Each mortgage type has advantages and disadvantages but with the help of a mortgage calculator you can see which one gives you the best option for financing your home.
Although there are various types of mortgage calculators available, for initial comparison purposes it’s best to use the same one.
Once you have decided on the variables, then you should check your figures with multiple calculators.
You should check out fixed and adjustable rates before you buy. When thinking about which mortgage is best for you, check the figures through both a fixed rate calculator and an adjustable rate calculator.
Depending on how long you plan to be in the house and other variables, you may want an adjustable rate.
It doesn’t cost anything to use these mortgage calculators so play around with the figures until you find something that works for you — not just the bank!
Check your calculations twice before signing the papers. There are literally dozens of options to consider when deciding the type of mortgage that offers the best deal for your financial needs.
You need help to compare different interest rates, payment options and home loan lengths before applying for any particular loan.
A mortgage calculator is an invaluable tool when you are getting financing for your home.
You may also need to consider whether to use a mortgage calculator or an amortization table, or both.
Both a mortgage calculator and an amortization table can be used to find out the monthly payment required on the property you would like to buy, but they approach the calculation differently.
Although they have similar functions, the mortgage calculator and the amortization table each have their own place in your mortgage control system.
Mortgage calculators range from ones that calculate a simple loan, to those that can work out exactly how much you can afford, to those that will determine how much you can borrow for a home loan depending on your current situation. Mortgage calculators are a good way for you to get a general idea of what you need.
An amortization table, on the the other hand, is an extensive spreadsheet of every detail of each type of loan, length of loan, interest rate, and many other factors that can confuse a novice.
A mortgage calculator may not give you as much information as an amortization table, but it may present basic information clearer and quicker. Once you have a good idea what you want in a loan, then an amortization table can help you delve deeper into the long-term ramifications of the loan.
They can be used separately, but their strength lies in a combination of both to enable a closer watch of the financial picture of your mortgage.
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What is a good site for a mortgage calculator?I'm trying to determine different PITI payments. Thanks!
You must be entering something wrong. I just plugged your numbers ($85K annual income, $1000 monthly debt) into a mortgage calculator, assuming no down payment whatsoever and an interest rate of 6 percent, and wound up with a mortgage of about $230-$250K. That fits right in with the general guideline that your mortgage should be between 2.5 and 3.0 times your annual salary.
This is the calculator I used:
http://cgi.money.cnn.com/tools/houseafford/houseafford.html
The monthly payment can be found by using the following formula:
P = (Pv*R) / [1 - (1 + R)^(-n)]
where
Pv = Present Value (beginning value or amount of loan)
APR = Annual Percentage Rate (one year time period)
R = Periodic Interest Rate = APR/ # of interest periods per year
P = Monthly Payment
n = # of interest periods for overall time period (i.e., interest
periods per year * number of years)
If you're familiar with Excel, you can also use the PMT function to
get the monthly payment.
Thanks Bro, You are great teacher. I wish I had you as my good teacher before. Again, thank you very much!!
Where can I get the 2nd part to this video? I cant find it or the excel download on the site.
Thanks
I was in the Army, but it's much the same.
If you live ON POST (base in your case) then you do not pay housing, electricity and water. IF you are married, you'll get base housing. If you are single, you'd probably live in bachelor officer's quarters (BOQ). In either case, as an officer, you'd buy your own food. Pilots are officers. Note: Most enlisted people living on base are provided food in a "mess hall" or dining facility.
If you live OFF POST, then you receive a housing allowance called basic allowance for quarters (BAQ). You use that money to pay all the normal bills anyone else would — rent or mortage, utilities, food.
In either case, you'd probably need a car. You also need to provide your uniforms as an officer, but do receive a clothing allowance of some sort.
EDIT: A minor correction. For food, you draw a different allowance called "separate rations". All officers get it and some enlisted, depending upon their job OR if they live off post.
Summer
Util – 250 per month for air (was less in a apartment with the same size, go figure)
$35 per month for water (was less in the apt.)
Winter
158 per month util
$35 per month for water
Taxes
1214 sq ft heated/ 1400 total sqf with pool – Taxes 2000 per year in Florida
3000-4000 per year for fixes/appliances – think about painting, broken items, roof, upgrades, etc.
60 per month for pool service (dirt cheap)
Home Owners Association is $220 per quarter (they mow the front lawn)
I do get a tax credit for the taxes and interest I pay on the house, so it works out well. I'm glad I bought and so glad I'm not still in an apartment. An apartment was still more expensive and I had noisey neighbors.
All the other stuff you'll still have in any living situation, like cable, phone, etc, so I'll leave those out.
many thanks for the video, it helps me a lot. I didn’t know about the PMT function before.
Ok so the process may be different in other states but I am sure its pretty close! The first thing you need to do it get pre-approved. Find a lender and start the process because you may not qualify for anything. I found a page with a bunch of home buyer tips and I think it may help you.
http://www.danagardner.com/PageManager/Default.aspx/PageID=1998846
good luck!
Check your JS at the online Lint utility for JS:
http://www.javascriptlint.com/online_lint.php
Keep making corrections, then recheck until correct.
Ron
I would call your local natural gas company (if you have nat gas heat) and ask them based on the size what would my payments be?
Most customer service reps will give you a decent estimate.
It's hard for others to say unless they have the same heat company as you
Good luck with your purchase!