| • | Monthly
Loan Payments
With this calculator you may calculate a very important part
of your monthly total expenses as a homeowner, which is the required monthly loan
repayment to your lender. This amount includes both the principal and interest
payments. If you are currently renting, this is a new and major expense in your
new budget. It is strongly recommended that you know exactly how much your monthly
payment would be before you purchase a new home. This payment can be a significant
part of your total monthly expenses and normally it is the highest living expense.
|
| | |
| • | What
Salary Do I Need?
When you buy a home and take mortgage or a loan, you
will have to make monthly payments to repay your loan. It's very important that
you can afford to make these monthly payments in a timely fashion. This is in
addition to paying all your debt and expense obligations. Please use this calculator
to find out how much you need to earn to be able to make all these monthly payments. |
| | |
| • | How
much to borrow?
This is also knows as the prequalification calculator.
This calculator helps you determine how much of a loan you can afford. Before
you apply for a loan and even before you start searching for a new home, you will
need to know how much you can borrow. If you know how much you can borrow, your
real estate search would be much easier. |
| | |
| • | Pay
More Than Required?
With this calculator you may find out how much time
and money you save if you decided to make payments that are larger than your required
monthly payments. If you add additional dollar amount to your monthly payment,
your total interest and the time to maturity both will decline. This calculator
shows you by how much. |
| | |
| • | Pay
for Discount Points?
The Discount Points Calculator would lead you to the
conclusion whether or not it makes sense to pay for discount points. As in anything
else that requires payment from you, you should know if it makes sense financially.
This calculator would show you results for the following: 1. How much money you
save, if any. 2. How many months would it take you to recoup your expense on paying
for these loan discount points. |
| | |
| • | Should
I Refinance?
The Refi calculator shows you the monthly and total savings,
if any, as a result of refinancing your current loan. As interest rates go down,
many homeowners choose to refinance their existing loans to decrease interest
payments. |
| | |
| • | Tax
Deductions?
One of the greatest benefits of buying versus renting is the
tax advantages provided to you by the United States tax authorities. Some or all
of the interest paid on your mortgage is normally deductible. You do need to consult
with your accountant to find out exactly what the benefit is, but usually there
should be a significant benefit. This calculator indicates the tax deduction per
year. |
| | |
| • | APR
calculator
Most loans normally have some additional expenses attached to
them. The Annual Percentage Rate (APR) calculator calculates the actual interest
rate that you pay taking into account the true cost of the loan. This is also
known as the effective or real rate of interest. You need to know your APR because
it is the interest rate that you truly pay. The APR would usually differs, sometimes
significantly, from the quoted or note rate. |
| | |
| • | Interest
Only (IO) Calculator
If you didn't choose to pay insurance and taxes through
your mortgage lender, your monthly mortgage payment would be composed of an interest
and principal components. This calculator helps you determine the Interest only
(IO) part. Since you are also shown what the total monthly payment would be, you
can easily determine your monthly savings by choosing Interest only loan. |
| | |
| • | Bi-weekly
mortgage calculator
Bi-weekly mortgage payments have become very popular
in recent years. This calculator helps you determine how much time and money you
would save by making bi-weekly mortgage payments. |
