Your Questions About Mortgage Payment Calculator

Mandy asks…

Who comes up with mortgage calculators?

I’m a single mother who has not debt a credit rating of 783 and pay 1415 in rent & that is just rent that doesn’t include water, power, trash, phone, cable or anything else. Through those in and it’s closer to $1800.I have no debt not even a car payment. I make sadly only about $40,000 dollars as an executive assistant. I don’t live lavishly and while like any woman enjoy nice things I know when & what I can afford and live within my means though admit sometimes times are tight but I know what I can afford & never bite off more then I can afford even if I might like something better. I don’t mind paying what I currently pay cheapier would be nice but still & yes I know about property taxes which where I live is about 10% paid twice a year. My point and question is I would like to buy a condo or house obviously it makes more sense so how come if I go to a “how much home can I afford” calculator it will tell me I can only afford a loan for $150,000 if that even at a fix rate and for 30 years. When even after taxes I would make well over that in 30 years.

admin answers:

Your house payment including taxes insurance & PMI must be 31% or lower of your monthly gross income. Your total debt can’t exceed 43% of your gross monthly income. It is not based on what you will make, but total gross monthly income.

Nancy asks…

How can I fix this Java applet?

When doing this, I need to have the user input their principal, interest rate, and time period (in years) to get the monthly payment. I wanted to know what to do so that this applet works on the web? Do I have the correct parameters?

import javax.swing.*;
import java.awt.Dimension;
import java.awt.FlowLayout;
import java.awt.LayoutManager;
import java.awt.event.*;
import java.text.DecimalFormat;
import java.applet.*;

public class MortgageCalc extends Applet implements ActionListener {

private static final long serialVersionUID = 1L;
public JLabel ir, tp, pa, mp;
public JButton calculate;
public JTextField TFir, TFtp, TFpa, TFmp;
LayoutManager Layout;

/*public void start()
{
MortgageCalc mc = new MortgageCalc();
mc.go();
}//ends main menu*/

public void init()
{
JFrame frame = new JFrame(“Mortgage Calculator“);
frame.setDefaultCloseOperation(JFrame.EXIT_ON_CLOSE);
Layout = new FlowLayout();

ir = new JLabel(“Interest Rate: “);
TFir = new JTextField(“”, 10);

tp = new JLabel(“Time Period (Years): “);
TFtp = new JTextField(“”, 10);

pa = new JLabel(“Principle Amount: “);
TFpa = new JTextField(“”, 10);

mp = new JLabel(“Mortgage Payment: “);
TFmp = new JTextField(“”, 10);
TFmp.setEditable(false);

calculate = new JButton(“Calculate”);
calculate.setMaximumSize(new Dimension(25, 25));
JPanel button = new JPanel();
button.add(calculate);
calculate.addActionListener(this);

frame.getContentPane().setLayout(Layout);
frame.getContentPane().add(ir);
frame.getContentPane().add(TFir);
frame.getContentPane().add(tp);
frame.getContentPane().add(TFtp);
frame.getContentPane().add(pa);
frame.getContentPane().add(TFpa);
frame.getContentPane().add(mp);
frame.getContentPane().add(TFmp);
frame.getContentPane().add(button);
frame.setSize(300, 200);
frame.setVisible(true);
}//ends public void go()//ends public void init()

public void actionPerformed(ActionEvent ae)
{
double Interest = Double.parseDouble(TFir.getText());
double TimePeriod = Double.parseDouble(TFtp.getText());
double Principle = Double.parseDouble(TFpa.getText());

double MonthlyPayment, SimpleInterest;

Interest = Interest * .010;

SimpleInterest = Interest * Principle * TimePeriod;

MonthlyPayment = SimpleInterest – (Principle*(Principle*Interest*TimePeriod))/(TimePeriod*12);

DecimalFormat monthly = new DecimalFormat(“$0,000.00”);

TFmp.setText(“” + (monthly.format(MonthlyPayment)));
}//end public void actionPerformed()
}

admin answers:

For starters, without wading through your code, if you wanna use Swing widgets, you extends JApplet. There isn’t any JFrame unless you want it to open out of the browser (and that takes a trick). JFrame, JDesktopPane, JDialog and JApplet are top-level containers.

Mark asks…

Finance Calculator – HELP!?

I have download the finance calculator to work on monthly payment of a mortgage, but honestly, I don’t know how to use it. Can someone be kind enough to tell me how?

For instance:
Property Value = $500,000
Interest Rate = 1% Per annum
Repayment Period = 20 yrs

How to key in the figure n get the answer???

admin answers:

Here. Use this one instead.

Http://www.mortgagecalculator.org/

Sharon asks…

What is a smart amount to borrow for a mortgage based on my income?

My wife and I make $80,000 between us. We only have one car payment and it is $500/month. I have no other loans or credit card debt. My credit is an 805 Equifax and 762 Transunion.

I am also aware of the ratio calculators but I am not looking to borrow the maximum amount and overextend myself. Does anyone know of any other calculators that are more conservative

admin answers:

The old rule has always been that you should be able to pay your rent/mortgage with what you make in 1 week, so 80,000 / 52 is $1538 which would be the ideal mortgage for you guys…

$1538 per month that is… So factor in your down payment, do the math with a mortgage calculator and see what that comes to….

Jenny asks…

Questions from a first-time home buyer?

My husband and I are looking at buying our first house. We’ve been in an apartment for a year and a half now and we’re more than ready to move into a house and actually have some counter space and decently sized bedrooms haha.

How do you calculate mortgage payments? I saw some mortgage calculators online, but they were not accurate. They didn’t ask for interest rates or property taxes or anything like that. They just divided the cost of the house over 30 years. I would have assumed that you multiply the interest rate (we’ll say 6%) by the cost of the house. Then divide the actual loan amount by 30 and add the interest to it.

80,000 x 0.06= $4,800 (per year, interest).

80,000/30= 2,667 + 4,800= $7,466/year or $622/month.

Is that how you do it? Am I doing it wrong?

Also, my husband is paying back his school loans. Our cars are paid off. We spend $65/week in groceries, $125/month for car insurance, $116/health insurance, etc. We don’t waste money on frivolous crap… And according to this mortgage calculator online, it says he needs to make $61,000. If the mortgage + utilities = what we pay in rent now, and we’re paying that on time every month with no problems, why does it say his salary needs to be almost twice what it is now?

This is stressful…

admin answers:

In my part of Texas your house payment on a $80,000 house with FHA minimum down payment, your monthly payment would be about $800 including homeowners insurance and property taxes.

Every mortgage calculator I have seen on line includes the principal and interest. It is not figured the way you did. But you made a good effort. Each payment remains the same but the principal is slightly higher with each payment and the interest in slightly lower.

The insurance depends on exactly what policy you buy and the taxes depend on your tax district and any exemptions you can take.

The calculator is making a lot of rough guesses. When you talk to a loan officer they will be able to take into account how good you have been with money and come up with a much better idea of what you will qualify for.

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Your Questions About Mortgage Payment Calculator

Michael asks…

House Buying, please please help?

Interest= 5%
25 year amorization
5 year team
bi weekly
house cost= 219.99

Using this link:
http://www.mortgagecentre.com/index.cfm?pg=21&CFID=994203&CFTOKEN=93153679

go to “Mortgage Payment Calculator

How would i calculate:

mortgage

amount owning (after 5 years)

total interest paid (after 5 years)

total principal paid (after 5 years)

total interest paid (after 25 years)

PLEASE HELP!
HOUSE COST ** 219, 999

admin answers:

Www.bankrate.com has a better calculator that will give you that.

Sandy asks…

House Buying, please help?

go to this link:
http://www.mortgagecentre.com/index.cfm?pg=21&CFID=994203&CFTOKEN=93153679
then click on “Mortgage Payment Calculator

Okay, so using that calculator how can i figure out:
amount owning (after 5 years)

total interest paid (after 5 years)

total principle paid (after 5 years)

total interest paid (after 25 years)

admin answers:

You would need an amortization calculator to find those answers. You could ask a real estate agent or lender to give you the answers or you may find a calculator on line. With any 3 figures you can determine the 4th with an amortization calculator. !-principal, 2-interest rate, 3-time (remaining years/months), and 4-monthly payment. For example, if you started with $100,000 at 6% for 30 years then you could use the paynent amount, rate and remaining 25 years to determine the principal balance after 5 years. Add up all of the payments for 5 years, deduct the remaining principal and you have the interest paid for 5 years. Too complicated? Contact a professional for help. I should not be problem for them.

David asks…

can you explain this to me?

im buying a house right,and I see the price than I also see this mortgage payment calculator,Thats just if I wanted to pay mortgage right? Im buying cash,so that doesnt apply to me correct? Or is this some sort of hidden fee,im young and I have a few hundred thousand dollars so im kind of new to buying a home :/ And no im not kidding

http://www.sethcampbellrealty.com/homes/9-Royalston-Rd-N/15880506/?index=41

admin answers:

You would be foolish to make an investment of this size and importance without the assistance of a lawyer. Buying real estate is a complicated and tricky process, with many pitfalls for the inexperienced.

See a lawyer.

Sandra asks…

A mortgage calculator java- numbers are off?

Here is my code

int time = 30; // Lifeline of the loan, which is 30 years
float Ainterest = 5.75f; // The annual interest
float loan = 200000; //The loan amount
float Minterest = Ainterest / 12; //monthly interest
float Amort = time * 12; //periodic payments of both principal and interest

//Calculation for amount each month

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

it compiles good and runs but the answer to amount is $95833.328125
im not good with math but i cant seem to figure out what i did wrong in the code
NIce i was able to figure it out for one i had to change
float Minterest = Ainterest / (12*100);

and then

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

gives me the right answer but its like $1167.1502520392705 so now i have to figure out how to get that number smaller

admin answers:

I’ve worked with the formula for finding the monthly payment and have helped many people here.

Your equation is wrong. It’s not an easy formula to type out.

Here’s a reference to the formula:

(If you can’t get your program working correctly then send me a message and I’ll send you my real email so that you can send me the source file and I’ll help you fix it.)

+add
If the number is correct then you’re talking about the formatting of the output, right? Since you don’t have your email message then you might not return to see if something else has been added. I recommend that you add your email to your YA profile.

To format a number for output look at using the String class static method
format(..)
or use
…printf(..)
instead of
…println(..)

The format string will be the same for either one. Post the print statement and I’ll tell you how to modify to print just 2 decimal places.

Don’t forget to rate answers. So far, this on is best!

Helen asks…

on average, what do you pay for housing costs?

i’m not looking for your mortgage payment, because my hubby and i can easily use a mortgage calculator when looking for houses. but, my question is…

what extra expenses do you normally pay on your house (taxes, improvements, fixes)? i’m just looking for an average, so if you just put 30K into your kitchen, that’s not what i’m looking for.

hubby and i are just trying to see how much we will need in addition to mortgage payments.

thanks

admin answers:

Summer
Util – 250 per month for air (was less in a apartment with the same size, go figure)
$35 per month for water (was less in the apt.)

Winter
158 per month util
$35 per month for water

Taxes
1214 sq ft heated/ 1400 total sqf with pool – Taxes 2000 per year in Florida
3000-4000 per year for fixes/appliances – think about painting, broken items, roof, upgrades, etc.
60 per month for pool service (dirt cheap)
Home Owners Association is $220 per quarter (they mow the front lawn)

I do get a tax credit for the taxes and interest I pay on the house, so it works out well. I’m glad I bought and so glad I’m not still in an apartment. An apartment was still more expensive and I had noisey neighbors.

All the other stuff you’ll still have in any living situation, like cable, phone, etc, so I’ll leave those out.

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Your Questions About Mortgage Payment Calculator

Thomas asks…

How do I calculate what my new payment would be if I refinanced my 30 yr mortgage?

Current rate is 6.375% fixed
Current Payment is $1,671.15 per month
Loan Amt: $242k

I have a BA-35 calculator, but can’t remember how to use it.

admin answers:

Go to an on-line mortgage calculator.
What is the new re-fi rate going to be? Fixed? 30 years?

Http://www.interest.com/content/calculators/index.asp

You probably need to speak to a lender, as rates vary depending on a person’s individual credit score, as well as the Loan-to-value ratio of the property being refinanced.

Charles asks…

Mortgage Payments?

Why is paying half of your monthly mortgage payment in the middle of the month and the half at the end of the month cuts the amount of total interest & years to the mortgage? I did not think the mortgage calculator is the same as a CC calculator. Can some please clarify.

admin answers:

Assuming the interest is accrued daily, then the money you pay in the middle of the month will not accrue interest.

For example, say you pay 7% interest on a $100,000 loan, so you pay about $20 in interest every day. Assume your mortgage payment is $1000 each month. Then each month, $600 ($20 x 30) of your payment goes just to cover the interest. If you pay $500 in the middle of the month, $300 covers the interest, and your new principal amount is $90,800. So, your new daily interest accrual has dropped to $18. On your second payment at the end of the month, only $270. Of your $500 payment goes to interest.

Laura asks…

Need a Mortgage pre-payment and bi-weekly payment function!?

I just bought my first home and I want to pay it off by the time I turn 30 years old. I’m 20 and I make 30K a year. My husband does as well. I want to pay an extra $50 monthly and $5500 yearly towards the mortgage. And I want to do this while making bi-weekly payments for principal/interest/prepayment total. The calculators I have used so far only do 2 out of 3 of the functions I want. And I cut the loan down to about 13 years that way. I know that a calculator doing all three will really knock that time down. I want a calculator that will do all three because I’m ready to pay this off and start on my next property. Can I do this myself? Please help!

Additional Details

0 seconds ago
So anyone who answers knows…I closed on my mortgage with 6.625% for 30 years fixed. I don’t need a recommendation… I would like a solution to my problem. Thanks!
Hey guys..the bi-weekly calculators are awesome. But I need a different kind of calculator.

1. Bi-Weekly
2. monthly prepay and
3. yearly prepay included.

I have already used the bi-weekly calculator from Banksite and included monthly pre-payment. But I want a yearly pre-pay function in addition to these two.
Can I do these functions on my own, without a calculator?

admin answers:

Try this biweekly calculator. Http://www.mortgagesum.com/mortgagecalculator/mortgage-biweekly.php

Lisa asks…

How do you figure amortization by hand, without the help of a mortgage calculator?

Is there a formula that I could simply plug the numbers into that would give me the amount of the payment for $137,500 with a 5.25% interest rate for 30 years?
Im sorry, I can’t figure out that formula, could you please explain it step by step so that I can figure out how to use it for other equations? Thank you, also, I know how to use a mortgage calculator, need to learn how to do this without one.
Thanks for the extra part, that does help a lot 🙂

admin answers:

OK

Here is the formula
=A/(1-(1/((1+(i/12))^(p*12))))/(i/12)

Where A is the amount (137,500), i is the interest rate (5.25) and P = the payment period (number of years (30))

For you …….

759.28

As an aside, note that for i, I divided by 12 to get the monthly rate and for p, I multiplied by 12 to get the total number of payments

Hope that helps.

==============

OK – Here is the key. The denominator is an amortization formula that you can find in most Finance books. It has to do with the fact that the interest you are paying is calculated over the time. What becomes difficult is doing the “power” piece of the equation. In your case 1+(.0525/12) or 1.004375 to the 360 power is extremely difficult without a calcualtor.

The way I have the forumla setup, the number is the denominator is about 181.09. When you divide your amount that you are borrowing over the 181.09 you will get your payment.

That 181.09 becomes larger as the i goes lower. And that 181.09 get smaller, thus making the payment be more, as the i goes higher.

Hope this additional information is helpful.

Sandy asks…

I am trying to understand mortgage payments.?

If I have a 400k mortgage at 6% fixed interest, how much is my monthly payment going to be? Of this, how much is the interest and how much is the principal? Is there any online calculator that accurately shows me the payment?

admin answers:

There are numerous online calculators, including the link you got, and actually almost every real estate site I’ve seen has a link to a mortgage calculator.

The way mortgage works is that the interest gets paid up front. So if your first payment is $2000, most likely (I’m paraphrasing, but am not far off), $1960 of that goes to interest, and only $40 goes to principal. Over time, the ratio of interest to principal changes, and near the end of your loan (if you keep it the full term), almost all payment goes to principal and very little to interest.

There is a table that shows you that, it’s called an amortization table. But what you should take away from it is that banks get theirs up front. Most younger people think that they’ll bump up their payments much later when they’re (hopefully) earning more, but actually this is kind of silly, because near the end of the loan you’re just paying principal anyway, and it won’t get you any benefit. What is much better is to pay as much as possible early on, get your principal reduced, and your loan obligation over time will be much smaller.

Also keep in mind that beyond just the mortgage payment, some loans bundle in insurance and taxes with the payment. If yours is set up that way, your monthly payments will be higher because you’re paying the property taxes as well. If a $400k house has $8k in taxes, then that’s another $650/month you have to pay over and above the mortgage.

Good luck!

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Your Questions About Mortgage Payment Calculator

Betty asks…

I am having an issue with this java mortgage calculator. Can anyone help? It will not display the monthly paym?

package mortcalcwk2;

/**
*
* @author Don
*/

import java.awt.*;
import java.awt.event.ActionEvent;
import java.awt.event.ActionListener;
import java.text.DecimalFormat;
import javax.swing.*;
import javax.swing.border.Border;
import javax.swing.border.EmptyBorder;

public class MortCalcwk2 extends JFrame implements ActionListener {

// Declaring all of labels
JPanel row1 = new JPanel( new GridLayout( 1, 3 ) );
JLabel principal_label1 = new JLabel( “Loan Amount $ :”, JLabel.LEFT );// Sets label text and alignment
JTextField principal_txt = new JTextField( 10 );
JPanel row2 = new JPanel( new GridLayout( 1, 3 ) );
JLabel term_label2 = new JLabel( “Loan Term :”, JLabel.LEFT );
JTextField term_txt = new JTextField( 10 );
JPanel row3 = new JPanel( new GridLayout( 1, 3 ) );
JLabel rate_label3 = new JLabel( “APR %:”, JLabel.LEFT );
JTextField rate_txt = new JTextField( 10 );
JPanel row4 = new JPanel( new GridLayout( 1, 3 ) );
JLabel pay_label4 = new JLabel( “Monthly Payment $:”, JLabel.LEFT );
JTextField pay_txt = new JTextField( 10 );
JPanel button = new JPanel( new FlowLayout( FlowLayout.CENTER ) );

// Declaration of GUI control buttons. This will allow user to control the interface
JButton rstButton = new JButton( “Reset” );
JButton extButton = new JButton( “Exit” );
JButton calcButton = new JButton( “Calculate” );

// Declaration for area to display user input
JTextArea displayArea = new JTextArea( 10, 45 );

// Declaration of number formats that will be output after calculation
DecimalFormat twodigits = new DecimalFormat( “#,###.00” );

// Declaration of variables
double rate = 0;// Sets rate as a double set to zero
double mpay = 0;// Sets monthly payment as a double set to zero
double principal = 0;// Sets principal as a double set to zero
int term = 0;// Sets interest as a integer set to zero
double interest = 0;// Sets interest as a double set to zero

// Declaration of constructor
public MortCalcwk2() {

super( “Don’s Motrgage calculator” );
setSize( 400, 200 );// sets size of the constructor
setDefaultCloseOperation( JFrame.EXIT_ON_CLOSE );
Container pane = getContentPane();// returns the value for content
Border bdr = new EmptyBorder( 2, 5, 2, 5 );// provides borders for label

// Declaration of windows that will hold users input
pane.add( row1 );
row1.add( principal_label1 );
row1.add( principal_txt );
row1.setMaximumSize( new Dimension( 300, 25 ) );
row1.setBorder( bdr );

pane.add( row2 );
row2.add( term_label2 );
row2.add( term_txt );
row2.setMaximumSize( new Dimension( 300, row2.getMinimumSize().height ) );
row2.setBorder( bdr );

pane.add( row3 );
row3.add( rate_label3 );
row3.add( rate_txt );
row3.setMaximumSize( new Dimension( 300, row3.getMinimumSize().height ) );
row3.setBorder( bdr );

pane.add( row4 );
row4.add( pay_label4 );
row4.add( pay_txt );
row4.setMaximumSize( new Dimension( 300, row4.getMinimumSize().height ) );
row4.setBorder( bdr );

button.add( calcButton );
button.add( rstButton );
button.add( extButton );
pane.add( button );

pane.setLayout( new BoxLayout( pane, BoxLayout.Y_AXIS ) );
setVisible( true );
setContentPane( pane );

button.setMaximumSize( new Dimension( 10000, button.getMinimumSize().height ) );

// Adds specified action listener to get action events from buttons
rstButton.addActionListener( this );
extButton.addActionListener( this );
calcButton.addActionListener( this );
}

// Declaration of calculation actions to take place

public void actionPerformed( ActionEvent event ) {
Object source = event.getSource();
// Begin “if” function
if( source == calcButton ) // calculates on hit
{
validateUserInput( principal_txt, rate_txt, term_txt ); // validates input
// formula for calculation output
mpay = principal * ( rate / ( 12 * 100 ) ) / ( 1 – Math.pow( 1 + ( rate / ( 12 * 100 ) ), -1 * ( term * 12 ) ) );
pay_txt.setText( “” + twodigits.format( mpay ) );
}

if( source == rstButton ) // Clears on hit
{
term_txt.setText( ” ” );
rate_txt.setText( ” ” );
principal_txt.setText( ” ” );
pay_txt.setText( ” ” );
displayArea.setText( ” ” );
}
if( source == extButton ) // Exits on hit
{
System.exit( 0 );
}
}// end action

// Declaration of the main method
public static void main( String[] arguments ) {
MortCalcwk2 mtg = new MortCalcwk2();
}

// Declaration of user input for each variable
public void validateUserInput( JTextField principal_txt, JTextField rate_txt, JTextField term_txt ) {
// Begin “try/catch” function
try {
principal = Double.parseDouble( principal_txt.getText() );
} catch( NumberFormatException e )// Action listener
{
}
}
}

admin answers:

Your user validation is incomplete, here is the complete one
/**
* Declaration of user input for each variable
* no need for arguments since they are part of your class.
* you don’t have to pass them to method.
*/
public void validateUserInput() {
try {
principal = Double.parseDouble(principal_txt.getText());
rate = Double.parseDouble(rate_txt.getText());
term = Integer.parseInt(term_txt.getText());
} catch (NumberFormatException e){
//TODO need to handle the errors, if any, and report it to user
}
}

also in your calculation if you get a number/0 you have no way of handling it. So do as follow

if ( source == calcButton){
validateUserInput();

double bottom = (1 – Math.pow(1 + (rate / (12 * 100)), -1 * (term * 12)));
double top = principal * (rate / (12 * 100));

if( bottom != 0){
mpay = top / bottom;
}

pay_txt.setText( “” + twodigits.format( mpay));
}

and change the following line

DecimalFormat twodigits = new DecimalFormat(“#,###.00”);

to this

DecimalFormat twodigits = new DecimalFormat(“#,##0.00”);

this way if the answer comes to zero instead of showing .00 it will show 0.00

good luck
don’t forget to choose best answer

Robert asks…

I need help computing a mortgage payment.?

421,000 at 4.8% over 30 yrs. I can go to Bankrate.com, but I need to show the work for an Algebra paper. I’m not sure how to do the formula on a calculator.

admin answers:

Formula and description below.

Sharon asks…

Mortgage Calculator?

Can anyone suggest a good site that could give me a pretty accurate estimate of how much I could afford for a house payment…. this would include things like property taxes, insurance, etc?? Any help would be greatly appreciated! 🙂

admin answers:

Bankrate has a decent one. The link below is for the calculator. You may want to look around the site though, it has some other useful calculators and loan comparison rates from companies.

James asks…

30 year mortgage or 40 year mortgage with extra principal payments?

I will be soon in the market to buy my first house in the next 6 months. I can either try for a 30 year mortgage for 6% or a 40 year one for 7%. My wife and I are newly out of college and are looking for a house that is about $350,000 in our area in CA. Right now according to calculators, we qualify for a house that costs $240,000. Problem is that even crack houses cost more than that!
So I see that most of the first few years of payments go towards interest so after 5 years, if I decide to move, I won’t really have that much equity built up.
Let’s say that by going to the 40 year mortgage, I am able to save $100 a month on my payment. If I kept applying that $100 monthly savings towards principal, will I build equity quicker?
It will also be tougher for us making payments now but in a few years when our careers advance, things will get better.
Good idea? Any calculator anyone recommends?
-I am trying for my CPA and my wife recently finished grad school and started working.
-I am not worried about foreclosure risks because in 3 years we should be making great money
-I am not considering moving in 5 years but because we are in the early part of our careers, there is a possibility that we need to move because of a great opportunity.
Robert, I have no idea what you wrote

admin answers:

My calculator says that if you borrow $200,000 @7% for a 40 year amortization, your payments are going to be $1,246. If you borrow $200,000 at 6% for 30 years, the payments are $1,194, It does not pay to increase the ength of your mortgage unless your payments become smaller. You have just formed a new family. Get your CPA (you may not pass all the parts the first time). Meanwhile you may decide that you do not like your present employer. Settle down, let the real estate market settle down (especially the California market), and then decide on what you are going to do. Oh yes, do the calculations. Do not believe what anyone tells you unless you have verified the numbers.

Michael asks…

Can someone please explain mortgage repayment amounts to me?

Hi.

Me and my husband are crossing swords over how much of a mortgage we can afford to have.

The mortgage calculators favour his point of view, but i just can’t get the maths to add up and i guess it is because my understanding of mortgage payments is completely wrong.

I thought that if you got a mortgage of say £125,000 over 20 years and you had a 10% interest rate that you would effectively pay back £137,500.

In this case the monthly repayment over 20 years would be around £573 which we could afford.

However, the mortgage calculators say that £125000 over 20 years at 10% the monthly payment would be £1206 per month which we most certainly cannot afford.

If it was £1206 per month for 20 years we would have paid back a total of £289440 on a mortgage of just £125000.

I don’t get it…

Please can someone explain it to me? My head hurts 🙁

Thanks

admin answers:

The calculators are right, an amortization table will show exactly how it works. You pay the interest rate on the balance annually, If you’re looking at 10% rates and 20 year terms. 1% of the total loan amount is pretty close to what the payments will be.

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Your Questions About Mortgage Payment Calculator

Ken asks…

my mortgage payment is more than what my rental is paying me.?

Is there any calculators to determine my negative results? Is there a simple calculator?

admin answers:

When you determine rent, you look at two things:
1. Your expenses. Mortgage payment, real estate taxes, insurance, repairs, maintenance, projected improvements, utilities, percentage of possible vacancies, and supplies. Say this ise $800 a month.
2. Rents for similar properties in the area. Say they are $700 to $950 a month.
So your rent should be at least $850 a month, but not over $950.

Donald asks…

Im looking for a mortgage calculator?

That will tell me how much quicker my mortgage will be paid off if I increase my monthly payments. Thanks in advance!

admin answers:

Try this.

Betty asks…

where can i find a web calculator to determine number of payments on a loan?

mortgage payment of $1425 plus I want to add $300 each month that will be applied to the principal……is there a web based free calculator that i can use?

thx

admin answers:

If you have a mac if you buy ilife it has a thing were i can do it for you.

Steven asks…

What is the mathematical equation for 10% 3 year mortgage with the same payment each month for 3 years.?

I remember i learned this at 1 point. I believe you multiply the borrowed amount by a specific number per percentage of interest. So 10% 11% and 12% all had different equations. This is not a calculator.
Thanks
Basically the magical number for each percentage that reflect 3 year fixed term mortgages that have the same payment for 3 years

admin answers:

I answer questions similar to this one all the time on my website. I like to help people with their credit issues and hopefully make them better. Check out your answer

Nancy asks…

I am looking for help in computing a mortgage payment.?

Financing 421,600.00 over 30 yrs. at 4.8%. I am not sure how to figure this on the calculator.

admin answers:

$2,211.99 a month principal and interest.

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Your Questions About Mortgage Calculator

Richard asks…

I did a mortgage calculator and it said I can only afford a $35,000 mortgage, are there other options?

My boy friend and I were quoted for a mortgage awhile ago that we would be able to do about 150 to 180K ,not too bad. But when I did a mortgage calculator online it only came out with the 35K total. We make more than some people we know and they own own homes. What did I do wrong? I just can’t believe that we would not be able to be qualified for a mortgage amount that is at least reasonable and would get us something nice and not a condo or townhome. Even though that is what everyone is telling us to buy. Please some one restore my faith or will we never be able to have a home of our own.

admin answers:

Don’t worry too much about what a mortgage calculator gave you as an answer. While I can tell you that Quicken Loans calculators will give you a great answer with as much information as you input, the real story lies with several factors that you need to discuss with a mortgage professional.

First, a calculator can’t know your credit score. This is very important in getting a mortgage. Also, there are other several other variables that can affect how much you can borrow such as (this is just a small example):

*length of employment history
*assets (the things and money you have now)
*history of bankruptcy
*retirement savings you may have

I’ve never seen a mortgage calculator that asks for that information, and each can affect what you qualify for.

My advice is to get in touch with a trusted mortgage professional that can give you an honest and full review of what you qualify for. If you aren’t sure who to work with, try the most time-honored tradtion. Ask people you trust!

Your family and friends are probably the best resourse you’ll ever have for finding a mortgage professional that will give you the best possible deal. I can tell you first hand that at Quicken Loans, referrals are a huge part of our business.

So don’t worry what a mortgage calculator tells you. A mortgage calculator is only a research tool to get you an idea of what you might be able to qualify for. Although they usually are great and I recommend them to my friends, they aren’t the final word.

The final word is a trusted and qualified mortgage professional that will get you exactly what you qualify for.

Good luck and don’t worry too much!

Joseph asks…

I need an online mortgage calculator that will show how extra weekly repayments & one off payments reduce loan

The calculators I have found show how either one off extra payments or extra weekly repayments reduce the term of a loan. I need to find one that shows both in the same calculation. A graph would be nice.

admin answers:

Will this work for you?

Http://www.jeacle.ie/mortgage/

Mark asks…

Where can I find a mortgage calculator that shows the effects of paying additional principal?

admin answers:

Bankrate.com has one which also will show you the full amortization schedule. There are various options for extra principal payments.

Http://www.bankrate.com/brm/amortization-calculator.asp

Helen asks…

Mortgage calculator which includes mortgage deduction?

I’m looking for a decent mortgage calculator which factors in the mortgage deduction. Basically my goal is to be able to forecast my monthly payment as accurately as possible. Thanks!

admin answers:

Look at calculated industries real estate qualifier 2 at this website.
Http://www.calculated.com/12/prd150/Mortgage+PaymentCalc+-+Compact+Desktop.html
It has the features you are seeking, is inexpensive, and is very easy to use.

Mandy asks…

I need an excel mortgage calculator for doing 80/10/10 loans. Does anyone know where I can download 1 4 free?

I am a new investor in rental properties and would like to do my own mortgage calculations for potential properties.

admin answers:

How on earth can you accurately calculate a mortgage note for someone? Can you pull there credit? If you know there score what rate can you give them? Who do you know that can give that rate? What term will you go? Whats the best rate for there term? You sound like a Realtor giving a payment? I don’t mean to fuss at you,but if you contact a mortgage broker he can at least give you a better idea of what a true payment will be.

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Your Questions About Mortgage Rates Today

Maria asks…

Is it worth paying $325 to revise my mortgage rate down by .1%?

I’m currently locked in at 4.85% on a $170,000 30 year fixed mortgage. Today rates have dropped to 4.75%. Is it worth it to cough up the $325 fee to have my rate revised before closing?

admin answers:

I would not bother paying this. I would pay extra principal on my mortgage.

If you do this at least 1x every year you will save a lot of interest in the long term.
If you look at the numbers, the initial principal amount is very small and you can pay some every month in the beginning.
It saves a lot in the long term. Don’t let anyone tell you that you need the interest deduction. That is money that you never have to spend and you can keep it instead of being able to deduct 15% or 28%- whichever is your tax bracket.
I wish I had known this in the early years of my mortgage!

Betty asks…

what would the payment be for a 175k mortgage at todays reduced rates?

admin answers:

Plug it into a mortgage calculator:

http://www.bankrate.com/brm/mortgage-calculator.asp

Susan asks…

what is the average mortgage rate and APR I should be getting with today’s crazy economy?

I am a first time home buyer with a good credit score ( i was told it was like 790 or so) and was quoted at a 6% rate. Is that typical or is that high? Based on a 30 year fixed. Thanks!

admin answers:

That’s good for your qualifications. Just make sure you have that down payment before you go looking at homes!

APR should never be more than roughly 1/2-3/4% more than your base rate. If it is, your broker is charging far too many fees and you should shop around for a new broker.

Mandy asks…

My mortgage broker did not lock in a %5 rate this week, she is waiting for rates to lower on Tuesday – wtf?

We are buying a house in California, Bay Area, our broker called on wednesday this week and said, “Here’s your rate today! %5, isn’t that great?!” but then she says, “We’re not locking in yet, we’re waiting for the fed to lower rates at the meeting next week (Jan. 29-30th) She is certain it will affect mortgage rates and they will be even lower for our mortgage – but I am so worried she is wrong and the %5 rate will be gone forever. Rates are already up again. I wish I hadn’t listened to her. I should have had her lock in. Is there any chance at all that %5 rate may return? I am so devestated, it’s hundreds of dollars per month difference. Help!

admin answers:

Three things… Yes, they could go down. It’s possible. The thing with the $ market is it’s a guessing game.
Second… The decision is always yours. The broker must do what you say. We can’t help you to get the confidence to say no to her.
Third…You do have an option. Tell her to give you 5% or you are taking your loan elsewhere. They do have leeway. They will never tell you that but she can buy your rate down with part of her profit.
Hang in there and never forget, you have control.

Helen asks…

What mortgage lender has the best 30 yr fixed interest rate today?

Is there a non-commercial daily update website? I don’t want to get on any more junk mail lists.

admin answers:

They are all about the same rate so just apply to some one who is local to you as there is no web posting that will help you as they are done by area and state.
I am a mortgage banker in TN & KY

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Your Questions About Mortgage Calculator

Thomas asks…

When calculating payments on a mortgage calculator- I see 6% rate, does this mean taxes? And if so?

does this mean the city’s annual taxes? Or is that something different
Also, what is the average interest rate percentage?

admin answers:

No, that would be the interest rate you’re paying on the loan.

Daniel asks…

What is a good site for a mortgage calculator?

I’m trying to determine different PITI payments. Thanks!

admin answers:

You can use the loan amortization solution in Excel. In order to use it open Excel workbook -> right click on one of the sheet tabs -> click “insert” -> on the top tab change it to spreadsheet solutions and pick “loan amortization”.
You just need to enter all the required information and there you have it.

Paul asks…

Mortgage calculator with printable amortization chart ?

I use this one,

http://mortgagecalculator.4u2se.com

Are there any others that are good ?

admin answers:

Are you really asking a question or working on your SEO/backlinks???????????????????

I use this one. Just answered this same question from Ron. Know him?

Nancy asks…

Where can I find a mortgage calculator that can determine how many years it will take to pay our loan back?

…if we enter the interest rate, loan amount and how much we pay each month. I know it will be paid off early, but I want a more specific time frame.

Thanks!

admin answers:

Eloan.com they have a mortgage calculator. Very good one!

Sandy asks…

What numbers do I start with when using a Home Loan Equity Mortgage Calculator?

admin answers:

Doesn’t really matter which number is first.. The most important numbers are your credit score, interest rate, equity, income/existing payments ratio. Other numbers you will need are current market values, balances of existing loans, length of loan, and amount of loan.

Start here;
http://www.locallender.info/consumer-banking/mortgage/home-equity-loan-calculator.asp

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Your Questions About Mortgage Payment Calculator

Nancy asks…

I know what I want my monthly mortgage to be. How much home can I afford?

Most mortgage calculators omit escrow, so your actual mortgage ends up considerably more than what the calculator says it will be. So I am looking for a mortgage calculator that lets me plug in a monthly mortgage payment inclusive of estimated escrow and shows me, based on estimated tax and insurance amounts, the price range for a home that I can afford. Is there one?

admin answers:

Look for a piti calculator. You may have to work it some, to figure out what the range is that you are looking for. Or, you might find it easiest to just go to your bank/credit union and ask a loan officer to do the math for you. Give them the monthly number you want (including tax, insurance, etc.) and they can ballpark how much house that is.

James asks…

Java Mortgage calculator help.?

Can someone help me flesh out the details of this? I need to make a mortgage calculator in java does the following
The user will be asked to enter to the amount of the mortgage loan, the term in years of the mortgage, and an annual interest rate. The amount of the mortgage loan shall be greater than 0 and not exceed 10,000,000 dollars. The minimum term for the loan is five years, with a maximum of 30 years. In addition to the user being able to supply the mortgage information the application will display three of the most commonly used mortgages and the user shall be able to select these mortgages instead of supplying the mortgage information. Once the user has provided the mortgage information, the program shall calculate the monthly mortgage payment and the amortization table for the life of the mortgage. For each month the amortization table shall display the loan period, loan balance, principal balance, interest balance, principal paid and interest paid.

Here is mortgage payment formula.
PMT = (PV x IR) / (1 – (1 + IR)^-NP)

Where:

PMT = Monthly Payment
PV = Principle Value (amount of loan)
IR = Interest Rate, by month
NP = Note Period, or mortgage term in months

IR = apr/100/12
NP = term * 12

if Apr > 0 AND APR <= 100 then
PMT = (Principal * IR)/(1-(1 + IR)-np)
else if Apr = 0
PMT = Principal/NP
end if

I need help I am not so good with Java. As long as i get the calculator part of this done i think i can handle the rest.

admin answers:

Import java.util.Scanner;

class MortgageCalculator2 {

public MortgageCalculator2() {
intro();
}

public void mess(String s) {
System.out.printf(“%s%n”, s);
}

public void messIn(String s) {
System.out.printf(“%s > “, s);
}

public void intro() {
Scanner sc = new Scanner(System.in);
boolean run = true;

mess(“——————————————“);
mess(“Mort Especiu00e2l Waresofto”);
mess(“if we can’t float the loan, the gov’t will”);
mess(“——————————————n”);
while (run) {
String[] args = new String[3];
messIn(“enter Principal Amount: “);
args[0] = sc.nextLine();
messIn(“enter Note Period (Years)”);
args[1] = sc.nextLine();
messIn(“enter APR example: 9.55”);
args[2] = sc.nextLine();
String pmt = calculation(args);
mess(“n”);
mess(pmt);
mess(“do another one?”);
if (sc.nextLine().
EqualsIgnoreCase(“q”)) {
run = false;
}
}
}

public static void main(String[] args) throws Exception {
new MortgageCalculator2();

}

private String calculation(String[] args) {
float pv = Float.valueOf(args[0]);
int term = Integer.valueOf(args[1]);
float apr = Float.valueOf(args[2]);
// double ir = apr / 100 / 12;
double ir = apr / 12 ;
double np = term *12;
System.out.printf(“interest monthly: %2.2f%%”, ir);
double payNum = (pv * ir) / ( 1 – (1+ir)-np);
return String.format( “Monthly Payment: $%6.2f”,payNum);
}
}

I don’t have faith in the teacher’s formula. This is not how I would do a mortgage program. But, maybe this will get you going.

Donna asks…

Can you help with Mortgage Calculator in Java?

Here’s my assignment? Write the program in Java (with a graphical user interface) and have it calculate and display the mortgage payment amount from user input of the amount of the mortgage, the term of the mortgage, and the interest rate of the mortgage. Allow the user to loop back and enter new data or quit. Please insert comments in the program to document the program.

I’m still getting errors! (see below) 🙁

package MortCalc2.java ;

/**
*
* @author alesiab
*/
//Declaration of class
public class MortCalc2{

/**
* @param args the command line arguments
*/
public static void main(String[] args) {
// TODO code application logic here
}

}
//Declaration of class
/**
* @param args the command line arguments
*/

// Declaration of labels
import JPanel row1 = new JPanel(new GridLayout(1, 3));
import JLabel principal_label1 = new JLabel(“Net Amount $ :”, JLabel.LEFT);//Sets label text and alignment
JTextField principal_txt = new JTextField(10);
JPanel row2 = new JPanel(new GridLayout(1, 3));
JLabel term_label2 = new JLabel(“Term Yrs :”, JLabel.LEFT);
JTextField term_txt = new JTextField(10);
JPanel row3 = new JPanel(new GridLayout(1, 3));
JLabel rate_label3 = new JLabel(“Interest Rate %:”, JLabel.LEFT);
JTextField rate_txt = new JTextField(10);
JPanel row4 = new JPanel(new GridLayout(1, 3));
JLabel pay_label4 = new JLabel(“Monthly Payment $:”, JLabel.LEFT);
JTextField pay_txt = new JTextField(10);
JPanel button = new JPanel(new FlowLayout(FlowLayout.CENTER));

//Declaration of buttons and text shown on them
JButton rstButton = new JButton(“Reset”);
JButton extButton = new JButton(“Exit”);
JButton calcButton = new JButton(“Calculate”);

//Declaration for area to display user input
JTextArea displayArea = new JTextArea(10, 45);

// Declaration of number formats that will be output after calculation
DecimalFormat twodigits = new DecimalFormat(“#,###.00”);

//Declaration of variables
double rate = 0;//Sets rate as a double set to zero
double mpay = 0;//Sets monthly payment as a double set to zero
double principal = 0;//Sets principal as a double set to zero
int term = 0;//Sets interest as a integer set to zero
double interest = 0;//Sets interest as a double set to zero

//Declaration of constructor
public MortCalc2() {

super(“Mortgage Calculator: SR-mf-003 #4″);//Syntax used for calling constructor
setSize(400, 200);//sets size of the constructor
setDefaultCloseOperation(JFrame.EXIT_ON_CLOSE);//clears all info and closes window
Container pane = getContentPane();//returns the value for content
Border bdr = new EmptyBorder(2, 5, 2, 5);//provides borders for label

//Declaration of windows that will hold users input

pane.add(row1);
row1.add(principal_label1);
row1.add(principal_txt);
row1.setMaximumSize(new Dimension(300, 25));
row1.setBorder(bdr);

pane.add(row2);
row2.add(term_label2);
row2.add(term_txt);
row2.setMaximumSize(new Dimension(300, row2.getMinimumSize().height));
row2.setBorder(bdr);

pane.add(row3);
row3.add(rate_label3);
row3.add(rate_txt);
row3.setMaximumSize(new Dimension(300, row3.getMinimumSize().height));
row3.setBorder(bdr);

pane.add(row4);
row4.add(pay_label4);
row4.add(pay_txt);
row4.setMaximumSize(new Dimension(300, row4.getMinimumSize().height));
row4.setBorder(bdr);

button.add(calcButton);
button.add(rstButton);
button.add(extButton);
pane.add(button);

pane.setLayout(new BoxLayout(pane, BoxLayout.Y_AXIS));
setVisible(true);
setContentPane(pane);

button.setMaximumSize(new Dimension(10000, button.getMinimumSize().height));

//Adds specified action listener to get action events from buttons
rstButton.addActionListener(this);
extButton.addActionListener(this);
calcButton.addActionListener(this);
}
//Declaration of calculation actions to take place

public void actionPerformed(ActionEvent event) {

Object source = event.getSource();
//Begin “if” function
if (source == calcButton) // calculates on hit
{
validateUserInput(principal_txt, rate_txt, term_txt); // validates input

//formula for calculation output
mpay = principal * (rate / (12 * 100)) / (1 – Math.pow(1 + (rate / (12 * 100)), -1 * (term * 12)));
pay_txt.setText(“” + twodigits.format(mpay));
}

if (source == rstButton) // Clears on hit
{
term_txt.setText(” “);
rate_txt.setText(” “);
principal_txt.setText(” “);
pay_txt.setText(” “);
displayArea.setText(” “);
}

if (source == extButton) // Exits on hit
{

System.exit(0);
}

}//end action

//Declaration of the main method
public static void main(String[] arguments) {
MortCalc2 mtg = new MortCalc2();

}
//Declaration of user input for each variable

public void validateUserInput(JTextField principal_txt, JTextField rate_txt, JTextField term_txt) {
//Begin “try/catch” function
try {

principal = Double.parseDouble(principal_txt.getText());

} catch (NumberFormatException e)//Action listener
{
/

admin answers:

There was a lot wrong with this. You had duplicate main methods, you tried to import while making a variable declaration (which would be a handy feature I suppose, but is invalid in Java), and forgot to extend the JFrame class and implement ActionListener. I fixed these and some other issues so that it would compile. Getting the logic to work is up to you though.

/** @author alesiab
*/

import java.awt.*;
import java.awt.event.ActionEvent;
import java.awt.event.ActionListener;
import java.text.DecimalFormat;
import javax.swing.*;
import javax.swing.border.Border;
import javax.swing.border.EmptyBorder;

//Declaration of class
public class MortCalc2 extends JFrame implements ActionListener {

// Declaration of labels
JPanel row1 = new JPanel( new GridLayout( 1, 3 ) );
JLabel principal_label1 = new JLabel( “Net Amount $ :”, JLabel.LEFT );// Sets label text and alignment
JTextField principal_txt = new JTextField( 10 );
JPanel row2 = new JPanel( new GridLayout( 1, 3 ) );
JLabel term_label2 = new JLabel( “Term Yrs :”, JLabel.LEFT );
JTextField term_txt = new JTextField( 10 );
JPanel row3 = new JPanel( new GridLayout( 1, 3 ) );
JLabel rate_label3 = new JLabel( “Interest Rate %:”, JLabel.LEFT );
JTextField rate_txt = new JTextField( 10 );
JPanel row4 = new JPanel( new GridLayout( 1, 3 ) );
JLabel pay_label4 = new JLabel( “Monthly Payment $:”, JLabel.LEFT );
JTextField pay_txt = new JTextField( 10 );
JPanel button = new JPanel( new FlowLayout( FlowLayout.CENTER ) );

// Declaration of buttons and text shown on them
JButton rstButton = new JButton( “Reset” );
JButton extButton = new JButton( “Exit” );
JButton calcButton = new JButton( “Calculate” );

// Declaration for area to display user input
JTextArea displayArea = new JTextArea( 10, 45 );

// Declaration of number formats that will be output after calculation
DecimalFormat twodigits = new DecimalFormat( “#,###.00” );

// Declaration of variables
double rate = 0;// Sets rate as a double set to zero
double mpay = 0;// Sets monthly payment as a double set to zero
double principal = 0;// Sets principal as a double set to zero
int term = 0;// Sets interest as a integer set to zero
double interest = 0;// Sets interest as a double set to zero

// Declaration of constructor
public MortCalc2() {

super( “Mortgage Calculator: SR-mf-003 #4” );// Syntax used for calling constructor
setSize( 400, 200 );// sets size of the constructor
setDefaultCloseOperation( JFrame.EXIT_ON_CLOSE );
Container pane = getContentPane();// returns the value for content
Border bdr = new EmptyBorder( 2, 5, 2, 5 );// provides borders for label

// Declaration of windows that will hold users input
pane.add( row1 );
row1.add( principal_label1 );
row1.add( principal_txt );
row1.setMaximumSize( new Dimension( 300, 25 ) );
row1.setBorder( bdr );

pane.add( row2 );
row2.add( term_label2 );
row2.add( term_txt );
row2.setMaximumSize( new Dimension( 300, row2.getMinimumSize().height ) );
row2.setBorder( bdr );

pane.add( row3 );
row3.add( rate_label3 );
row3.add( rate_txt );
row3.setMaximumSize( new Dimension( 300, row3.getMinimumSize().height ) );
row3.setBorder( bdr );

pane.add( row4 );
row4.add( pay_label4 );
row4.add( pay_txt );
row4.setMaximumSize( new Dimension( 300, row4.getMinimumSize().height ) );
row4.setBorder( bdr );

button.add( calcButton );
button.add( rstButton );
button.add( extButton );
pane.add( button );

pane.setLayout( new BoxLayout( pane, BoxLayout.Y_AXIS ) );
setVisible( true );
setContentPane( pane );

button.setMaximumSize( new Dimension( 10000, button.getMinimumSize().height ) );

// Adds specified action listener to get action events from buttons
rstButton.addActionListener( this );
extButton.addActionListener( this );
calcButton.addActionListener( this );
}

// Declaration of calculation actions to take place

public void actionPerformed( ActionEvent event ) {
Object source = event.getSource();
// Begin “if” function
if( source == calcButton ) // calculates on hit
{
validateUserInput( principal_txt, rate_txt, term_txt ); // validates input
// formula for calculation output
mpay = principal * ( rate / ( 12 * 100 ) ) / ( 1 – Math.pow( 1 + ( rate / ( 12 * 100 ) ), -1 * ( term * 12 ) ) );
pay_txt.setText( “” + twodigits.format( mpay ) );
}

if( source == rstButton ) // Clears on hit
{
term_txt.setText( ” ” );
rate_txt.setText( ” ” );
principal_txt.setText( ” ” );
pay_txt.setText( ” ” );
displayArea.setText( ” ” );
}
if( source == extButton ) // Exits on hit
{
System.exit( 0 );
}
}// end action

// Declaration of the main method
public static void main( String[] arguments ) {
MortCalc2 mtg = new MortCalc2();
}

// Declaration of user input for each variable
public void validateUserInput( JTextField principal_txt, JTextField rate_txt, JTextField term_txt ) {
// Begin “try/catch” function
try {
principal = Double.parseDouble( principal_txt.getText() );
} catch( NumberFormatException e )// Action listener
{
}
}
}

Thomas asks…

Is there minimum possible mortgage payment?

This may be a stupid question, but I’m only in my early 20s and looking to buy my first house. I’m finding a lot of houses under $100,000 in the area I’m looking in, and the RE/MAX website has a mortgage calculator. It allows you to input the price of the house with a possible loan APR, as well as the % you want to put down, and the term of the mortgage in months/years. Most of the houses I’m looking at, I can afford to put well over the recommended 20% down, which would leave me with a mere $80-$200/mo payment on a 15 year or less mortgage.
Basically, I’m just wondering if it’s even possible to pay that little? Obviously I could afford to finance it differently if not, but it would just be kind of awesome if that was legit.

admin answers:

Wow-you’re in a great position if that’s how it really shapes up and you find a home under those circumstances that you really like. I’m jealous! Anyway, if you put down 20% PMI will not be an issue for you but if you put less than 20% that will add extra to that payment (roughly $75/mo. I’m guessing). Insurance may be rolled into your loan and therefore will be added back into your monthly payments-this will vary depending on a lot of things but I’ll just throw out an figure like $100 more/mo. For that. So your payment will be a bit more but still even at $200 or $300 I’d assume you’d have lots of other income to put toward other things: retirement, starting a family, investments, home furnishings, home repairs and home improvements. Good luck. Did I mention I’m jealous? LOL…

George asks…

When you add a mortgage payment and the interest on a house, is it normal for that number to be more than the?

Out of interest, I did a quick mortgage calculation with an online mortgage calculator.

My specifications were as follows –

Home Value: $ 285,000
Loan amount:$ 200,000
Interest rate:5%
Loan term:30 years
Property tax:1.25%
PMI:0.5%

I only adjusted the home value and loan value, since I have no idea what the ‘going rate’ is for the others. I was stunned to find that in the results, the total payment of the life of the mortgage would be $493,386.57.

The total tax paid would be $106,875.00, and the total interest paid would be $186,511.57.

the total of these two numbers is $293,386.57, or $8386.57 MORE than the selling price of the home?

Never one for percentages, but that sounds like the neighborhood of 110% of the home value.

Am I missing something here, or (not to be crude) but are buyers literally getting ****** every which way? And what to do? put down a gigantic deposit and buy a cheaper place?
– presumably its not that much for the life of the mortgage since you are paying x percent of the balance, not the total?

admin answers:

The reason that the total interest paid is so high is because for at least 20 years the majority of your monthly payment is applied to paying the interest. By paying off the mortgage faster, you can save a HUGE amount in interest.

Based on the figures you provided :If you had a 20 year mortgage instead of a 30 year you would pay a total of $116,778.75 in interest. That would save you $69,732.82 in interest expenses.

Note: When comparing loan figures the real estate property tax paid is a tax you have to pay regardless of whether you have a mortgage or not.

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Your Questions About Mortgage Loan Calculator

Betty asks…

Where can I find a mortgage calculator that calculates the total cost for your home based on monthly payments?

I have no problem finding regular mortgage calculators online, where you enter in the loan amount, interest rate, etc and it gives you an estimated monthly payment. But I’m looking for one that works backwards. I want to enter in the monthly payments, interest, amount of years, etc and get the total cost of the home (how much you end up paying after the 30 years).

I’m kind of inexperienced with financial math. I need to use this for a math project though, so any help would be appreciated.

admin answers:

I believe you are asking for an amortizing schedule which should show you the total amounts of principle and interest over the years. Do a google search for it.

Laura asks…

Easy Mortgage Calculator???

Where do I find and easy mortgage calculator? I would like to find out how much extra Principal a month I have to pay, to shorten my 30 year mortgage by 10 to 15 years, without refinancing / signing up for a new loan. Thanks a lot!!!

admin answers:

You can download such from msn in the excel templates. Generally paying 1/3 of the regular amount extra in a “towards principal only” payment can take about 19 years off your loan.
Make sure you dont exceed your pre-payment allowable clause if your loan is still under the pre pay timeline.

Ken asks…

Is this mortgage calculator accurate???

I found this mortgage calculator provided by a home builder. This one not only includes Principle and Interest, it also appears to include Taxes and Insurance (although, not sure how accurate).

In the link, click up top on “How much can I afford” and select “Find out how much my monthly payment would be.” And select your state.

http://www.mihomes.com/

Please tell me if this is pretty accurate. It doesn’t add in PMI, instead it breaks it out to two mortgages, 80/20 maybe? But it doesnt tell you what the rate is on the second mortgage.

I’m just trying to figure some things out before I have my credit checked and speak to a loan officer.

Thanks

admin answers:

Great question!
1. Defiantly take into account for Closing Costs.
(If Purchasing: A Home)
When making your contract with the seller or with a trusted Realtor; request a 6% seller concession,
and that will assistance a huge part of your closing costs, if not all.
Example:
Home cost: 250K
Seller pays 6% towards closing = $15,000 paid for by the seller at closing…
2. Yes, as far as the 80/20…Mortgage Calculators give you a somewhat fair idea of what the payment will be or an estimated average rate for a second mortgage. But it all depends on where you are with your credit rating, how much the second mortgage is, etc…
3. I would give the Mortgage Calculators a 6 out of a 10 on reliability…Definitely talk to a Loan Officer and get exact figures…
Most banks and lenders give a Free Application.

I hope this was helpful!

Regards,
FinanceYourWay.com

Paul asks…

If I want to take out a mortgage with 6.5% for 200k… even though the mortgage calculator states?

that I am paying 568k over 30 years… would I be paying only 200 if I make a few payments and then pay it all off in cash? In other words, am I only paying principal if in a year I decide to pay off my loan or am I obligated to paying the remainder of the interest even though I don’t have a loan anymore?

admin answers:

Yes, you are correct. With a regular amort loan, when you make a payment each month, some goes to interest and some principal. If you want to pay off the loan in full, you will only pay the outstanding principle.

For example, you borrow 200k. After 2 years, your balance is around 198k (est). If you want to pay it off in full, you would pay 198k.

Sharon asks…

I’m trying to understand BALLOON MORTGAGES. Can someone help me understand the following example?

I entered the following into an online mortgage balloon calculator:

Loan amount $100,000.00
Interest rate 6.000%
Term 10 years
Amortization period 30 years

My question is:

After 119 monthly payments of $599.55 why does the balloon payment come out to $84,285.33 ? If everything is due on a 30 year amortization schedule, shouldn’t the amount owed be the remaining 241 payments multiplied by $599.55 ($144,491.55) ? If not, then where does the $84,285.33 come from?

admin answers:

I am not an attorney. I am not in the mortgage business. I am not an accountant. I am not a real estate broker.

The term “Balloon means it goes in the air or goes away.
B1] Picture a hot air balloon on the ground. This is the entire mortgage, with all the interest, as it is – right now today, this minute.
B2] The balloon is filled with air and the propane is lit. The monthly payments are being made, BUT the balloon is STILL on the ground. This is because gravity [the interest] is keeping the loan from being paid in full.
B3] The balloon starts inflating. The monthly payments are being paid.
B4] As the balloon goes along the ground, it very rarely takes off in a vertical direction. [The interest STILL has control.]
B5] It takes a bit to clear the bushes and trees. Eventually it gets above the wires and taller buildings. [The mortgage is being reduced.]
B5] The wind catches the balloon and takes it in whatever direction its blowing, but the balloon is moving.
B6] The propane in the tank eventually is used. BUT the balloonist wants to continue climbing and doing whatever it is balloonists like to do. [The due date for the balloon payment is fast approaching.]
B7] The balloon gets a huge hole in it. [The balloon payment is due.]

The information I am giving is in reference to simple interest, fixed rate, positive amortization mortgages [THAT‘S a mouthful, isn‘t it?]. Lenders KNOW the following facts about mortgages:
1] Long before the actual last payment date, which is stated in the mortgage, the great majority of mortgages will be paid-in-full .
2] The concept with most mortgages: the interest is due on the remaining balance.
3] Contrary to what the great majority of people think or believe, the interest and principal payments are not evenly spread throughout the life of the mortgage. The great majority of the interest is paid in the beginning of the loan. The break-even point – when interest and principal equal each other – does not usually occur until sometime after the mortgage is more than half paid. Many times not until the mortgage is at least 2/3 paid down.

In the case of a balloon mortgage, the payments are made as though it was a 30 year loan, with equal monthly payments over 30 years. In your case: monthly payment is $599.95 for 119 months or payments. Yet, for the explanation I gave, you STILL has the great majority of the principal due on the loan.

Borrowers should request the following:
1] an open-end mortgage.
2] fixed rate, with positive amortization [meaning the mortgage is being reduced.]
3] no pre-payment penalty.
4] an amortization schedule to follow along with how much the mortgage is being reduced.

To save LOTS AND LOTS of money, all the person paying the mortgage has to do is to enclose the additional principal payment for the NEXT month, together with the current month’s payment.

Accompanying the current month with the additional month’s principal, should be a note with the account number and a short message stating: ”Enclosed please find this month’s payment of principal and interest in the amount of [this should always be the same] $—–.
In addition there is the additional amount of $— representing the principal for —– [month and year], which I would like to be applied to the balance of the mortgage. According to the amortization schedule I have, this will reduce the mortgage balance to $—-

Thank you for asking your question. I enjoyed taking the time to answer your question. You did a great job – not only for your information, but for every other person interested in reading my answer.

I wish you well!

VTY,
Ron Berue
Yes, that is my real last name

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