Lizzie asks…

## Please calculate the amount of interest on this mortgage?

If I took out a standard capital repayment **mortgage** of £136,000 at a fixed rate of 5% over a term of 15 years, how much interest would I end up paying in total over that time.

(if someone knows of an internet interest **calculator** that would be useful too, should I need to change my numbers)

many thanks

stumbler

### admin answers:

Just google

Mortgage amortization calculator.

/

Sandra asks…

## is there a way to find out my mortgage pay off date? what is the formula?

Can I do it on a regular **calculator**. I have a financial calucultor around somewhere. Every interest rate **calculator** I go to on the internet gives me a different answer.

I owe approx $19,372 and pay $333.34/mo @ %5.99

### admin answers:

Sure, you’ll be paid off in 69 more months with the last payment being a bit smaller than the 333.34 you’ve paid. I’m not sure of the formula to do this long hand but you can punch it in any financial calculator. Answers can differ slightly depending on how many decimal places you have the calculator set to accept and show. Here’s how I did it though…

PV(present value)=19372

I/Y(interest per year)=5.99

PMT(payment)= -333.34

CPT(compute) N(number of months)= 68.81

Main thing is to make sure you put in payment as a negative number, not a positive one.

Ken asks…

## How do you make a what if formula with date ranges?

How can you create a formula in excel where you have a date range that will associate with certain numbers to be used for a formula?

What it is for to make the question more clear, I am looking to create a interest rate differential **calculator** where I just type in the date that people had received there **mortgage** and the associated posted rate will than pre-fill the following line with the posted rate to be used in a formula.

### admin answers:

I think you really need the lookup function, and not if statements.

=LOOKUP(A1,B1:B5,C1:C5)

……..A…………….B………..C

1…3/8/2011…..1/2011……1

2………………….2/2011……2

3………………….3/2011……3 <—— Returns this

4………………….4/2011……4

5………………….5/2011……5

The above would return 3 because the closest match to 3/8/2011 is 3/2011.

Just put the start date of the range in column B

Charles asks…

## Mortgage Guesstimate…?

Approx. how much would a person pay for a $132,000 house. Add 110 for taxes and 50 for insurance. I use the **mortgage** **calculator** but they are always different. Also, giving a rate of 6.23%

### admin answers:

At 30 years this would be about $820 for principal and interest.

Taxes and intererst would bring it to about $980. This assumes you put 20% down so you don’t have PMI. Don’t forget home owners dues.

Daniel asks…

## I need to purchase a home, are the mortgadge caculators accurate?

I want to purchase a home for 359,000, The **mortgage** **calculator** says my payment will be around 1780 a month on a 50 year loan with 0 down and 7 percent interest rate, is this accurate. Or is this even possible. I’m a first time home buyer and am not too familiar with all of this. My credit isnt the best but its decent. I make around 33,000 a year. Please let me know if this can happen. i would like some advise before i get to serious and get a real estate agent and come to find out i cant afford anything.

### admin answers:

Not possible! 50 year, zero down, 7% with damaged credit? Not even last year when they were giving money away like chicklets. Save your money for a down payment and fix your credit. Plain and simple. Don’t believe anything else … You are not ready to own a house yet.

Ohh, and besides, $33,000 per year cannot possibly qualify for (nor afford even if by some creative program you could qualify) a $1780 payment.

The industry needs a bit of tough love these days.

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