What affect does a larger down payment have on mortgage payments?
June 21, 2008
I’m in the first steps of buying a condo, and I’m a bit confused as to what a larger/smaller down payment actually does to the mortgage payment. In all of the mortgage payment calculators I’ve gone to online, increasing or decreasing the down payment has no effect on the monthly payment and only decreases the term. I am confused because I set the term to 30 years, but its still changing the life of the loan.
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Real cost of mortgage loan calculator?
June 21, 2008
My parents are considering refinancing to a fixed rate mortgate. I need software that can take in the following info: quoted rate, initial fees including mortgate points, loan amount, loan period, tax deductions on mortgate interest. The software needs to output the following. Total payments minus tax break plotted against time.
If there is no such software, a webpage with step by step instructions to do the calculation would be helpful.
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How Much House Can I Afford
June 19, 2008
There are several factors in determining how much “you think” you can afford to borrow versus how much the bank or lender decides you can afford.
All these factors are rated when asking :”how much house can I afford” -
- Income
- Debt
- Interest Rates
- Job longevity
- Credit rating
- PMI
Amongst others, but these are the biggees.
Use this handy calculator to get a general idea on how much house you can afford.
how much money per year do i need to make to afford a $600,000 house?
June 13, 2008
Say I’m looking for a 30-year fixed rate mortgage, and I can put $100,000 down.
So I guess what I’m really asking is how much should my annual salary be to cover a $500,000 loan with a 30-year fixed interest rate of 6%? Or, is there a handy website that will allow me to calculate this?
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Do you figure mortgage payments for a 2nd mortgage the same as for a 1st mortgage?
June 13, 2008
We’re about to close on a house and we have a 1st mortgage, and then a 2nd to pay some of the down payment. This avoids PMI.
If I plug the numbers into a mortgage payment calculator, the 1st mortgage payment is the same as the one on the TIL the lender provided. But the 2nd payment isn’t - the calculators all say it’s less than what the lender is saying.
Is there a different mortgage payment calculator for a 2nd?
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Living in Iowa making $80,000(before taxes) how much of a house can we afford?
June 11, 2008
We will be moving to Iowa and would like any help figuring out how much of a house we can afford there. We are not sure of federal/state taxes so we don’t know how much we will actually be taking home making $80,000(before taxes).
Thanks for your help!!!
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Mortgage calculator with printable amortization chart ?
June 3, 2008
I use this one,
http://mortgage-calculator.4u2se.com
Are there any others that are good ?
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.