Mortgage Loan Calculators Can Help You Estimate Your Home Loan Payments [mortgageinsuranceguide.blogspot.com]
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mortgageinsuranceguide.blogspot.com Estimate How Much Down Payment You Need To Get The Mortgage Payment You Want
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With the real estate market beginning to see signs of a bottom leading to a recovery, it may be time to start looking for a new home or an investment property. Because of that, I want to show you a website where you can figure out your loan payments with their mortgage loan calculator.
First, let's talk about what a real estate bottom means. Real estate, just like everything having to do with the economy, moves in definite cycles. While economic downturns are scary and affect people in a real and sometimes debilitating ways, they are part of the normal cycle of our economy. When the economy is down, you can expect that it will go back up.
What investors look at in these cycles is the bottom. The bottom of a cycle is the absolute lowest value an investment vehicle hits before it starts to go back up in value. The closer to the bottom you can buy, the more money you stand to make.
Use the mortgage loan calculator at Yahoo! Real Estate to see if you can afford that property if you think your area is at the bottom of the real estate value cycle.Remember that no matter what your motives are for purchasing a home, it is an investment and should be bought at the appropriate time in the cycle. Let's take a look at the Yahoo! Real Estate mortgage loan calculator which you can find by searching for Yahoo! Real Estate and clicking on the comprehensive mortgage calculator
In order to get an accurate payment amount you have to fill in all of the fields. The loan amount is the total amount that you will borrow for your home. That is different than the selling price of your home. The interest rate will come from your loan company but if you want to get an average rate, look in your newspaper or online for the average rate being paid in your area.
There are numerous online resources that will give you that information.Number of years is normally 30 years and you want to look at a yearly amortization table. (This table simply tells you how much of your payment is going to interest versus principal. It's depressing to see how much money isn't going to the actual payment of your home.)
The property taxes can be found by calling the local city government office or asking your real estate agent if it is on the MLS listing. Your mortgage loan calculator is almost ready to calculate so don't give up.
Hazard Insurance is going to depend on the value of your home plus any additional coverage you want. It is suggested that you get a quote before making a decision on whether to purchase the home. This can easily be done online and the quote will be nearly instant.
Unless your down payment is at least 20% of your home's value, you are going to pay PMI. This is insurance against you defaulting on your loan. Bankrate.com says this:
Let's say you put down 10 percent or $ 10,000 on a $ 100,000 house. The lender multiplies the 90 percent loan, or $ 90,000, by .005. The result is an annual PMI of $ 450, which is divided into monthly payments of $ 37.50.
Now, your mortgage loan calculator is ready so do the calculation and see what comes up. If you can afford it, take the next step. You're on your way to a new home!
Recommend Mortgage Loan Calculators Can Help You Estimate Your Home Loan Payments TopicsQuestion by fried_twinkie1: Can you estimate a monthly mortgage payment with a 0K mortgage loan? My brother and his wife detest their home and always have. They admit getting it was a big mistake because they were being ultra- conservative. I'm sorry for them because I love my home and think people should. They probably have quite a bit of equity in their home and have found a new home they love that costs about $ 350K. Brother is worried to move forward on this thinking the monthly payments would be too high, even though I think he'd qualify. With my amateur calculations, I think he could afford to put $ 100K down on this $ 350K home, so there would be a mortage balance in the neighborhood of $ 250K. With a fixed interest rate for a 30 year loan, what would the monthly house payment be? He's frozen right now so I thought I'd offer him some estimate because he won't ask a realtor at the moment. He's a little vague, but I'm pretty sure he grosses about $ 5K a month. His wife's a stay-at-home mom. Thanks much. Best answer for Can you estimate a monthly mortgage payment with a 0K mortgage loan?:
Answer by kurticus1024
1000 to 1500 a month or so, depending on terms and credit rating another 400 a month for taxes
Answer by BamaCrimson
It's be approximately $ 1,540 before taxes, insurance and private mortg insurance. Good Luck! Say, $ 1,800 per month as long as this is below 25% of his gross income, he should be ok
Answer by traciatim
According to normal calculations your housing payment should not be more than 28% of your gross income. At 5K that would make the payment max about 1400. According to the calculator at www.mortgage-calc.com the payment on a 30 year 6% mortgage would be closer to 1500. He may be able to find financing for it, but usually you should live in a home that's no more than 2.5x your annual salary if you want to save and invest aggressively. He's already well above that mark.
Answer by fukinluckyfuker
Going rates on a 30 year fixed are about 5.625% today. So he'd have a payment of $ 1440. Property taxes and insurance can vary widely by region, but I'd assume another $ 350-400/mo. combined. $ 1800-1850/mo. is about 35-38% of his $ 5000 monthly income. That should be fine, if he doesn't have much other debt. But if they have a car loan or two, it might start getting tight. They could always pay off some debt and finance more on the home to hold their overall budget in line.
Answer by $ $ Cypher
While it is difficult to estimate what the payment would be because it all depends on his credit score & profile, I can give you some interest rate & monthly payments amounts. A realtor cannot determine the interest rate, only your mortgage lender can do that. Keep in mind there are a ton of lenders out there; mortgage brokers, banks, credit unions, and investors. Ask for referrals from people you know, ask realtors you know & trust, and talk to bankers to make sure you are well informed. He needs to find out what his score is from getting a tri-merge credit report (his mortgage lender can pull this as part of the loan origination process) and then he will know rates he can qualify for. Check out www.bankrate.com for current mortgage rates. At amount financed of $ 250k: Principal & Interest only... @ 6.00% payment of $ 1,498.88 @ 6.50% payment of $ 1,580.17 @ 7.00% payment of $ 1,663.26 @ 7.50% payment of $ 1,748.04 @ 8.00% payment of $ 1,834.41 Good luck and good hunting!
Answer by sleddingsister
Where about does he live? we bought a home for $ 200,000 with nothing down and we are paying $ 1400 a month....We have a fixed rate for the first 2 years..then we will refinance with the equity that we will have....if that makes sense...(the house is a fixer upper..it could have sold for $ 349,999). That is what it was appraised at for the location... Can they rent it...? and use the rent money to pay off the mortgage they already have? Then look into the other house? He should ask the realator....there are different types of loans out there....anything is worth a shot!
