Points: The number of points (or percentage of the loan amount) you’ll be paying to close this loan. Also choose whether ‘Length of Amortized Interest’ is years or months.Īdditional Principal: The additional amount you will pay each month (over the required ‘Monthly Payment’ amount) to pay down the principal on your loan. Length of Amortized Interest: The monthly payment and interest are calculated as if the mortgage or loan were being paid over this length. Also choose whether ‘Length of Balloon Period’ is years or months. Your balance or ‘Balloon Payment Amount’ will be due at this time. Length of Balloon Period: The length of your balloon mortgage or loan. Interest Rate: The annual percentage rate you will pay for this loan. (NOT the amount of money you plan to borrow.)ĭown Payment: The amount of money you plan to put as a down payment on your property. Sale Price: The sale price for your property. This field is not required but may help if you have printed out several loan scenarios. Lender: The name of your potential lender. Title: A title for these calculator results that will help you identify it if you have printed out several versions of the calculator. You can even enter an additional payment amount you intend to pay each month to work down your principal to reduce the final balloon payment amount. You can also enter the points and other closing costs and roll those into your loans. This calculator will then show you the monthly principal and interest payment, the final balloon payment amount, the total amount of interest you will pay and the total amount of money you will spend over the life of each loan. Enter your sale price, any down payment you’re making, the interest rate, the length of balloon payments, and the amortized length used to calculate the monthly payment. For that option, check out our new Interest-Only Mortgage Calculator.Help me compare balloon mortgages with different terms.Ĭalculate and compare (formatted side by side) the monthly payments and final balloon payment amount for up to 4 balloon mortgage loans. It also doesn't work for interest-only mortgages. ![]() Note: This mortgage calculator does NOT work for so-called "simple interest mortgages" - you'll need to try our Simple Interest Mortgage Calculator instead. Remember that if paying monthly, you can enter a fraction of a year by entering a value like =10+5/12 (for 10 years and 5 months). The second approach is to enter the current mortgage balance and adjust the term length until the PI payment matches what you are currently paying. ![]() So, if you've already been making payments for a couple of years, you can choose to have scheduled extra payments start on payment number 25. That is the simplest solution, so we've added a new feature to the Extra Payments section (at the suggestion of one of our users) that lets you specify what payment you want the extra payments to start at. The first is to enter the original loan amount and date and then make adjustments to the payment history within the Payment Schedule as needed. There are a couple of ways to analyze your existing home mortgage. Choose when to start the scheduled extra payments.Select a fixed-rate or variable rate mortage.Works for both US and Canadian mortgages (via the compounding option).Automatically calculates so-called "Accelerated Bi-Weekly" payments.Estimates Property Taxes and Insurance for calculation of the PITI payment.New Features of our Home Mortgage Calculator What will my loan balance be at the end of 3 or 5 years?. ![]() ![]()
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