6
Real cost of mortgage loan calculator?
My parents are considering refinancing to a fixed rate mortgate. I need software that can take in the following info: quoted rate, initial fees including mortgate points, loan amount, loan period, tax deductions on mortgate interest. The software needs to output the following. Total payments minus tax break plotted against time.
If there is no such software, a webpage with step by step instructions to do the calculation would be helpful.
…if we enter the interest rate, loan amount and how much we pay each month. I know it will be paid off early, but I want a more specific time frame.
Thanks!
Related Posts
My father died back in September and the bank called in the mortgage loan he had on the house because he owed way more on the note than what ...
READ MOREI am about to take the plunge and purchase my first home. But, I may have the opportunity to go back to graduate school full time in the next ...
READ MOREThis is a feild that really appeals to me. I have always been interested. I know it's hard to start out...I have tried and gave up once because of the ...
READ MOREif you went to an institution that specialized in real estate mortgage loans to request a first mortgage loan for your new house, you would probably be at a 1. ...
READ MOREThe mortgage institution will be making hundreds of thousands of dollars over the life of the loan in interest therefore the closing cost should be "0" Ex. You can get ...
READ MOREhow to find max loan amount in real estate mortgage
I heard that a well known real estate company was doing both loans and selling real estate and they were ...
READ MOREan answer from a bank or mortgage company would be nice.
READ MOREI'm thinking about using a service but suspect many are scams.
READ MORE
Due to an unexpected salary drop in 2009 as a result of the downturn in the economy, I would like to seek mortgage loan modifications through the help of an ...
READ MOREReal Estate Law question, What law prevents you
If you have a mortgage and go back
Real estate agent or mortgage loan officer?
Urgent Help with Real estate Mortgage Loan problem?
Why do they charge so much for a
If someone assumes my real estate loan, does
how to find max loan amount in real
who can give me some real answers on
Is mortgage loan modification for real? I’m starting
who are the top real estate attorney specializing
Chase.com has a mortgage calculator….
Was this answer helpful?
LikeDislikeLook for an amortization table calculator. That will give you the run down on payments/interest. The tax amount is the interest paid.
Typically though, the amount of interest paid on the loan will be equal to, if not greater than, the original amount of the loan. Add the closing costs to it as well and that is the total cost of the loan.
Ex: a $ 120k note financed at 6% over 30 years would have a P/I payment of 719.49. Total interest paid over 30 years, $ 139k.
Figure closing costs of 6k. Total cost for a 120k loan is $ 145k.
If you make $ 1k/mo payments, loan will be paid off in about 15.3 years and only pay about $ 64k in interest. Total cost: $ 70k. Savings of $ 75k. That is money in their pocket, not money that is taken off at the end of the year (which would at the 35% bracket, only save about $ 25k in taxes spread out OVER the additional 15 years).
Note: I am not a tax person so that number is an estimate.
Was this answer helpful?
LikeDislikeeloan.com they have a mortgage calculator. very good one!
Was this answer helpful?
LikeDislikehttp://www.locallender.info/consumer-banking/mortgage/mortgage-payment-calculator-lm.asp
Was this answer helpful?
LikeDislikeWasn’t sure if you would be paying the same amoutne extra each month or if it would vary. There are wonderful spreadsheet templates to help you with this. One that allows flexibility is here http://www.joecheng.com/amortization/ and can be downloaded. This will provide you a full schedule of your loan and you will be able to enter different extra payment amounts and see exactly how the life of your loan will be shortened. Microsoft offers a free template that is nice but it doesn’t allow for changing the amount of the extra payment and can be downloaded here http://office.microsoft.com/en-us/excel/HA010346401033.aspx
Yaakov
Was this answer helpful?
LikeDislikeUse the Loan Amortization Calculator on http://www.fnmshome.com
There are several different calculators available on this site
Was this answer helpful?
LikeDislike