The Best Mortgage Calculators On the Web! Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... Should You Rent or Buy?
Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision. Click the "View Report" button for a detailed look at the results.
Definitions
- Price of home
- Purchase price of the home you wish to buy.
- Cash on hand
- Cash you have for the down payment and closing costs.
- Interest rate
- The current interest rate you can receive on your mortgage.
- Term in years
- The number of years over which you will repay this loan.
- Property tax rate
- Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.
- Home insurance rate
- Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance.
- Loan origination rate
- The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000.
- Points paid
- The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance.
- Other closing costs
- Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other miscellaneous fees paid.
- Total closing costs
- Total upfront costs to close your loan. This is the sum of the loan origination fee, amount paid for points and other closing costs.
- Total for down payment
- Total funds remaining for down payment.
- Mortgage amount
- Total amount of loan.
- Investment return
- The rate of return you could receive if you invested your closing costs and down payment instead of purchasing a home.
The actual rate of return is largely dependant on the type of investments you select. From January 1970 to December 2003, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.7% per year. During this period, the highest 12-month return was 64%, and the lowest was -39%. Savings accounts at a bank pay as little as 1% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
- Monthly rent payment
- Amount you currently pay for rent per month.
- Income tax rate
- Your current marginal income tax rate.
- Expected inflation rate
- Inflation rate used to adjust amounts subject to annual increases. These amounts include rent, insurance and tax payments.
- Home appreciates at
- Annual appreciation you expect in the home you are purchasing.
- Future sales commission
- The percent of your home's selling price you expect to pay to a broker or real estate agent when you sell your home.
- House payment
- Total of principal, interest, taxes and insurance (PITI) paid per month for your home. Insurance includes Principal Mortgage Insurance (PMI) and homeowner's insurance.
- Principal payment
- Total of principal paid per month on your mortgage.
- Tax savings
- The value of the tax deduction you receive on your mortgage's interest and home's property taxes. For example, if you have $900 in interest and $100 property taxes per month, the value of the tax deduction would be $280. (At a tax rate of 28%).
- Net house payment
- Your house payment minus the value of the tax deduction and principal payment.
- Net home price
- Net selling price of your home after subtracting any sales commissions.
- Monthly PI
- Monthly principal and interest payment.
- Monthly PMI
- Monthly cost of Private Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Real Estate Contracts >Should You Read Every Word
Buying a house involves a lot of paperwork. There can be several pages to the contract itself, plus the various addendum and contingencies. If you apply for a loan, there will be another stack of documents at the closing table. Although your real estate agent reviews the transaction, it is extremely important that you understand the papers you are signing.
If a dispute arises, the outcome will be governed by how the contracts actually read, not what you thought your real estate agent told you when you signed them. To avoid confusion, it is a good idea to pick up copies of the purchase agreements and closing papers ahead of time. This will allow you to read them at your leisure, without the pressure of several people waiting for you to read everything at the closing. Don't hesitate ask questions if you don't understand something or if the language is ambiguous or confusing.
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What does the term ARM stand for?
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| A |
An ARM is an Adjustable Rate Mortgage, a loan where the interest rate is tied to an economic index that fluctuates with the market. |
 See More Real Estate Trivia > |
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Billy Burk and GiGi Gaubert Burk
Burk Brokerage, LLC
Billy and GiGi Burk are two of America's NUMBER1EXPERTS™ in the Greater New Orleans area. They have a proven track record that few agents can match! With over 20 years combined experience, these two professionals offer the highest level of service and dedication, adding value far beyond the commissions earned. Burk Brokerage is continually "Redefining Real Estate" by offering expert service on an unparalleled level, making you their Number 1 Client. With a team of professionals providing a wide range of services from landscaping and decorating advice to tax and financial assistance, and backed by over ten years of top producing Real Estate experience, Burk Brokerage is sure to redefine your real estate experience.
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