Your Questions About Mortgage Calc

Donald asks…

Mortgage Calc Help. Not sure what I am doing wrong?

I have my code, but I am getting an error. Can anyone help please? My error is: “Error 1 ‘lstLoanInterest’ is not declared. I am unsure of how to write this out. Maybe a string?

Private Sub CalculateButton_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles CalculateButton.Click
‘Calculate the Monthly Payment’
Dim dblAmount, dblMonthlyRate, dblMonths, dblMonthlyPayment As Double
‘Convert input values to numeric values’
dblAmount = CDbl(LoanAmount.Text)
dblMonthlyRate = CDbl(InterestRate.Text) / 100 ‘allows interest rate to be entered whole number’
dblMonths = CDbl(Years.Text)
‘Format input values’
LoanAmount.Text = FormatCurrency(dblAmount)
InterestRate.Text = FormatPercent(dblMonthlyRate)
Years.Text = FormatNumber(dblMonths)
‘Calculate payment’
‘Results for listbox should be new loan balance and interest rate’
Dim PVal, FVal, mPayments As Integer
Dim APR, iPayment, TotInt As Double
Dim pPayment, TotPrincipal, dblBalance As Double
PVal = dblAmount
FVal = 0
APR = dblMonthlyRate / 12
mPayments = dblMonths * 12
dblBalance = dblAmount
For period As Integer = 1 To mPayments
iPayment = IPmt(APR, period, mPayments, -PVal, FVal, 1)
pPayment = PPmt(APR, period, mPayments, -PVal, FVal, 1)
lstLoanInterest.Items.Add(FormatCurrency(TotPrincipal).PadRight(25) & FormatCurrency(iPayment).PadRight(25) & FormatCurrency(dblBalance).PadLeft(25))
Debug.WriteLine(” Pmnt #” & period & ” -> Principle =” & FormatCurrency(TotPrincipal).PadRight(14) & ” Int Paid for Payment #” & period & ” is ” & FormatCurrency(iPayment) & ” Bal. =” & FormatCurrency(dblBalance))
TotInt = TotInt + iPayment
TotPrincipal = TotPrincipal + pPayment
Dim monthlyPayment As Double = CDbl(iPayment + pPayment)
dblBalance = dblBalance – (monthlyPayment – iPayment)
lstLoanInterest.Items.Add(” _______________________________”)
lstLoanInterest.Items.Add(” Total interest paid: ” & FormatCurrency(TotInt))
lstLoanInterest.Items.Add(” _______________________________”)
lstLoanInterest.Items.Add(” Total Paid after: ” & mPayments & ” Payments = ” & FormatCurrency(TotInt + TotPrincipal))
lstLoanInterest.Items.Add(” _______________________________”)
lstLoanInterest.Items.Add(” Last Payment is an interest payment of course, and it is ” & FormatCurrency(iPayment))
‘Format answer’
dblMonthlyPayment = CDbl(iPayment + pPayment)
PaymentLabel.Text = FormatCurrency(dblMonthlyPayment)
End Sub
I am trying to list the amortization table for the mortgage.

admin answers:

You can’t access the “add” method of the list before you declare it:

lstLoanInterest.Items.Add() will fail because lstLoanInterest isn’t declared yet

You need to declare the list:

Dim lstLoanInterest As New ListItemCollection

before you can add anything to it.

Laura asks…

DTI 35% calc before or after mortgage?

Ok, so my hubby’s DTI ratio is 35%. This is without a mortgage payment (darn car payment and student loans) (we are trying to get a house). Does our new mortgage payment need to be calculated with this number? Will a lender look at that and say the ratio is too high to qualify for a mortgage?
can you please explain to me how they look at this? We’re trying to get FHA in Pennsylvania.

admin answers:

Up until about 8 years ago, lenders required that your total debt to income could not exceed 36% of your gross monthly income and that includes your mortgage. Sub prime lending came along and increased the dti to 50%. FhA is making alot of drastic changes at this point in order to give people a chance to refinance or purchase new homes. Your best bet is to arrange a meeting with an FHA approved lender to get the latest news of the changes. You can find these lenders in your yellow pages. Words of wisdom: Do not go more than 40% of your gross income into debt.

Michael asks…

Is there anything wrong with getting a 30 year mortgage when I expect to sell my place within 7 years?

Thanks everyone for pointing me toward the mortgage calculator. Follow up question, if you don’t mind. I calc‘ed a 15 year mortg and a 30 year mortg and obviously I like the monthly payments on the 30 better! I have my eye on a property that I would expect to appreciate in 5 years. Is there anything wrong with going for the 30 year mortg if I expect to sell in 7 years?

admin answers:

Do the mortgages you are considering have fixed or adjustable rates? The 30 year fixed usually has the highest monthly payments. Why not look at a 7 year ARM (or even a 10 year ARM to be safe) – that wil have a fixed rate for 7 years and then convert to adjustable after that.

John asks…

Need Help with Loan Calc Logic in C# for ASP.NET 2.0 App?


I am coding a ASP.NET 2.0 mortgage calc app and need some help with the C# code required to perform the actual calcs. Here are the specs.

The following data is available:
– Selling price
– Down payment
– Interest rate (value between 0.0 and 1.0)
– Number of years
– Periods per year (12, 24, 52)
– Payment per period

Based on validation groups, I need to calc the following:
1. Payment per period using the following formula
payment = (Principle x Rate) / (1 – (1+Rate)) ^ -period
“Payment is equal to principle times rate divided by 1 minus (1 plus rate) to the negative period power”
2. Loan amount using the following formula
loanAmount = Payment *(1 – (1 + Rate)^-period)/Rate
“Loan amount is equal to payment times 1 minus (1 plus rate) to the negative period power divided by rate”

Any help is appreciated!

admin answers:

These people might be able to help you..

They gave me great help.
I hope this helps you.
Good Luck!

William asks…

nd mortg calc on a Freddie/fannie web pg vry hlpful but can’t find it. wd hv 2 go into toolbox link once there

When purchasing a house a yr ago I used a very helpful tool on either a fannie mae or freddie mac web site. once on the site, you would click on the toolbox link and it would bring up this really detailed page where you would input all of your info (interestr rate, cost of property, mortgage ins, taxes, homeowners ins etc) and it would calculate the payment for you. The one I’ve seen recently is no where near as detailed nor does it request all of the pertinent info like the other one did that I used before. Does anyone know what site I am referring to?

admin answers:

Try this link for Fannie Mae. It’s listed under Home Buyers Resources:

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Your Questions About Mortgage Calculator

Charles asks…

Where can I find a buy to let mortgage calculator?

Does anyone know where I can find a good buy to let mortgage calculator online?

admin answers:

Google is your friend….

Lisa asks…

Where can I find a mortgage calculator to put on a web page?

I am in the process of teaching myself how to build web pages. I am working on one now for a friends mortgage company. I need a mortgage calculator. Where can I get one?
Any other suggestions? not exactly what I was looking for. Sorry But thanks anyway

admin answers:

Theres one here

View the source code and look for the javascript file that powers it.

Linda asks…

Where is a mortgage calculator whcih shows whether I should refinance?

Where do I find a calculator that shows whether it is worth paying a penalty ($2700) to break my existing mortgage(4.71%with 2 yrs left to go with a lower rate (3.55%)?

admin answers:

For calculators on mortgages, try

They have all kinds of calculators and information, including info on how to figure out when it is worth refinancing.

(does “2 yrs left to go” refers to when you don’t have to pay a penalty? If you have many years to go on your mortgage, consider getting a fixed rate if you think interest rates may go up in the future…)

You can even comparison shop for mortgages on

Laura asks…

Does anyone know a good mortgage calculator?

I need a mortgage calculator which will give you interest paid for each year on a repayment mortage.
This (obviously) decreases as it is paid off and is required if the interest is being used to claim back tax.
The only ones I ever find just give the monthly repayment amount and total interest over the life of the mortgage.

admin answers:

A month by month calculator – I always use this!!!


Helen asks…


admin answers:

I found this mortgage calculator a few months ago. You can even download their mortgage calculator to your desktop. Check it out.

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Your Questions About Mortgage Calc

Linda asks…

Where can I find the formula & lookup table for a reverse mortgage? I want to build/code a reverse mtg calc.?

I find plenty of calculators, but I want to actually build my own so I can make it fancy with sliders to balance between lump-sum payout and monthly payments and equity line. Anyone know? Thanks much!

admin answers:

Tables are worth LESS for this purpose than not having a clue. If formula is EXACTLY the same as for ANY loan. If you can’t figure out how to apply it without our help, you are not qualified to build the calculator you propose.

Chris asks…

without using a mortgage calc. but with a regular calc. how do u calc arm rates?


admin answers:

You can’t unless you have a lot of time on your hands. The reason a mortgage calculator, or financial calculator, were created is that the money needs to be itteratively multiplied by each interest period as it is moved through the months. So asking what is a $500 monthly payment one year from now worth assuming 6% interest, is not simply taking 12×500. You have to calculate the interest for each month. This simple problem takes 12 multiplications and additions all in a row. It just aint worth it. Mortgages are a lot longer than a year and will take forever to do.

Use an online calculator:

Ken asks…

How accurate are online mortgage calculators?

How accurate are those online mortgage calculators like this one: I know this one is pretty basic, but can i expect to pay pretty close to what the calculator spits out?

admin answers:

You will pay exactly what the mortgage calculator pops out. However there are a couple things to look out for. Many mortgage calculators assume you are putting 20% down. So make sure you change the amount you are putting down.

Also keep in mind that the payment that is spit out is simply for the principle and interest of a mortgage payment. You also have to include property taxes, hazard insurance, and possibly Private Mortgage Insurance.

Ruth asks…

how to round up 0.125 to say 7.4250% on a calc mortgage rate adjusting soon need help?

admin answers:

It’s up to the nearest one-hundreth. So in that example, 7.43%

James asks…

I am buying a house, I uses mtg calc, but does anyone know the p[ayment on a 120k mortgage?

I have a 30 yr lined up, don’t know the interest rate off top of my head. I was curious if anyone was a mortgage broker and could give advice. Its a 100% loan with seller concession included.

admin answers:

Okay, you’re looking at a bottom line of $750.00 a month at a 6.5% interest rate.

You also need to consider other things to add in, though. Property taxes, homeowner’s insurance and the nasty one – PMI – primary mortgage insurance. Because your loan is 100% financed there is a good chance that you will have to pay PMI, it’s basically paying an insurance to the mortgage company so they can get their money back in the case that you default. (Yep, you’re betting against yourself! How messed up is that?!?)

On the bright side, the PMI goes away after you have 20% of what the house is worth in Escrow! (Please don’t ask me to explain that. I understand it but it’s hard to explain! LOL)

Overall you’re looking at about $950.00 a month. Pay into that Escrow every chance you get!

(We bought a home 2 years ago at $135,000 with a 4.9% fixed interest. The monthly payment is $1100.00 a month. Ouch!)

Congrats and good luck.

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Mortgage Calculator: Quicky Rate and Home Loan Estimator

If you are thinking about selling, buying or possibly refinancing your home, youve probably been doing a little research into mortgage rates. It is important to not only find a home in your price range, but also to obtain a loan that matches your budget. Mortgage rates vary in different parts of the country, even within a single state. The mortgage game can be a frustrating, stressful and exhausting experience. But there is something out there to help make the process of researching rates and payments a little easier for you, and its free!

Have you ever heard of a mortgage calculator? Its a handy, little, online device to give you some assistance in the plight to figuring out what your mortgage payments will be. The mortgage calculator bases its estimations on percentage rates, the loan amount you are receiving, and the area where you live or hope to live. Theyre simple to use and can give you a pretty accurate idea of what to expect in terms of what you will be paying out each month.

There are several websites that offer the free mortgage calculator service. One excellent online resource is Their website has an electronic mortgage calculator that not only gives you an estimation of your monthly payment based on rates and loan amounts, but offers a total of six different ways to make this determination. Based on how you would like to pay your loan, you can calculate what the payment will be based on points, percentage rates and length of the loan. You can alter any of those numbers to get different estimations and ultimately, a really good idea of what to expect in terms of financing options. By utilizing the Monthly Payment calculator, you can enter information about your property such as value, taxes and insurance requirements to receive an even more accurate estimation of what your payment might be.

Take advantage of mortgage calculators. They are a free and easy way to get a good idea of what you can expect to pay for your new home or business property. Getting this information in advance might be one way to cut down on the stress of trying to figure out the best way to finance, and give you a little peace of mind knowing, up front, what you can or cannot afford to pay.

Mortgage Calculator And Interest Rates

One of the best ways to use a mortgage calculator is to help you to compare the interest rates of various loans. Applying for and getting a home loan is a lot of work. It is not something that is easy to do unless you do not care how much you will be paying for your home. Since this is one of the largest investments you will ever make, you will want to insure that you get the best loan for your home as well as for your pocketbook. You can easily do this, though, when you take the time to use this type of tool.

The interest rate of a home loan is the most costly part of it. This is the percentage that you will pay to borrow the money to buy the home. Nothing is more important to compare when looking for a home loan than this number. What makes it confusing and even enticing is the fact that many lenders out there who are all offering slightly different interest rates. How do you know which one is offering the lowest rate? If you like one company and would like to work with them, but someone else is offering a lower rate, what will it cost you? These are just what you can learn from using a mortgage calculator .

This tool allows you to compare what is out there. You will simply need to punch in some numbers such as the interest rate of the potential loan, the terms of the loan and any fees that may be included as well as the amount of your down payment and out comes a lot of information that is vitally important to your decision. You will learn how much this particular home loan will cost you. The mortgage calculator will tell you how much you will pay monthly in your payments. It will also tell you how much you will pay in total cost.

Now, if there are other interest rate charges out there that you are considering, you can use the tool to see just what the difference will be. Simply go back to the blank mortgage calculator and input the necessary information for the new potential home loan. You will get all of the same numbers, this time with the new totals for the new rates. Because there is no charge for using this tool and there is no obligation for using it, it is easy to keep using it to keep seeing the various options that you have.

This tool is easy to use too. You can use it to provide you with all of the things that you need to make a good decision about the home loan you are taking in. Compare several different home loan lenders to see what they can offer you and to see just what the difference in dollars and cents is. Taking just a few minutes to carefully consider these options, by using a mortgage calculator can help you to benefit many times over in your home loan.

Mortgage Calculator Hopes – The American Dream?

A family and a home of my own. These are the dreams of millions of little girls. The harsh reality of adulthood can push those dreams done. Many times it’s just because there seems no way. A mortgage calculator can crunch the numbers fast and show what it really takes to into a home. Savings, time and planning can make it happen.

A mortgage calculator is simple to use. You just fill in the right bits of information, and then ask it to calculate the end result. You already have the information, such as the selling price of that house you’ve fallen in love with, and the interest rates that a variety of mortgage lenders are offering. Then you input different variables into the mortgage calculator to see what kinds of payments you would need to come up with each month.

Use different mortgage calculators to find out whether a fixed rate, or adjustable rate mortgage would be better in your financial situation. Use a comparative mortgage calculator to see a clearer picture of what each would mean in the terms of real money each month. Perhaps you need steadier control over your expenditures now. A fixed rate mortgage would be best to start with the expectation of switching to an adjustable mortgage when your finances are more settled.

Take a look at the length of time you want to be paying your mortgage. Have the mortgage calculator give you the monthly payments for a variety of different options. It’s possible that a slight increase in monthly payment could substantially reduce the amount of time you’re paying for your home. This is as ideal use for a mortgage calculator as you consider options.

In conjunction with a mortgage calculator, use a home budget calculator to work out the kind of budget you realistically have to work with. Although it might seem that you can afford this home of your dreams, the reality might be very different. It sounds okay to think that you’ll go without a vacation this year. Or you could make gifts for Christmas and switch to cheaper brands of groceries in order to be able to live in this house.

But this isn’t just for one year; this is going to quite a long term commitment. You must seriously think about emergency situations. What would happen to your home if you suddenly became ill and couldn’t work, for example? Do the figures you’re using with the mortgage calculator allow for homeowner’s insurance? What about property taxes?

While you are using the home budget calculator, input a few figures that would be an rough estimate of monthly utilities for the new home. If it is substantially larger than the one you live in now, you might expect your monthly payments higher than your current ones. By using this total together with the mortgage calculator total, you can get a fairly accurate picture of what your monthly expenses would be on the new home – and whether or not you are able to afford it without putting it at risk if your finances suddenly decrease!

Mortgage Calculator Reveals Big Savings

Having agreed on a monthly payment schedule with your mortgage lender doesn’t necessarily set that amount in stone – that’s just the minimum you can pay! By playing with a mortgage calculator, particularly a pre-payment loan calculator, you can see where extra payments can make long-term savings on your mortgage.

The mortgage calculator will quickly show that you don’t have to pay large sums of additional cash in order to make a difference. Even regular smaller sums can greatly reduce the length of time you are paying your mortgage. They will even reduce the amount of interest you would be paying. Imagine that the mortgage you thought would be with you until you were 50 can be painlessly paid off by the time you are in your mid 40s! That’s strong motivation to try out the appropriate mortgage calculators to see what kind of financial additional payments you need to make this achievement.

The first thing you need is to use a home budget calculator to check your current financial situation. How much disposable income do you have each month? Where does this go currently? Could you comfortably commit an additional $50 a month, for example, to your mortgage? Put that figure into the mortgage calculator and see what difference it would make to your long-term mortgage picture.

It can get addictive to try and shave off more of your disposable income and put the increased amount into the mortgage calculator, but beware of over-stretching your finances. While it’s exciting to see how much faster you could pay off your mortgage, and so fast to see the results that the pre-payment mortgage calculator gives you, it’s also easy to get carried away and forget that you need to keep finances in hand for other things!

One of the best things you can do is to find a minimum additional monthly payment that you can make without creating too much of a problem – perhaps by canceling subscriptions you don’t use, or by cutting out one trip to a well-known coffeehouse each week. Use the mortgage calculator to work out the difference this makes to your mortgage principal. This is the least impact you will make on your mortgage.

Next try and save an additional sum in a separate banking account and try not to touch this. If you haven’t had any emergencies requiring the money during the year, withdraw it after 12 months and make a single extra additional larger sum payment against the capital (still making that basic monthly payment in the same month!) and then use your mortgage calculator to see how much difference this has made. This way you can keep that money handy and still reduce your mortgage. But it will not reduce your interest as much as paying out monthly. Be sure to check out all these variables on the mortgage calculator.

A mortgage for your home is a long-term commitment, but using a mortgage calculator you can see how it’s possible to reduce the time period with additional small monthly payments. Paying off your mortgage quicker, and paying less interest, without financially hurting yourself – isn’t that worth exploring further?

Mortgage Calculators Confusion?

When you first start using a mortgage calculator such as Karl Jeacle’s Graphing calculator, you might easily get confused, especially if you are new to the world of buying property. The sliding scales on this calculator aren’t what some people are used to seeing.

Most people are used to typing their numbers into boxes with familiar features. But don’t be dazzled only by the graph, boxes are still available further down the page so that you can use numbers instead of the scales. Using Karl Jeacle’s mortgage calculator against one on a different website can give you different a different feel for what looks like the same set of figures.

It’s all to do with the basic programming that has developed around mortgage calculator. Some mortgage calculators are very basic, they input very simple basic numbers and a few calculations take place in the program behind the scenes on your computer. They give you suggested figures that, although not perhaps 100% accurate, will give an approximate idea of what the property will cost you.

There are other factors that need to be taken into account when a mortgage is computed, such as your age and state of health for example. Many basic mortgage calculators won’t take this into account, but some more sophisticated programs can. These will give a more accurate analysis of the mortgage situation you would face as it will have more information about you personally. The more the mortgage calculator knows about you, and the property, the more detailed and accurate the answers it gives will be.

This is another reason why sliding scales such as Karl Jeacle’s Graphing calculator might not work for some people. Sliding scales are often better for approximation rather than specific numbers. Perhaps 48 instead of 50 is “almost” right, but it’s not going to create the most accurate analysis and the hard figures you need to figure out your budget and finances. The various colors on this mortgage calculator are also a little less clear than straight forward numbers.

So why even mention Karl Jeacle’s mortgage calculator? Even though it won’t give you precise numbers, and no calculator does, the graphics give you a feel for just how much that mortgage is really costing you. You can see for yourself, graphically, how adding a little bit to your monthly mortgage payment makes a large difference down the road.

Using a variety of different mortgage calculators gives you a good overall feel for how a mortgage on a particular property would affect your budget.

But, make sure that you know what their figures are based on. For example, the mortgage calculator may not ask you for a mortgage term, but somewhere on the calculator site there may be a note to say that calculations are based on 30 year mortgages.

The same could be true about interest rates. While some mortgage calculators ask you to input the interest rate, others assume an “approximate” rate. Mortgage calculators linked to specific lenders could take the interest rate automatically from the lenders financial pages so they are the current default rate and not able to be altered even if you have perfect credit.

Use one calculator at first to pin down your basic options and figures. Then test those numbers out on a variety of mortgage calculators to get the best feel for how your new mortgage will affect your finances and change your life.