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Author: admin | Category: Lease Car Calculator | Date: 26.10.2014

This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. PDF copies of this book were generated using Prince, a great tool for making PDFs out of HTML and CSS.
For more information on the source of this book, or why it is available for free, please see the project's home page. helps people like you help teachers fund their classroom projects, from art supplies to books to calculators. Calculate the monthly mortgage payment, given its interest rate, maturity, and principal balance. Distinguish between a fixed-rate and an adjustable-rate mortgage and explain their effects on the monthly payment and interest rate.
Just as your house may be your most significant purchase, your mortgage may be your most significant debt. You may feel more comfortable getting your mortgage through your local bank, which may process the loan and then sell the mortgage to a larger financial institution.
Keep in mind that the costs discussed in this chapter, associated with various kinds of mortgages, may change. The size of the down payment does not affect the price of the house, but it can affect the cost of the financing. Usually, if the down payment is less than 20 percent of the propertya€™s sale price, the borrower has to pay for private mortgage insuranceInsurance that insures the lender against any losses incurred by the costs of a loan default., which insures the lender against the costs of default.
The down payment can offset the annual cost of the financing, but it creates opportunity cost and decreases your liquidity as you take money out of savings. The interest rate and the maturity (lifetime of the mortgage) determine the monthly payment amount. The longer the maturity, the greater the interest rate, because the lender faces more risk the longer it takes for the loan to be repaid. A fixed-rate mortgage is structured as an annuity: regular periodic payments of equal amounts.
In the early years of the mortgage, your payments are mostly interest, while in the last years they are mostly principal. Monthly mortgage payments can be estimated using the mortgage factorThe mortgage payment per $1,000 of principal.. Potential lenders and many Web sites provide mortgage calculators to do these calculations, so you can estimate your monthly payments for a fixed-rate mortgage if you know the mortgage rate, the term to maturity, and the principal borrowed. So far, the discussion has focused on fixed-rate mortgages, that is, mortgages with fixed or constant interest rates, and therefore payments, until maturity.
In other words, instead of paying off the mortgage, your payments may actually increase your debt, and you could end up owing more money than you borrowed, even though you make all your required payments on time. There are mortgages that combine fixed and variable ratesa€”for example, offering a fixed rate for a specified period of time, and then an adjustable rate. PointsOne percent of the mortgage value, used as prepaid interest paid at time of purchase. In deciding whether or not it is worth it to pay points, you need to think about the difference that the lower mortgage rate will make to your monthly payment and how long you will be paying this mortgage.
First, you can calculate the difference in your monthly payments for the two different situations.
Paying the two points buys you a lower monthly payment and saves you $64 dollars per month. Other costs of a house purchase are transaction costs, that is, costs of making the transaction happen that are not direct costs of either the home or the financing. The lender will have required an independent appraisalAn opinion of the market value of a property done by a professional appraiser who is familiar with the real estate market and with housing, and who has been certified to do appraisals. Closings may take place in the office of the title company handling the transaction or at the registry of deeds.
The percentage of the purchase price paid upfront as the down payment will determine the amount that is borrowed. A larger down payment may make the monthly payment smaller but creates the opportunity cost of losing liquidity.
A fixed-rate mortgage is structured as an annuity; the monthly mortgage payment can be calculated from the mortgage rate, the maturity, and the principal balance on the mortgage. A rate cap or a payment cap may be used to offset the effects of an adjustable-rate mortgage on monthly payments. Closing costs are transaction costs such as an appraisal fee, title search and title insurance, filing fees for legal documents, transfer taxes, and sometimes realtorsa€™ commissions. You are considering purchasing an existing single family house for $200,000 with a 20 percent down payment and a thirty-year fixed-rate mortgage at 5.5 percent. If you decided to buy two points for a rate of 5 percent, how much would you save in monthly payments?
Re-review local real estate, condo, or apartment listings in the price range you have now determined is truly affordable for you. Balloon loan payment is a type of loan which does not wholly pay back over the term of note for that reason a major amount of balance is left due at maturity. Sometimes, the borrowers due to insufficient resources for making balloon payment prefer two-step credit plan. In first step, you have to conclude the initial loan amount, monthly interest rate, number of payments made and monthly payment.

Add 1 to per month interest rate and raise this sum to the power of the number of payments made. Add 1 to the interest rate per month to raise the sum to the power of the number of payments made. Enter your email address to receive notifications whenever we add new layouts & templates. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. The principal may be many times one yeara€™s disposable income and may need to be paid over fifteen or thirty years. The local bank usually continues to service the loan, to collect the payments, but those cash flows are passed through to the financial institution (usually a much larger bank) that has bought the mortgage. The real estate market, government housing policies, and government regulation of the mortgage financing market may change at any time. Most buyers use cash from savings, the proceeds of a house they are selling, or a family gift.
For a certain house price, the larger the down payment, the smaller the mortgage and, all things being equal, the lower the monthly payments. Cash will also be needed for the closing costsTransaction costs of the home purchase, including appraisal fees, title, fee, and title insurance; closing costs are paid at the closing or purchase of the home.
If you dona€™t pay this payment, you are in default on the loan and may eventually lose the house with no compensation for the money you have already put into it. With a fixed-rate mortgageA mortgage loan with a fixed interest rate over the life of the loan., the interest rate remains the same over the entire maturity of the mortgage, and so does the monthly payment.
It is important to distinguish between them because the mortgage interest is tax deductible. The mortgage factor is a calculation of the payment per $1,000 of the mortgage loan, given the interest rate and the maturity of the mortgage. If you used a fifteen-year mortgage, your monthly payment would be 8.71 A— $200,000 A· 1,000 = $1,742.
With an adjustable-rate mortgage (ARM)A mortgage loan with a floating or adjustable rate of interest., the interest ratea€”and the monthly paymenta€”can change. ARMs are usually offered at lower rates than fixed-rate mortgages, however, and may be more affordable. Another type of mortgage is a balloon mortgageA mortgage that offers a shorter maturity but with lower payments and a large principal balance due at maturity. These are referred to as closing costs, as they are paid at the closing, the meeting between buyer and seller where the ownership and loan documents are signed and the property is actually transferred. Closings also may take place in the lendera€™s offices, such as a bank, or an attorneya€™s office and usually are mediated between the buyer and the seller through their attorneys. For learning purposes, choose a home you would like to own and clip the ad with photo to put in your personal finance journal.
This plan will help you to reset all options with the help of updated market rates and paying off payment schedule.
For instance, $50,000 is your loan amount with interest rate of 11 percent annually and 0.92 percent per month.
You may also download a PDF copy of this book (19 MB) or just this chapter (1 MB), suitable for printing or most e-readers, or a .zip file containing this book's HTML files (for use in a web browser offline).
The house secures the loan, so if you default or miss payments, the lender may forecloseThe repossession of real property by a lender after a default on the mortgage by the borrower, assuming the real property has acted as collateral for the financing. This secondary mortgage market allows your local bank to have more liquidity and less risk, as it gets repaid right away, allowing it to make more loans. When it is time for you to shop for a mortgage, therefore, be sure you are informed of current developments. An example of a thirty-year mortgage is shown in Figure 9.9 "Down Payment and Monthly Payment".
As you make a payment, your balance gets smaller, and so the interest portion of your next payment is smaller, and the principal payment is larger.
Only year one is shown, but the spreadsheet extends to show the amortization over the term of the mortgage. That tax benefit is greater in the earlier years of the mortgage, when the interest expense is larger.
Mortgage factors for thirty-, twenty-, and fifteen-year mortgages are shown in Figure 9.11 "Mortgage Factors for Various Mortgage Rates".
If you got the thirty-year mortgage but at a rate of 6 percent, your monthly payment would be $1,200.
If interest rates rise, the monthly payment will increase, and if they fall, it will decrease. That sounds like it would protect the borrower, but if the payment is capped and the interest rate rises, more of the payment pays for the interest expense and less for the principal payment, so the balance is paid down more slowly.
Borrowers who expect an increase in their disposable incomes, which would offset the risk of a higher payment, or who expect a decrease in interest rates, may prefer an adjustable-rate mortgage, which can have a maturity of up to forty years.
At the rate of $64 per month, it will take 62.5 months ($4,000 A· 64) or a little over five years for those points to pay for themselves. The buyer pays these closing costs, including the appraisal fee, title insurance, and filing fee for the deed.

The lender will also require a title searchA search of public records to determine if there are any restrictions or allowances on the property to be purchase, or any liens, or debts such as a mortgage balance, overdue taxes, a mechanica€™s lien, and so on, that must be paid if the property is sold.
Lawyers who specialize in real estate ensure that all legal requirements are met and all filings of legal documents are completed.
Record the purchase price, the down payment you would make, the mortgage amount you would seek, the current interest rates on a mortgage loan for fixed- and adjustable-rate mortgages for various periods or maturities, the type of mortgage you would prefer, the rate and maturity you would seek, the points you would buy (if any), the amount of monthly mortgage payments you would expect to make, and the names of lenders you would consider approaching first. Balloon loan payments are common in marketable real estate as compared to housing real estate because some states have laws against residential real estate balloon loan payment.
This option is not practical for all because if the borrower is an owner of some property with no 30-day late payments in the 12 months proceedings.
The Internet has made it easy to compare; a quick search for a€?mortgage ratesa€? yields many Web sites that provide national and state averages, lenders in your area, comparable rates and terms, and free mortgage calculators. As long as you continue to make your payments, your only interaction is with the bank that is servicing the loan. Those needs will have to be weighed against your available cash to determine the amount of your down payment. In other words, as you continue making payments, you are paying off the balance of the loan faster and faster and paying less and less interest.
By federal law, increases in ARM interest rates cannot rise more than 2 percent at a time, but even with this rate capA limit on the potential adjustment to the mortgage interest rate., homeowners with ARMs are at risk of seeing their monthly payment increase. If interest rates are high enough, the payment may be too small to pay all the interest expense, and any interest not paid will add to the principal balance of the mortgage. You can voluntarily increase your monthly payment amount to avoid the negative effects of a payment cap. There are option ARMs, where you pay either interest only or principal only for the first few years of the loan, which makes it more affordable. Points are paid to the lender as a form of prepaid interest when the mortgage originates and are used to decrease the mortgage rate. If you do not plan on having this mortgage for that long, then paying the points is not worth it.
Download the a€?Mortgage Shopping Worksheeta€? at this Web site as a guide to comparing features of ARMs with lenders.
If your housing is costing you more than a third of your income, what could you do to reduce that cost? Alternatively, local banks may earmark a percentage of mortgages to keep a€?in housea€? rather than sell. Borrowers can limit this interest rate risk with a payment cap, which, however, introduces another risk. While you are paying interest only, however, you are not accumulating equity in your investment. A home equity line of credit (HELOC)A loan secured by home equity value, structured such that principal may be borrowed only as needed, and interest paid only on the balance outstanding.
Paying points has liquidity and opportunity costs up front that must be weighed against its benefit.
The title company will research any claims or liens on the deed; the purchase cannot go forward if the deed may not be freely transferred.
Housing and Urban Development (HUD) Settlement Statement twenty-four hours prior to the closing. Balloon loan is a long-standing loan in which an ending large payment is known as balloon payments.
Points are part of the closing costs, but borrowers do not have to pay them if they are willing to pay a higher interest rate instead. Over the term of the mortgage, the title insurance protects against flaws not found in the title and any claims that may result. This document, along with a truth-in-lending disclosure statement, sets out and explains all the terms of the transaction, all the costs of buying the house, and all closing costs. Write in My Notes or your personal finance journal how and when you expect you will reach that goal. Size of balloon payment can be bigger if the borrower has missed quite a lot of payments to make. A reverse mortgageA loan secured by equity value, most often used for elderly homeowners to extract equity value while retaining home ownership. The buyer also pays a fee to file the property deed with the township, municipality, or county.
Balloon payment also facilitates interested borrowers to pay off whole loan in one large balloon payment.
Some adjustable rates will help you to automatically adjust loans within applicable periods.
Some states may also have a property transfer taxA tax on the transfer of title to property; a transaction cost of purchasing property. A reverse mortgage essentially is a loan against your home that you do not have to pay back for as long as you live there.
To be eligible for most reverse mortgages, you must own your home and be sixty-two years of age or older.

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