lower monthly payment, however the balance of the loan stays the same.
