Mortgage Calculator To Your Rescue [mortgageinsuranceguide.blogspot.com]
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mortgageinsuranceguide.blogspot.com 70-652 Exam Passing Tips
If you're interested in getting a mortgage, then you may need to learn more about it. Take in all that you can and make wise decisions to avoid being swindled. One of the dynamics that can help you a lot in the decision making is to use a mortgage calculator. A mortgage calculator is a wonderful tool that can be used anytime you are considering the purchase of a home. Because a home is likely to be the largest and most costly of investments that you make, it is ideal for you to get the best outcome for your home loan. The Mortgage loan payment calculator is one of the most useful tools that you can have in your financial planning tool box. Everybody knows that making extra payments on mortgage will allow you to finish paying off your mortgage loan much sooner; however, most people aren't aware of the specific results that the extra payments would generate. This is where the mortgage loan payment calculator comes in. A mortgage calculator ca n also be used to calculate payments on debt consolidation of mortgage loans and see your monthly savings. You can also use the calculator to check how you can refinance the loans.
Other than helping me in saving some money, using a mortgage calculator can also calculate my mortgage to simply work out how much I can afford to borrow and exactly what my repayments will be, using time scales and interest rates. Using a mortgage calculator doesn't require you to be an expert. As you can just key-in all the information about your mortgage and the amount you want to convert. The mortgage calculator will then calculate for you the amount you will be able to borrow. For example, if you need a mortgage loan of $ 100,000 with a 30-year repayment and should receive an interest rate of 6.5 percent, your monthly principal and interest (P&I) payment should be $ 632.07. A good mortgage calculator can help you improve your financial status and the lifestyle you have right now. Using one can definitely give you accurate information about the loan you're getting and definite means to save you a lot of money. So if you're planning to get a mortgage then don' t forget to acquire a mortgage calculator.
The advantage of a mortgage calculator is that it let’s you do all the calculations by yourself and become your own mortgage broker. This saves you from mortgage brokers who often suggest you loans based on their profits and not yours. Being your own mortgage broker will also make you take keen interest in the minutes of your loan. The biggest benefit of a mortgage calculator is the ability to figure out what you can afford. While most of us roughly know what we can afford we are unsure about the exact installments and the rate of interest. The mortgage calculator will give you the scope of playing with the interest rate, amount of deposit, and loan term to figure out what you can afford, and how to arrive at the loan amount that you can afford. Another advantage of a Mortgage Calculator is the fact that it allows you to play with numbers. If you can make slight adjustments with your monthly installments or loan term, you might be able to avail a bigger loan. A mortgage calculator can help you in calculating that.
In short, a mortgage calculator tool can help you to determine affordable mortgage and produce valuable information about your loan. You can calculate you’re monthly mortgage payments based on loan amount, interest rates and other loan terms. You can calculate extra payments on your monthly mortgage to pay off the loan faster. Make comparisons with several mortgage products, both fixed and adjustable. Make amortizations schedules and tables based on the amount and interest. Calculate when it makes sense to refinance your home.
So, make sure that when you plan to acquire your dream home, organize your finances judiciously with the help of mortgage calculator tool. Recommend Mortgage Calculator To Your Rescue Issues
Question by Rosseau: Should I take out money from my 401K to pay off my timeshare? ? I have $ 20,000+ in my 401K account. I bought a timeshare with an ex-boyfriend five years ago. (I know, I know) Monthly payment: $ 168 Interest: 17% Will be paid-off in 10 years. I have five more years to go. Current balance: $ 6, 235.64 (amount left that I need to pay) I've been paying the minimum every year for five years. I don't know why, but I just realized that I should try to pay this timeshare off as quickly as possible. Using Karl's Mortgage Calculator, my total interest would be 50.25% after everything is paid off!! Should I take out the money from my 401K plan? The interest rate is 5% and I can try to pay it off within one-two years. There's no penalty if I pay it off early. Update: Thank you all for the advice! I am still considering taking out a loan, but my main concern is security. What if I lose my job, then I'd have to pay off what I owe withing 30 days. That will be tough. The other option is to pay at least $ 540 a month in order to pay it off in a year. I might just do that? In addition, it's so hard to sell a timeshare. I don't know how people do it. My timeshare is in West Palm Beach, FL and there are nicer timeshares. I will try eBay and see what is available to me. Best answer for Should I take out money from my 401K to pay off my timeshare? ?:
Answer by andy
The only way that I would do what you are suggesting is if that timeshare would put money into your pocket. I would find other ways to pay it off early. Most financial experts should suggest the same thing.
Answer by mt_pelion
You do realize that there are hefty penalties for withdrawing 401(k) money before you retire, right? If you can get a loan from your 401(k) then that may be a much better idea since the interest you would be paying to yourself would be yours (and your return would be much higher than most people's in this economy).
Answer by M W
Assuming that the timeshare has value, the answer is maybe. Keep in mind that you must pay income taxes on 401K withdrawals. Also make sure that you can pay it all and not need to pay the interest too. As stupid as that may sound, many debtors require you to pay principal and interest no matter what (when). So there would be zero advantage, thus no do not pay early.
Answer by danna_bill@sbcglobal.net
Why wasn't your xboy friend don"t help with this? Do you ever use it? If not Try to sell it. Good Luck
Answer by Question man D
NO!!! taking money from ur 401 is not only dumb, but very costly (look into it if u haven't already) ...if i were u, i try to do it some other way..
Answer by src50< /i>
First, you may not be allowed to do that, even as a loan. Review your particular plan provisions. Second, you will pay 10% penalty plus income tax on the gross withdrawal. Third, it will set your retirement investing back. Not a good idea.
Answer by v b
There are 3 ways to take money from the 401K. 1. Quit your job and cash it out (not recommended and expensive on taxes). 2. Hardship withdrawal (difficult to qualify for and expensive on taxes). 3. Loan. Does not cause a tax bill. I believe our poster is asking about a loan. It's her choice. One major downside of the loan is if you lose your job (I've known this to happen to people) before you can it pay it back. The 401K admin will give you something like 30 days to pay it in full or it will count as a distribution.
Answer by chip.munk077
If you are currently working at the employer where you have your 401k, you might try taking out a loan against your 401k. mine will let me pay it back with payroll deduction. if you have a website for your 401k, you might try to see if it has a loan calculator. another option may be to try to sell the timeshare. this may not be the greatest time to sell, but it may not hurt to try. i think there are places that specialize in selling timeshares, but i don't know what or how they charge.
Answer by tntsolid
Definitely not!! Timeshare is for people with NO FINANCIAL problems. What is the point of paying it off when you won't be able to travel in the future (I mean if you can't afford to pay it off on your own what makes you think you will be able to travel?) you will only get stuck with the maintenance fees; just get rid of the timeshare, don't take money that secures your future to secure a program that doesn't make financial sense for your lifestyle.
Answer by Shieldgambit
yes
Answer by Doctor Deth
you mean a loan from your 401k plan? I can't believe the int rate is only 5%. 7-9% is more normal. the only way you would be able to pay it off in 2 yrs is if you pay about $ 270+ a month - can you live with that high of a payment-once you set the length of the loan - you cannot adjust it. That's a $ 100 per month LESS in your paycheck.
Answer by digdowndeepnseattle
since you are talking about an interest rate on taking money from the 401k I would assume that you are talking about a 401k loan. This is a personal decision based upon expected returns and your job security. Given current market conditions that 5% return isn't bad (better than bond income) so by that nature it wouldn't be bad. However, history shows that when markets turn the turn quickly and hard...ie the market will shoot up and get most of their gains in the first 8-12 months. So, if you stretch that loan period out too long you may miss the boat. And, generally the market will lead the economy (ie market performs well before the economy begins recovering). That being said..if you leave the loan term rate under 2 years you shouldn't do too much damage to your 401k IF YOU PAY IT ALL BACK. Which leads to the second point. You can't quit or lose your job while a loan is outstanding without the loan becoming immediately due and taxable. If you get a new job and the employer will allow a loan rollover you can avoid being taxed and penalized but not many employers will allow that. Not something to bank on. so...up to you. Personally? I'd only do it if I was using the timeshare now and intended to use it in the future. Otherwise I'd sell it rather than risk the negative consequences.
