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What is the best way to calculate a long term mortgage payment?
Wiki User
∙ 10y ago
The best way to calculate a long term mortgage payment is to use an online mortgage calculator. Calculator's can be found at 'Financial Calculators' and 'Money Buddy'.
Wiki User
∙ 10y ago
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Can I use a monthly payment calculator to find out how long it will take to pay off my mortgage?
A house is the largest purchase most of us will ever make so it's important to calculate what your payment will be and how much you can afford. The mortgage calculator will show you how much your monthly payment will be. It can also show the effect of adding extra payments. Watch our "How To" video on how to use the mortgage calculator.
What is a reliable mortgage rate calculator?
A reliable mortgage rate calculator lets you know exactly how much money you can borrow against your house. It will also take into account how long of a term you are planning on signing for.
How long would it take to count a million dollars worth of pennies?
about a year or i may calculate wrong and its more than a human will liive
How do you do long multipication?
this is short multiplication 7x6 this ls long multiplication 77x11
How long was the wagon train of wounded confederate soldiers on the retreat from Gettysburg?
17 miles long
Can I use a monthly payment calculator to find out how long it will take to pay off my mortgage?
A house is the largest purchase most of us will ever make so it's important to calculate what your payment will be and how much you can afford. The mortgage calculator will show you how much your monthly payment will be. It can also show the effect of adding extra payments. Watch our "How To" video on how to use the mortgage calculator.
What is the best way to calculate a mortgage?
Go online. Most banking websites have mortgage calculators. They will show you how much your payments will be, how long your amortization is and other usefull info.
How long is the average first time buy mortgage?
Most First-Time Home Buyer mortgage programs require a 30-year mortgage although there are some exceptions. Most offer a lower down payment or even no down payment but there are downsides to these programs. Consultation with a reputable mortgage broker and your banker will help cut through the confusing language and give you the best advice.
How is reverse mortgage payment determined?
There is no payment due to the lender, so that part is easy. The borrower may choose to receive a monthly payment, or can get their reverse mortgage funds upfront or in the form of a line of credit. In cases where a monthly payment is chosen, the lender sets up the payment amount in a similar fashion to an annuity. choices must be made on the length of term the payments will keep coming, one option is to get a guaranteed payment as long as you are alive. A reverse mortgage consultant can get you specifics on your options.
What is a balloon payment?
A balloon payment is a large, lump sum payment made either at specific intervals, or more commonly, at the end of a long-term balloon loan
What are points on a mortgage?
Mortgage Points When you close on a mortgage, you are given the option to buy "points". These points are a fee paid to the lender that lower the interest rate on the mortgage. One (1) point = 1% of the mortgage amount, and will typically lower your interest rate by 0.125% on a 30 year loan. How do I know if I should buy Points? Whether or not you buy points is a function of how long you will keep your mortgage. Generally it will make more sense to buy points if you plan to hold onto your mortgage for a long time, and you can calculate the breaken number of years for buying points to make economic sense. About.com offers the following advice on determining this breakeven point: * "1. Calculate the amount of your monthly payment at the interest rate you will be charged if you do not pay points. * "2. Calculate the amount of your monthly payment at the lower rate if you do pay points. * "3. Deduct the lower payment from the higher payment to find the amount saved each month. * "4. Divide the amount charged for points at closing by the monthly amount saved. The result is the number of months you must keep the loan to break-even on paying points." About.com continues with an example, showing the breakeven mortgage hold period for buying 1 point on a $100,000 30-year 7.5% loan is 117 months. If you hold the mortgage less than 117 months, it won't make economic sense to have purchased the points.
What are the causes of foreclosure?
non-payment of mortgage payments exceeding 2 to 3 months. If the mortgage company does not receive timely payments, they can decide to foreclose. Once they have made that decision it is very hard to correct. If you cannot make your payment call the mortgage company. Communication can go a long way to prevent foreclosure.
Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?
As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)
Does the Bank of Nova Scotia have a mortgage repayment calculator online?
The Bank of Nova Scotia does have a mortgage repayment calculator available online. It is free of charge for you to use this to calculate how long it will take and what you will pay for your mortgage.
What are the general deal terms of a remortgage?
It is possible to change the term of one's mortgage. The monthly mortgage payment amount will change since one is paying the mortgage off for either a long period of time or a short period of time.
Should you buy points on a mortgage?
- How do I know if I should buy Points? - Whether or not you buy points is a function of how long you will keep your mortgage. Generally it will make more sense to buy points if you plan to hold onto your mortgage for a long time, and you can calculate the breaken number of years for buying points to make economic sense. About.com offers the following advice on determining this breakeven point: "1. Calculate the amount of your monthly payment at the interest rate you will be charged if you do not pay points. "2. Calculate the amount of your monthly payment at the lower rate if you do pay points. "3. Deduct the lower payment from the higher payment to find the amount saved each month. "4. Divide the amount charged for points at closing by the monthly amount saved. The result is the number of months you must keep the loan to break-even on paying points." About.com continues with an example, showing the breakeven mortgage hold period for buying 1 point on a $100,000 30-year 7.5% loan is 117 months. If you hold the mortgage less than 117 months, it won't make economic sense to have purchased the points.
How long to payoff mortgage loan?
It depends on the mortgage amortization period, the terms, interest rates, the payment schedule, lump sum payment options,etc. None of this information was provided, so there can be no real answer besides, "somewhere between one day and 35 years."
