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You have 50000 for down-payment and you want to borrow 250000 from bank.current mortgage interest rate is 6 percent . If you equal monthly payments for 15 years how much will monthly mortgage be?
Rezikojebiko
An amortization table would give you the answer. If this is a real life situation and you are in the US you would be getting screwed at this rate of interest.
Wiki User
∙ 13y ago
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How do banks calculate mortgages and mortgage payments?
Banks will often use the term of the loan, the downpayment, the total cost of the home, your personal interest rate, yearly property taxes as well as yearly homeowner's insurance to calculate the mortgage and the mortgage payments. There are many sites that have mortgage calculators, which include many of the variables that you can enter to figure out exactly what your payment would be.
Why would you want an interest only mortgage?
An interest-only mortgage calculator can help you determine how much money you'll save by getting a shorter-term mortgage, refinancing your mortgage and/or making additional payments on your mortgage.
Why are home Mortgages usually a wise for of debt for consumers?
The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.
What is average mortgage for American home owners?
average mortgage is $225,000.00 with payments of $1780.00 principal & interest for a period of 30 years.
Should you make extra interest payments on a mortgage?
You don't make extra interest payments on a mortgage, you pay additional to lower your principal, which in turn lowers your interest cost. If you can afford it and don't have higher interest rate debt, then definitely yes. As an example, a 300,000 mortgage at 5% for 30 years, paying just $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. A significant cost savings to you.
How do banks calculate mortgages and mortgage payments?
Banks will often use the term of the loan, the downpayment, the total cost of the home, your personal interest rate, yearly property taxes as well as yearly homeowner's insurance to calculate the mortgage and the mortgage payments. There are many sites that have mortgage calculators, which include many of the variables that you can enter to figure out exactly what your payment would be.
Can you claim mortgage interest with quit claim deed if you are not on the mortgage?
You must be making the payments to claim the interest. However, if you are not on the mortgage there could be an issue.
How can i calculate value of mortgage interest deduction?
On the mortgage documents is a list of the interest payments for each year. If they are by month, you add them up. You get the year's interest payments. When you fill out your income tax forms, you put mortgage interest in the proper blank. Then you follow directions. If you use a computer program, it is even easier.
Why would you want an interest only mortgage?
An interest-only mortgage calculator can help you determine how much money you'll save by getting a shorter-term mortgage, refinancing your mortgage and/or making additional payments on your mortgage.
Why are home mortgages a wise form of debt for consumers?
The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.
Why are home Mortgages usually a wise for of debt for consumers?
The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.
What does an interest only loan mortgage accomplish?
An interest only loan mortgage accomplished a few things. These 'things' consist of a very small principle payment, or even just interest only payments.
Can a lender take your principal and interest payments for your mortgage and pay property taxes?
You need to review your mortgage documents that you signed at your closing.
What is average mortgage for American home owners?
average mortgage is $225,000.00 with payments of $1780.00 principal & interest for a period of 30 years.
Why are homes mortgages usually a wise form of debt for consumers?
The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.
Should you make extra interest payments on a mortgage?
You don't make extra interest payments on a mortgage, you pay additional to lower your principal, which in turn lowers your interest cost. If you can afford it and don't have higher interest rate debt, then definitely yes. As an example, a 300,000 mortgage at 5% for 30 years, paying just $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. A significant cost savings to you.
What is one potential effect of an increase in mortgage interest rates?
Increased mortgage rates for a homeowner mean their mortgage payments increase. Additionally, less money will go towards reducing the principle with an increased interest rate.
