Your Questions About Mortgage Payment Calculator

Donna asks…

How it’s like to live in Malibu, Califórnia and how expensive can it be?

I’m finishing my degree on civil engineering and I and my girlfriend have this dream about living in Malibu. She is also finishing her degree in medical school. We are kind of planning to find a job in our home towns first and work here for about 2 or 4 years to earn some cash first.
So, with my job and hers, with like 2 or 4 years of experience, we can make about 375,000 a year. I know the cost of life there it’s extremely expensive and the houses too. We saw some websites of houses for sale and most of them are expensive (obviously) but there are some good prices there, particularly this one: http://www.trulia.com/property/3006836439–Broad-Beach-Rd-Malibu-CA-90265.
(You can also see here the mortgage payments here: http://www.trulia.com/mortgage/calculator/payment/property/3006836439–Broad-Beach-Rd-Malibu-CA-90265).
I think it’s too good to be truth, really, I mean, that house must be on fire right now or something lol.
We would like to know your opinions and if we can afford a house there (doesn’t have to be that one). You could also tell us more about the city and about Southern California.

PS: I am already aware of the traffic problem in LA, about the pollution, about the fires, etc.

admin answers:

As the ad says, “for lease”, in Malibu you will be lucky to find something to purchase for $900000 (nothing beach front for sure) and certainly not $90000 and there is NO WAY a deal like that would have been on the market for 180+ days.

I don’t know where you are from, but before you decide to move somewhere you should go visit the area. Malibu is not what you see on TV.
It’s a very small town (big in area, small in feel and amenities). It has one small grocery store that you could be 15 miles down the coast from and still be in Malibu.
It’s also not near a freeway – you would have to either drive through the hills to get to the 101 or past Santa Monica to get to the 10. That could be 15-20 miles. It’s isolated..

David asks…

I am trying to print a 7,15,30 year term with different interest rates and amortization tables, the problem is?

The problem is my code when listing the amortization table prints past the month the balance is 0 into negatives and also the monthly payment for the 2nd iteration of the table prints out like 12k or something here is my code:: The first one works perfect other than it goes past 7 years

import java.math.*; // Provides classes for precision integer arithmetic
import java.text.DecimalFormat;

public class Mortgagecalc
{
public static void main(String[] args)
{

//variables
int time = 30; // Lifeline of the loan, which is 30 years
double Ainterest = .0575; // The annual interest
double loan = 200000.00; //The loan amount
double Minterest = Ainterest / (12); //monthly interest
double Amort = time * 12; //periodic payments principal and interest
double month = +1; //months
double months = time * 12;
double interest = (Ainterest*100);
double []newterm = {7,15,30}; //The year 7,15,20
double []newint = {0.0535, 0.055, 0.0575}; //interest rates 5.35,5.5,5.75

for (int j = 0;j < newterm.length; j++){ //used for array
double interestRate = newint[j];
double term = newterm[j];
double Amort1 = term * 12;
double monthR = interestRate / (12);

//allows the monthly payment to be formated correctly
DecimalFormat format = new DecimalFormat(“$0,000.00”);
DecimalFormat mformat = new DecimalFormat(“#.00”);

//Calculation for amount each month
//The formula was retrieved from http://www.hughchou.org/calc/formula.html
double amount = (loan*Minterest)/(1-Math.pow(1+Minterest,-Amort));
//Formula for the array
double amount1 = (loan*monthR)/(1-Math.pow(1+monthR,-Amort1));
double pay = loan / amount1;

//results of the computation
System.out.println(“The Mortgage Payment Calculator“);
System.out.println(“By: Porginski”);
System.out.println ();
System.out.println(“McBride Financial Virtual Organization’s”);
System.out.println(“Mortgage Payment Calculator.”);
System.out.println ();
System.out.println (“The loan ammount is for $200,000 for “+term+” year”);
System.out.println(“at a “+interestRate+”% interest rate.”);
System.out.println ();System.out.println(“The loan amount borrowed: “+loan);
System.out.println(“Interest rate: “+interestRate+”%”);
System.out.println(“with a “+term+” year term”);
System.out.println(” ________________”);
System.out.println(“The monthly payments: “+format.format(amount1));
System.out.println ();
System.out.println ();
System.out.println ();

//—————————————————————————*/
try
{
Thread.sleep(3500); //Timer with a 3.5 second pause
}
catch(InterruptedException e) {}

System.out.println(“Change Request 1:”);
System.out.println(“Display the mortgage payment amount and then list the”);
System.out.println(“loan balance and interest paid for each payment over”);
System.out.println(“the term of the loan. If the list would scroll off”);
System.out.println(“term of the loan. If the list would scroll off the”);
System.out.println(“screen, use loops to display a partial list, hesitate,”);
System.out.println(“and then display more of the list.”);

try
{
Thread.sleep(3000); // three second pause
}
catch (InterruptedException e) { }

//The headers for the amortization table
System.out.println(“nMonth#:t Interest:t Principal:”);
System.out.println(“======t =========t ===========”);
System.out.println(“”);

//used to list months
for ( int i = 1; i <= months; ++i )
{
{
//—————————————————————————*/

//variables to calculate interest and principal
double intpay = loan * monthR;
double prinpay = amount1 – intpay;
double loans = loan – prinpay;

//prints out month,interest,and Principal
System.out.println (+i + " " + mformat.format(intpay) +
" " + format.format(loans));

//The Loop to display 15 months at a time at 3.5 sec intervals
loan -= prinpay;

if(i%15==0)
{ //allows 15 to be displayed at a time
try
{
Thread.sleep(3500); //Timer with a 3.5 second pause

if (i<=359)
System.out.println("nnnMonth#:t Interest:t "
+"Principal:"
+"n======t =========t ===========");
else
System.out.println("Congratulations Loan Paid Off!!");
}
catch(InterruptedException e) {}
}
}
}
}
}

admin answers:

You have 2 bugs in your program.

The first, is in your for loop where you calculate the principal for each month, you’re using the wrong variable.

You have:

for ( int i = 1; i <= months; ++i )

Where what you want to have is:

You want to use the variable "Amort1" instead of "months".

The next problem, is that the 2nd loan in your loop starts with a balance near 0. This is because you are changing the value of "loan" during the loop and never resetting it.

So at the top of the loop, I reset "loan" to 200000.

For some reason, Yahoo would error out if I put more specific examples. So this is the best I can do. Hope it helps.

Susan asks…

Visual FOXpro? Help?

I need the Visual FOXpro code for a mortgage payment calculator. The information i have is the amount financed, interest rate and length of years. I need to calculate payment. Then take the differance between 2 payments to give me a result…. Can you help?

ondreforsure@yahoo.com
can anyone physically make me the code and e-mail to me? Let me know what it will take…

admin answers:

I did a search for “JavaScript mortgage calculator” and found some sample source code for a JavaScript version of a calculator. Then I converted it to a VFP function that should do the trick (my VFP is rusty but it should work):

**********************
function CalcPayment
lparameters tyPrinciple, tnRate, tnYears
local tmp

tnRate = (tnRate / 100) / 12
tmp = tyPrinciple * tnRate
tmp = tmp / (1 – (1 + tnRate) ^ (tnYears * -12))
tmp = floor(tmp * 100) / 100

return tmp
**********************

The parameters are principle (cost minus down payment), interest rate, and number of years for the loan. If you call CalcPayment(250000, 7.5, 30), it should return 1748.03 (which is your monthly payment.) Call the function with different parameters to get different payments… Then find the difference.

Good luck.

Linda asks…

Visual FoxPRO code?

I need the Visual FOXpro code for a mortgage payment calculator. The information i have is the amount financed, interest rate and length of years. I need to calculate payment. Then take the differance between 2 payments to give me a result…. Can you help?

admin answers:

S. Sure. But if u want the entrie code. Then u have to pay me.
Contact me at lakshmiteja@rediffmail.com

Robert asks…

I am making an amorization table and having problem with the loop?

Here is my code

import java.math.*; // Provides classes for precision integer arithmetic
import java.text.DecimalFormat;

public class Mortgagecalc
{
public static void main(String[] args)
{

//variables

int time = 30; // Lifeline of the loan, which is 30 years
double Ainterest = .0575; // The annual interest
double loan = 200000.00; //The loan amount
double Minterest = Ainterest / (12); //monthly interest
double Amort = time * 12; //periodic payments principal and interest
double month = +1; //months
double months = time * 12;

//allows the monthly payment to be formated correctly
DecimalFormat format = new DecimalFormat(“$0,000.00”);
DecimalFormat mformat = new DecimalFormat(“#.00”);

//Calculation for amount each month
//The formula was retrieved from http://www.hughchou.org/calc/formula.html

double amount = (loan*Minterest)/(1-Math.pow(1+Minterest,-Amort));

//results of the computation
System.out.println(“The Mortgage Payment Calculator“);
System.out.println(“By: “);
System.out.println ();
System.out.println(“McBride Financial Virtual Organization’s”);
System.out.println(“Mortgage Payment Calculator.”);
System.out.println ();
System.out.println (“The loan ammount is for $200,000 for 30 year term”);
System.out.println(“at a 5.75% interest rate.”);
System.out.println ();
System.out.println(“The loan amount borrowed: “+loan);
System.out.println(“Interest rate: %”+Ainterest);
System.out.println(“with a “+time+” year term”);
System.out.println(” ________________”);
System.out.println(“The monthly payments: “+format.format(amount));
System.out.println ();
System.out.println ();
System.out.println ();

try {
Thread.sleep(3500); //Timer with a 3.5 second pause
} catch(InterruptedException e) {
}

//The headers for the amortization table
System.out.println(“nMonth#:t Interestt Principal”);
System.out.println(“======t =========t ===========”);

for ( int i = 1; i <= months; ++i )
{

{

double intpay = loan * Minterest;
double prinpay = amount – intpay;
double loans = loan – prinpay;

//prints out month,interest,and Principal
System.out.println (+i + " " + mformat.format(intpay) +
" " + format.format(loans));

loan -= prinpay;

}
}
}
}

That alone works find and prints the amorization table off as i need but i need to make a loop that displays only 10 records at a time like shows 1-10th month and a 3.5 sec pause then another 10 untill all 360 are shown

admin answers:

The below code will help you:

import java.math.*; // Provides classes for precision integer arithmetic
import java.text.DecimalFormat;

public class Mortgagecalc
{
public static void main(String[] args)
{

//variables

int time = 30; // Lifeline of the loan, which is 30 years
double Ainterest = .0575; // The annual interest
double loan = 200000.00; //The loan amount
double Minterest = Ainterest / (12); //monthly interest
double Amort = time * 12; //periodic payments principal and interest
double month = +1; //months
double months = time * 12;

//allows the monthly payment to be formated correctly
DecimalFormat format = new DecimalFormat(“$0,000.00”);
DecimalFormat mformat = new DecimalFormat(“#.00”);

//Calculation for amount each month
//The formula was retrieved from http://www.hughchou.org/calc/formula.html

double amount = (loan*Minterest)/(1-Math.pow(1+Minterest,months));

//results of the computation
System.out.println(“The Mortgage Payment Calculator”);
System.out.println(“By: “);
System.out.println ();
System.out.println(“McBride Financial Virtual Organization’s”);
System.out.println(“Mortgage Payment Calculator.”);
System.out.println ();
System.out.println (“The loan ammount is for $200,000 for 30 year term”);
System.out.println(“at a 5.75% interest rate.”);
System.out.println ();
System.out.println(“The loan amount borrowed: “+loan);
System.out.println(“Interest rate: %”+Ainterest);
System.out.println(“with a “+time+” year term”);
System.out.println(” ________________”);
System.out.println(“The monthly payments: “+format.format(amount));
System.out.println ();
System.out.println ();
System.out.println ();

//The headers for the amortization table
System.out.println(“nMonth#:t Interestt Principal”);
System.out.println(“======t =========t ===========”);

for ( int i = 1; i <= months; ++i )
{

double intpay = loan * Minterest;
double prinpay = amount – intpay;
double loans = loan – prinpay;
//prints out month,interest,and Principal
System.out.println (+i + "t" + mformat.format(intpay) +
"t" + format.format(loans));
loan -= prinpay;
if(i%10==0){

try {
Thread.sleep(3500); //Timer with a 3.5 second pause
} catch(InterruptedException e) {}
}

}
}
}

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Your Questions About Mortgage Loan Payment Calculator

Mary asks…

I cannot figure out what I have done wron on this problem.?

The McBrideMortgageCalculator class implements an application that simply prints “McBrideMortgageCalculator!” to standard output.
Programmer:Diane Beck
Requestor:Hugh McBride
Request:Complete Service Request SR-mf-003, Mortgage Payment Calculator to calculate an display the monthly payment amount of a 200,000.00 loan
over 30 year term at 5.75% interest.
*/
import java.io;
import.java.util.Scanner;
import java.text.DecimalFormat;
import java.lang.Math;

public class McBrideMortgageCalculator
{
public static void main(String[] args)
{
DecimalFormat df=new DecimalFormat(“#.00”);

//declaring Variables
final double Principle=200000;
final double Interest=0.0575;
final double Term=12*30;
payment=principleBlance*(monthlyInterest/(1-Math.pow(1/1+monthlyInterest),term);

//displaying variables
System.out.println(“Principle=”amount);
Systems.out.println(“Interest rate=”+INTEREST*100);
System.out.println(“Years=”+TERM);
System.out.println(“Monthly Payment=”+MONTHLY);
System.out.println(“$”+df.format(payment()));
}

Can someone tell me why I have seven errors when I try to run it.

admin answers:

From what I can tell, these are all 7… Actually 9 of your problems:

Your top comment block has no opening comment symbol. You need to put /* (or /** if using javadoc) at the very top of the file.

Import.java.util.Scanner;
// extra period, needs to be “import java.util.Scanner;” However, you don’t even need this line because you don’t use the Scanner object once anywhere.

Payment=principleBlance*(monthlyIntere…
// these variables haven’t been declared. Did you mean Principle and Interest, rather than principleBalance and monthlyInterest? Also check for missing semicolon at the end of the line.

System.out.println(“Principle=”amount)…
// need concatenation sign (+) in between “Principle=” and amount. Also check for a missing semicolon at the end of the line.

Systems.out.println(“Interest rate=”+INTEREST*100);
// You put “Systems” instead of “System”

Systems.out.println(“Interest rate=”+INTEREST*100);
System.out.println(“Years=”+TERM);
System.out.println(“Monthly Payment=”+MONTHLY);
// none of these variables have been declared. Java is case sensitive (INTEREST and Interest are different things).

You’re also missing a final closing brace ‘}’ at the very end.

I strongly recommend you learn basic java syntax and how to read compiler diagnostics.

Also, this code looks HORRIBLE! It’s nothing that would cause an error, but there are certain spacing rules you need to follow. I would look those up too.

Jenny asks…

Mortgage Payments?

What is a good rule of thumb when trying to figure out what a monthly payment would be given x dollars borrowed for y years and z in taxes? Should I use an online ammoritization schedule? I don’t like the online loan calculators, they all seem to lowball it quite a bit. Thanks for any help.

admin answers:

Build your own mortgage calculator with an excel spreadsheet,
1.) To figure the mortgage payment use the “=PMT(rate, nper,pv,)” formula…. Rate= interest rate, nper= number of period pmts ..ie for a 30 year loan it would be 30 or 360…. Pv= present value or initial amount of the loan. To figure the monthly payment, make sure you divide rate by 12, and use the number of monthly payments (ie 360) for “nper”.

2.) Tax rates vary by jurisdiction, so make sure you contact the local taxing authority for the tax rate. Keep in mind in many jurisdictions, the assessed value used for tax calculations is different than the “market value” or amount you’ll pay for the house, but usually, its pretty close

3.) Make sure you include insurance as part of your payment calculation, many lenders will escrow that as well.

Sandra asks…

Mortgage Refinance?

I have a 1.25% negative am loan that i need to get out of, i currently owe 673,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,500.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,400.00 is this realistic? i pay 8,000.00 in real estate taxes a year.
I realize i cannot get an interest only loan plus get my taxes paid for $2500.00 So can i get a payment of $2500 without the taxes? for 673,000?

admin answers:

If you really can’t make the payments for a 5yr ARM Interest Only of about $3,365 + taxes and insurance. Then you’ll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I think your currently Option ARM is rising at a monthly rate. If you really need more time before your credit is damaged, I think the best bet will be another Option ARM but with a FIXED MARGIN.

Donald asks…

I am doing a program and It runs but it does not give me a tablet, what am I doing wrong?

I am doing a mortgage calculator, it is supposed to give a list of declining list of payment but it does not and I can not figure out why I did wrong. It runs gives the amount of the payment and it has headers but no list.
/**
*Week 2 Assignment- Diane Beck
* A proram written in Java (without graphical user interface) that will
* calculate and display the monthly payment amount to fully amortize
* a $200,000.00 loan over a 30 year term at 5.75% interest.
*
*
* Student: Diane Beck
*/
import java.util.Scanner;
import java.lang.Math;
import java.text.DecimalFormat;
import java.io.IOException;//imports code for handling of Enter key input
import java.io.BufferedReader;
import java.io.InputStreamReader;

class McBrideMortgageCalculator {

public static void main (String[] args) //start main() function
{
//declare variables
double monthlyPayment; //monthly payment
double principal; //loan principal
double interestRateYears; //annual interest rate (precentage)
double interestRateMonths; //monthly interest rate
int termYears; //length of loan in years
int termMonths; //length of loan in months
int linecount; //number of lines to be displayed

double balance; //displays current balance
double interestPaid; //displays the principle paid
double monthlyInterestPayment; //holds current interest payment
double monthlyPrincipalPayment; //holds current principle payment

//assign values
principal = 200000; //total loan amount
interestRateYears = 5.75; //APA (annual percentage rate)
interestRateMonths=(interestRateYears / 12) / 100; //monthly interest rate
termYears = 30; //length of loan in years
termMonths = (termYears*12); //length of loan in months
monthlyInterestPayment = 0; //set current interest payment = 0
monthlyPrincipalPayment = 0; //set current principal payment = 0
balance = principal; //set current balance – principal
linecount = 15; //display 15 lines of results

//formats number to display only two decimal places
java.text.DecimalFormat dec = new
java.text.DecimalFormat (“,###.00”);

//hard coded information to display basic loan information
System.out.println(“nnt***Mortgage Calculator***nn” +
“nLoan Amount: t$” + dec.format(principal) +
“nInterest Rate: t” + interestRateYears +”%”+
“nTerm (Years): t” + termYears);

//calculate monthly mortgage payment
monthlyPayment = (principal * interestRateMonths)/(1 – Math.pow(1 + interestRateMonths, – termMonths));
/*
* J
* M = P *—————– <——–Formula to calculate
amortization
*
*
* M = Monthly Payment (monthlyPayment)
* P = Loan Principal (principal)
* I = Interest Rate (interestRateYears)
* L = Length (term) of loan, in years (termYears)
* J = Monthly Interest Rate (interestRateMonths)
* J = I/(12*100)
* N = Number of months of loan (termMonths)
* N = L*12
*/
{
//displays monthly mortgage payment resulting from above calculation
System.out.println(“nnBased on the above criteria,” +
“your monthly payment will be:” +
“$” + dec.format(monthlyPayment));
//formula (s) to calculate monthly interest and principal payments
monthlyInterestPayment = (balance * interestRateMonths);
monthlyPrincipalPayment = (monthlyPayment – monthlyInterestPayment);

//format column headers for results to be displayed
System.out.println(“nnnMonthsttPrincipaltInteresttBalance”);
System.out.println(“RemainingtPaymenttInteresttBalance”);
System.out.println(“——-t——-t——-t——-“);

//start while loop
while (termMonths >0);
//information to display
System.out.println(termMonths + “tt$” + dec.format (monthlyPrincipalPayment) +
dec.format (monthlyInterestPayment) + “tt$”+ dec.format (balance – monthlyPrincipalPayment));
//decrement months
termMonths =144;

//calculate interest and principal payments
monthlyInterestPayment = (balance + interestRateMonths);
monthlyPrincipalPayment = (monthlyPayment – monthlyInterestPayment);
balance = (balance – monthlyPrincipalPayment);
}

//these conditional statements cause the results to pause in (lineconut == 20)
{
linecount = 0;
}
try
{
Thread.sleep (3000); //pause to last three seconds
I now have my program working but it is giving me what looks like hundreds of rows. I give me data in the neg field, instead of stopping at the o balance mark. What is wrong with it now?

admin answers:

The code looks a bit damaged in its copy-and-paste journey. However I suspect the lines:

//start while loop
while (termMonths >0);

The semicolon is an empty statement, so it says “If termMonths is zero or less, stop here forever”, which is probably not what you want. I would expect you want to swap the ; for a {, you program probably still won’t work but you’ll be a step nearer.

Changing:

//decrement months
termMonths =144;

to something like:

//decrement months
termMonths–;

might also be helpful!

Steven asks…

mortgage refinance right for us?

I have a 1.30% negative am loan that i need to get out of, i currently owe 650,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,450.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,450.00 is this realistic? i pay 8,200.00 in real estate taxes a year.

admin answers:

If you really can’t make the payments for a 5yr ARM Interest Only of about $3,365 + net wages and toy. Then you’ll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I credit your currently Option ARM is rising at a monthly rate. If you really need more time before say nothing credit is damaged, I think the winner bet will be another Option ARM but enamored a FIXED MARGIN..

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Your Questions About Mortgage Loan Payment Calculator

Linda asks…

Mortgage Payment Planning — Math Homework?

Suppose you make payments of $884.61 for an $86,000 mortgage for 10 years and then you make payments of 1050 until the loan is paid.

a.) When will the mortgage be completely paid off under these circumstances?
b.) How much do you save with the greater payments compared with the original plan?

It would be greatly appreciated if you could help me out. Showing work and what equation you need to put into a calculator would be EXCELLENT! Thanks in advance. 🙂
It has 12% APR

admin answers:

What’s the interest rate on the mortgage? Or are you saying the loan is interest free?

Mandy asks…

Help correct this code until it runs-interest needs to increase-numbers rounded?

//This program will show how much you will pay per
//month if you take out a loan for $200,000.00 and pay it back
//in 30 years. The formula to calculate mortgage is as follows:
//R=Pi/1-(1+1)-n(sqrt)
//R= Monthly Payment, P= Amount Borrowed, r= Annual Interest Rate (decimal), i= Interest
//rate per compounding period r/12, n= Number of months to repay (360)
//This calculator will also show the loan balance and interest paid
//for each payment over the term of the loan.
//

import java.text.DecimalFormat;

public class MortgagePaymentFranklin

{
public static void main(String args[]) throws Exception
{
//declare and construct variables
int loanAmt = 200000; // this is the principal loan amount
int loanTerm = 30;
// this is the loan term in years
int monthNum = 360;
// indicates the monthly line item number
int line = 0;
double intRate = 5.75;
// this is the initial interest rate
double monthlyPay = 0.0;
// monthly payment
double monPrinPay; // monthly principal payment
double newLoanBal = 200000;
// the loan balance
double monIntPaid; // interest paid
double newIntRate = 0;
// monthly interest rate

// displays in the console window
System.out.println();
System.out.println(“Welcome to Anne’s Mortgage Payment Calculator“);
System.out.println();
System.out.println(“This program will calculate and display: (1) Monthly mortgage payments”);
System.out.println(“The principal loan amount = $” + loanAmt);
System.out.println(“The interest rate = ” + intRate + “%”);
System.out.println(“The term of the loan = ” + loanTerm + ” years”);

// construct the formulas
loanTerm = loanTerm * 12;
newIntRate = (intRate * .01) / 12;
monthlyPay = loanAmt * newIntRate / (1 – Math.pow(1 + newIntRate, – loanTerm));

// displays variable info and formula results
System.out.println();
System.out.println(“The monthly payment for a $” + loanAmt + ” over a ” + loanTerm + “-month term (30 years) at a “);
System.out.println(intRate + “% interest rate = $” + monthlyPay);
System.out.println();
System.out.println(“Listed below are the monthly interest rates, monthly payments, interest”);
System.out.println(“payments, and loan balances for the term of the loan:”);
System.out.println();
System.out.println(“Interest RatettMonthly PaymentttInterest PaidtLoan Balance”);
System.out.println(“————-tt—————tt————-t————“);

// constructing formulas for monthly interest paid, monthly principal paid, and new loan balance
monIntPaid = newIntRate * newLoanBal;
monPrinPay = monthlyPay – monIntPaid;
newLoanBal = loanAmt – monPrinPay;

// Begins while loop
while(monthNum > 0)
{

System.out.println(newIntRate + “%t$” + monthlyPay + “t$” + monIntPaid + “tt$” + newLoanBal);

monthNum–;

newIntRate = newLoanBal * monIntPaid;
monPrinPay = monthlyPay – monIntPaid;
newLoanBal = newLoanBal – monthlyPay + monIntPaid;

if(line == 1)

{
line = 0;
try

{
Thread.sleep(2000);
}
catch (InterruptedException e)
{
}
}
else
{
line++;
}
}
}
}

admin answers:

There are a number of points to look at:

1. This line: loanTerm = loanTerm * 12; should be: monthnum = loanTerm * 12;

2. This looks suspicious: newIntRate = newLoanBal * monIntPaid;
I am unable to understand the statement.

3. To round it up to 2 decimal places, create this method after main:
private static double RoundUp (double Value)
{
//return (Value);
return (((int)(Value * 100.0) + 5) / 100.0);
}

Then change your print statement to call this function:
System.out.println(RoundUp(newIntRate) + “%t$” +
RoundUp(monthlyPay) + “t$” +
RoundUp(monIntPaid) + “tt$” +
RoundUp(newLoanBal));

William asks…

Mortgage Payment with Tax Included?

I’m in the process of purchasing a home. The house is $120,000.00 and the taxes are $3836.00 annually 100% financing @ 5.2%. It is mandatory that the taxes are included in my mortgage payment, says my lender. So my question is how is it factored in…I’m confused by how that works. What would be my overall loan amount and monthly payments?

BTW, I looked at several different calculators and they all vary….

Please someone with experience reply.
Thank you 🙂
Opps, I forgot to mention it is a 30 yr mortgage, our insurance coverage (which is really good b/c of it being combined with my auto insurance) is only $17 per month and we wont have a PMI.
Yes 100% and my lender doesn’t think its bad with me and my credit so if you can’t answer my question don’t reply at all thank you.

admin answers:

It will also include your homeowners insurance. I’m assuming a 30-year mortgage. Principal and interest of $658.93. Tax of $319.66. Insurance: I’m guessing $1,000 a year for $83.33. PMI (mortgage insurance) of $104. Total: $1,165.92.

Ken asks…

can someone help me to check this progeamming?HELP!!!!!!?

this is html with JavaScript inside. but it does not work. i cannot find out any errors.

<!–Jingyan Sun
July 20, 2010
CSC110
This is my week three homework. It is a Metro Bank Mortgage Calculator that calculate loan payments. the user will enter
the amount to borrow from the bank, the annual interest rate percentage, and the number of years. Then The program will
display the monthly payment and the total amount of interest that will be paid.
–>

Metro Bank <strong>Mortgage</strong> <strong>Calculator</strong>

////////////////////////////////////////////
// FUNCTION DEFINITION ///////////////////
////////////////////////////////////////////

/* compound — function to calculate monthly payment
* parameter A — amount of the loan
* parameter r — interest rate per period (for this calculation, each month is 1 period)
* parameter n — number of periods
* returns the future value after payment
* NOTE: A, r, and n are the traditional variable names in this equation
*/
function compound(A,r,n){
var a = A*r/(1-Math.pow(1+r,-n));
return a;
}

/* COMPOUND — fuction to calculate total interest paid
* parameter P — the monthly payment
* parameter n — the number of periods (each month is one period)
* parameter A — amount of loan
* NOTE: P, n, and A are the traditional variable names in this equation
*/
function COMPOUND(P,n,A){
var b = n*P-A;
return b;
}

Metro Bank Mortgage Calculator


//declare the variables

var amount, length, interest, LENGTH, payment, INTEREST;

//input section

var amount = parseFloat(window.prompt(“please enter the amount of loan you want”,””));
var length = parseFloat(window.prompt(“please enter the length of loan in years”,””));
var interest = parseFloat(window.prompt(“please enter the annual interest rate in percentage”,””));

//process section

var LENGTH=12*length;
var payment = compound(amount,interest,LENGTH);
var INTEREST = COMPOUND(payment,LENGTH,amount);

//output sectin

document.write(“The amout of loan is $”+amount.toFixed(2)+”
” );
document.write(“The length of loan is “+length.toFixed(2)+” years
“);
document.write(“The annual interest rate is “+interest.toFixed(2)+”%

“);
document.write(“Your monthly payment is $”+payment.toFixed(2)+”
“);
document.write(“Your total interest paid is $”+INTEREST.toFixed(2));

admin answers:

In the second part of your javascript, you wrote:

It should be Java right? Not Jave 🙂

John asks…

I have 4 errors on this program and I cannot get it to compile, what is wrong?

Here are the codes can someone please help.
* Week 5 Assignment
* Write the program in Java (without graphical user interface) and have it calculate
* the payment amount with 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5%, 30 year at 5.75%.
* Use an array for the different loans. Display the mortgage payment amount for each loan and
* then list the loan balance and interest paid for each payment over the term of the loan.
* Use loops to prevent lis from scrolling off the screen.
*
*
*/

package mcbridemortgagecalculator2;

/**
*
*
*/
import java.lang.Math;
import java.text.DecimalFormat;

class McBridemortgagecalculator2 {

public static void main(String[]atgs){
//Declare variables
int loanAmt = 200000;//Principal loan amount
int [] loanTerm = {84, 180, 360};//Loan term for 7 years, 15 years, and 30 years
double[] intRate = {5.35, 5.50, 5.75};//Interest rares for 7 years, 15 years, and 30 years
int monthNum = 85;
int montNum2 = 181;
int monthNum3 = 361;
int loanNum = 0;
int line = 0;
double monthlyPay = 0;//Display monthly payment calculation
double newLoanBal = 200000;//Loan balance
double monIntPaid = 0;//Interest paid
double newIntRate = 0;//Monthly interest rate
double monPrinPay;//Monthly principal payment
DecimalFormat money = new DecimalFormat(“$0.00”);//Display mortgage amount in decimal
DecimalFormat interest = new DecimalFormat(“0.00%”);//Display inteest rate amount in decimal

//Display message in the console window
System.out.println();
System.out.println(“McBride Mortgage Calculator 2″);
System.out.println();
System.out.println(“This program will calculate three separare mortgage payments for a $”);
System.out.println(“with the following loan terms and interest rates”);
System.out.println(“7 years @5.35%”);
System.out.println(“15 years @5.50%”);
System.out.println(“30 years @5.75%”);
System.out.println();
System.out.println(“Following the math calculation of the payments, the program display the”);
System.out.println(“mortgage payments, interest paid, and loan balance for the terms of the”);
System.out.println(“three different loans”);
System.out.println();
System.out.println(“The loan results are as follows”);

int i;

for (i = 0; i<= 2; i++)
{
int j;

for (j = 0; j<=2; j++)
{

//Performs calculation for loan term, interest rate, and monthly payment
loanTerm[i]= loanTerm[i];
intRate[i] = (intRate[i] * .01)/12;
monthlyPay = loanAmt * intRate[i]/(1- Math.pow(1+ intRate[i],-loanTerm)); ( THIS IS THE 1 ERROR)

if (loanNum <= 2)
{
loanNum++;

//Display results for each loan in the console window
System.out.println();
System.out.println(“Loan” + loanNum);
System.out.println(“********************”);
System.out.println();
System.out.println(“The monthly mortgage payment for a $” + loanAmt + “over a” + loanTerm);
System.out.println(“interest rate =” + (money.format(monthlyPay)));
System.out.println();

System.out.println(“The mortgage payment, interest paid, and loan balance for the loan is as”);
System.out.println(“follows”);
System.out.println();

}

//Begins loop
while (newLoanBal >0);
{
newLoanBal = 200000;

if (i > = 0) ( THIS IS ERROR 2)

monIntPaid = intRate[i] * newLoanBal;
monPrinPay = monthlyPay – monIntPaid;
newLoanBal = newLoanBal – monthlyPay + monIntPaid;

//Display result of calculations for monthly principal paid, and new loan balance
System.out.println((money.format(monthlyPay)) + “t” +(money.format(monIntPaid)));

//Decrements monthly count one month at a time until count reaches zero
monthNum—–; ( THIS IS ERROR 3)

//Pause console window, then continue calculations
if (line == 20)
{
line = 0;
try
{
Thread.sleep (2000);
}

catch (InterruptedException e); ( tHIS ERROR 4)
}
}
}
}
}
}

admin answers:

Error 1: longTerm is array.. Math.pow don’t take array as parameter
monthlyPay = loanAmt * intRate[i]/(1- Math.pow(1+ intRate[i],-loanTerm[i]));

Error 2 gap between > and =
if (i >= 0)

Error 3 There are not operator like —–
monthNum–;

Error 4 catch statement show define block.. Cannot end with semicolon
catch (InterruptedException e) { }

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The Random Character of Interest Rates. : An article from: Mortgage Banking

Product Description
This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on November 1, 1990. The length of the article is 791 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

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Title: The Ran… More >>

The Random Character of Interest Rates. : An article from: Mortgage Banking

Key economic indicators and interest rates.: An article from: Mortgage Banking

Product Description
This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on April 1, 2009. The length of the article is 385 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

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Derivatives: A Comprehensive Resource for Options, Futures, Interest Rate Swaps, and Mortgage Securities

Product Description
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Finding The Right Mortgage Loan– Consider Options On Mortgage Interest Rates

During the past decades, it was a common thinking that a mortgage loan is a mortgage loan no matter whichever is chosen– it was thought that there is no option on mortgage interest rates. But this way of thinking is not applicable anymore because of the many mortgage loan products with varied mortgage interest rates available in the market.


So, before choosing a mortgage loan or any other personal loans, it is of great importance to decide which one is right for you. Finding the right mortgage loan means balancing your mortgage alternatives with your housing requirements and financial picture, now and in the future. Also the right mortgage is not just having the lowest mortgage interest rate but much more than that. And this “much more” will be determined by your personal condition. Your personal situation and your limits to pay for monthly mortgage obligation can be evaluated by answering the following questions:


1. What is your current financial status (this would includes income, savings, cash reserves and debt-to-cash ratio)?

2. How you expect your finances to changeover in the coming years–your improvement in terms of financial stability?

3. Have you plan to return the mortgage loan before your retirement?

4. How long you plan to keep your house?

5. How comfortable you are with your changing mortgage payment amount– are you able to manage flexible payment?


The answers to these questions will give you the knowledge of your financial condition. Now the next step is to decide two key options:


1. Mortgage length,

2. Type of mortgage interest rate (fixed interest rate or flexible interest rate).


The length of mortgage loan can be 15 years (minimum); can be 20, or at 30 years (maximum). While choosing a fixed or adjustable mortgage interest rate you should be aware of the facts that the adjustable mortgage interest rate is more risky because the interest rate will change, while a fixed-rate loan offers more stability because of the locked-in rate.


You will be able to pay off a shorter-term loan more quickly, but your monthly payments will be substantially larger. Long-term fixed-rate loans are well-known because they offer certainty, and many people find that they are easier to fit into their financial budget. Though, in long run they will cost you more, but you will have more available capital when you need it, and you will be less likely to default on the loan should an emergency comes.


In the light of above mentioned ideas and constraints, it is clear that the key to select the appropriate mortgage loan or any other personal loan for your needs should fit comfortably into your entire financial condition, that is having payments within your budget and comfortable level of risk connected to it.

To read more,visit http://www.moneyinfo101.info/

Important Details About an Interest Only Mortgage Loan

An alternative form of mortgage that has been seeing a growing popularity in recent years, the interest only mortgage loan allows a borrower to pay only the interest on the money that they borrow for a specified period of time. Once that time period has expired, the full loan amount is due; this allows many borrowers to save up money for the mortgage payment during the initial payment period without having to struggle to meet a large payment amount every month. These loans can be very useful for those who are on an infrequent or irregular pay schedule, especially when they will be seeing a larger influx of money at a later date from investments or large surges in income. These loans are not for everyone, but provided that you are fully informed about how the loans work you may find that they are exactly what you have been looking for.

Interest only mortgage loans can be very useful when you are trying to purchase a house or other property but will not be able to afford full mortgage payments at this time. Since you are only paying the interest on the principal amount that you borrow instead of making payments for both the interest and the principal, the amount of each payment is going to be significantly lower. When the total amount finally becomes due, you will have to pay only the principal because you have been taking care of the interest as it was accrued. With most interest only mortgage loans, this will give you between five and seven years to save up the money that you need or to make investments that will pay off the principal amount once it becomes due.

This is not to say that paying off your interest only mortgage loan is your only option when the final loan amount becomes due, of course; most lenders will offer you the option to refinance the remainder of your loan for an additional term, in some cases changing both the term and the interest rate on the refinanced loan so that you can get a better deal when repaying the original mortgage amount. Some borrowers will take advantage of this in order to refinance the principal into a more standard mortgage type, using the time that they were paying only the interest on their original loan to save up enough money to be able to better meet the full payments that go with a traditional mortgage.

A number of lenders will allow you to make payments on the principal when it comes due instead of having to pay the entire amount at once, though it is important that this is negotiated beforehand so that you do not expect to be able to make payments when they are not offered. This is not without its drawbacks, of course, since the interest rate that is charged on these payments will generally be higher than what was being charged when you were only paying the interest. Even if the interest rate does not change, you will still have a significantly higher amount to pay each month since you are paying against principal as well as having to keep up with the interest that is being applied to your balance each month.

Many people who are in the process of advancing in their careers find interest only mortgage loans very appealing, since it lets them save money now while they’re still working their way up the corporate ladder. By the time that the principal amount becomes due or they have to refinance, there is a good chance that these same individuals will be making significantly more money than they were when the loan was first taken out. This can be especially useful if the loan features a fixed interest rate, since that will allow these borrowers to keep the same rate even as they receive cost-of-living increases on top of any raises or other advances that they might receive as they advance their careers. This is a great option since the interest stays at a fixed amount allowing you to pay that first.

Not everyone will see the same benefit from interest only mortgage loans, of course. For those who have steady but moderate incomes, the savings from an interest only mortgage loan may not be enough to cover the full amount of the principal when it becomes due. These individuals may be better served by a more standard mortgage loan, or will need to plan in advance to refinance the loan once the interest only period expires. Should one of these individuals still be interested in an interest only mortgage, their mortgage lender may be willing to work with them to develop a refinancing plan so that they will already have an idea of exactly how they should refinance their loan when that time arrives.

Brian Jenkins is a freelance writer who writes about economic issues and financial products pertaining to the mortgage industry such an adjustable rate mortgage or the lowest mortgage rate.