How Mortgage Calculators Help You With Smart Loan Calculations [mortgageinsuranceguide.blogspot.com]
... ARM Index Rates · Mortgage Calculators · Mortgage Amortization Calculator · Tri-Refi Refinance Calculator · How Much House Can I Afford? Mortgage Payment Calculator With PMI ... Important to homebuyers and low-equity-stake refinancers, already-low ... Mortgage Rates Continue Easing Pattern To New Lows
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When it comes to doing simple and quick calculations for your home financing needs, mortgage calculators are the financial tools that you need. Such calculators not only help you figure out your home affordability, but also enable you to analyze your mortgage payments based upon loan amount, interest rates and other factors.
What to figure out using mortgage calculators
Mortgage calculators provide you with simple computations on your loan. Here's what you can figure out using such calculators.
" Mortgage/home affordability: How much mortgage you can afford is what you can calculate using the affordability calculator. This is turn will help you decide how much you can afford to spend on your home purchase.
" Calculate the APR: There are calculators that help to evaluate the APR or the Annual Percentage Rate on your home loan.
APR stands for the effective interest rate on your loan. You can compare loans on the basis of APR and select the one you prefer. However, not every loan with a low APR necessarily implies that you may be charged a low rate of interest." Monthly mortgage payment: Your monthly mortgage payments can be figured out by using mortgage calculators. Such calculators can also help you determine the total monthly payments for the entire loan term.
" Compare loans at various rates: There are mortgage calculators, which give you the chance to compare monthly payments on loans at different rates of interest. Such figures make it easier for you to pick and choose the best from a variety of loan programs available in the market.
" Compare payments at different terms: You can calculate and compare payments at different loan terms, say 10 years, 15 years etc.
Loan calculators providing such computations show you how the total interest and monthly payments vary with changes in the loan term." Payments on FRM and ARM: Using loan calculators, you can work out monthly payments on FRM and ARM. This enables you to decide whether you should choose an FRM or ARM.
" How much to save by paying extra: If you make extra payments towards the principal, you're likely to pay off your mortgage early. You can evaluate how much you'll save by using the Early Payoff Loan Calculator.
Apart from the above computations, there are various other loan terms that can be figured out using mortgage loan calculators. There are calculations on purchase mortgage, refinance loan as well as second mortgage transactions. Based on your transaction, you need to select the right mortgage calculator and work out the figures you require. The figures will help you take the right mortgage decision keeping in mind your affordability.
Related How Mortgage Calculators Help You With Smart Loan Calculations IssuesQuestion by BIG Momma: Why do I have a monthly PMI on my mortgage payment? Ok, so I just got my loan papers and I am a little confused... We bought a house at auction for total price of $ 90,000 plus 1/2 of the closing costs. We put $ 15,000 down, which left us with a total remaining balance to mortgage of $ 75,000. Our total amount financed was $ 76,500. Ok so we decided on a 7/1 ARM mortgage for payments of $ 339 a month. We are waiting on the appraisal and title work to be finished. My question is we have monthly PMI payments, why... Our homes appraised value should be around $ 120,000 - $ 130,000. If we just financed $ 75,000 have we not already gone past the Loan -to-value ratio of 78-80% ? Thus not requiring us to pay the PMI and allowing us to have it cancelled already, according to all the calculators we should not have to pay the monthly PMI cost, so why is it in our loan. Even factoring in that they go by the appraisal value or purchase price whichever being the lesser amount for PMI we still should have a small monthly PMI payment of $ 22 and ours is $ 109. Can someone please help me understand this? Am I over thinking it? The reason why we are putting it on a 7/1 ARM is because it was the lowest interest rate offered and the fact that our loan with additional yearly payments will be paid off before the 7 year interest rate change, my rate is locked in for 7 years and we can choose to change our rate to either lower and keep the ARM or then convert over to a 30 year fixed anytime. NO I AM NOT CRAZY OR NUTS, I AM ACTUALLY VERY SMART AND KNOW WHAT I AM DOING!!! Believe me I would not go into something this huge without knowing what I am doing... My fine print has been read and there is nothing in the loan contract that states the PMI will be measured by the purchase price. As I said we are waiting on a proffessional appraisal right now. I believe it will go away after they find that we already have the LTV ratio of over 80%. Because it is MANDATORY after your LTV reaches the 78-80% that the lender drops the PMI, under the Housing Protection Act passed back in 1999. And that includes fixed and ARM's. We do NOT have a FHA loan and our credit scores are very good so they could not give us the PMI because of that. Best answer for Why do I have a monthly PMI on my mortgage payment?:
Answer by Leaira Hathaway
If you have an FHA-insured loan, then you will always have PMI. That's why FHA allows people with lower credit scores to get financing. It doesn't come without a hitch.
Answer by Keren
90K for a house. 20% down required to avoid PMI. That would be an $ 18,000 down payment. Am I missing something? And why are you touching an ARM? Are you nuts? Interest rates are at historic lows. Lock in these rates that you will never see again. With an ARM - you know what happens. And interest rates could soon double in a matter of a few years.
Answer by BrianP
PMI is mandatory for folks who put less than 20% down. After the home has been appraised, send a copy with a letter to the lender requesting removal of the PMI. They will have to remove it. Because you purchased it at auction, the lender wants to insure itself. Get an professional appraisal and send them a copy.
Answer by Rob
above answers are good. however in fine fine fine print u will find. 1. PMI is based on buy price not appraisal. 2. you rolled closing into loan. 3. total purchase is 91500. 4. 20% of that = 18300. 5. so u did not put 20% down. 6. so u get PMI ;-) 7. PMI can not be adjusted in first 1-5 year based on appraisals in most contracts. 8. PMI rates not based on values. aren't life lessons fun.
Answer by Bob
If you are financing $ 76,500 of a $ 90,000 purchase your loan to value is 85% which means you will have PMI unless you are getting a non-conforming loan. The appraised value in a purchase transaction is not a factor unless it is less than the purchase price. The monthly cost of your PMI depends on your credit score and the loan to value for conventional loans and a rate chart is posted below. On a 30 year FHA your score is not a factor and you get a very modest discount if your down payment is at least 10%. The $ 22 you mentioned is consistent with a conventional loan for a credit score in the high 700s. With FHA your monthly PMI would be $ 76.50, so the $ 109 is clearly an error. If you are putting 15% down with a credit score in the high 700s you should not be getting an FHA loan. You are not over-thinking it. Ask your Loan Officer to double check the numbers. http://www.mgic.com/pdfs/71-61210_bpmi_monthly.pdf
