Hello Anon, the answer to your question depends on the term you are looking for. Today the fixed and the variable rates are still at all time lows so here is a quote for both. 5yr fixed rate mortgage at 3.59% will mean a monthly payment of approx $2016. Closed variable rate at Prime - 0.9% will mean a monthly payment of approx $1713. With a longer amortization 30 or 35 years these numbers drop quite a bit I would be more than happy to give you more rate quotes for different amortizations if you like, contact me and let me know what you are looking for and we can run some numbers. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec.

where does someone so dumb about money get 100K and has no clue what the payment would be . By the time the question was posted, the moron would have realized there are ENDLESS calculators online, including from every financial institution on earth. wow.

You will pay $ 1,576.43 a month if you want to obtain a 300,000 mortgage for 5 years fixed mortgage with 25 years amortization period. THe calculation was done on the average rate of 2.99 percent for 5 years fixed mortgage.

Powered by

Suppose you bought a house and took out a 30 year fixed rate mortgage for $250,000 at an apr of 7.5%, compounded monthly. a) what would your monthly payments (end of month) on this loan be? interest rate b)if you wanted to pay this loan off in its entirety after 5 full years of payments (as in (a) else assume = $2000), how much would you owe? (tell me whether you are writing 1 or 2 checks at the end of the 5th year.)

if it's a fixed rate, the payment doesn't change. what happens is similar to compound interest, but works oppositely. the longer one pays that mortgage, the principle is included in the payment. So that payment of $1748.04 may start with 2% devoted to principle, but will increase as the amount owed decreases. You can go to http://www.mortgage-x.com for full amortization calculators in which you can punch in your terms and loan size and it will spit out a month-by-month break down of what goes to principle and what to interest.

Powered by

$250,000 mortgage at 5% interest for 30 years?? 20 years???

Google amortization calculator. Many will even let your print a payment schedule. However, remember that this is based ONLY on principle and interest; it does not include all the extras like casualty insurance, tax escrow and private mortgage insurance but these will be added to your monthly P&I payments.

Powered by

Yesterday our mortgage lender called to give us details on a possible refinance opportunity. we aren’t sure if we want to do this or not. would you look at the facts and figures and give us your opinion? right now we have a 5.875% 30 year fixed rate loan with a balance of $134,700. our monthly payment is $1,113.87. this includes insurance and taxes. we can get a refinance at 5.625% 30 year fixed rate for $161,000. our monthly payment will be $1,250. another option is to take a 15 year fixed rate at 5.25% with a monthly payment of $1,611. both of these options will be 90% of our home value and will then incur mortgage insurance until our balance drops below the 90 % value of the home. we would get a cash out of $34,000 to pay off credit card debts. these credit card debits are at a low 2.99%, 3.99% and 4.99% fixed life of loan rate. we have been paying off about $700 to $1000 a month on this debt. in the last year, we paid off about $12,000, bringing the debt down from $36,000 to $24,000. this is the only debt we have, other than the mortgage. here’s the question: should we continue to pay off the credit card debt and be done with it in about two years? of course, this is assuming that there are no other emergencies that require us to charge more debt. i am wary of the credit card market being able to change your percentages without much reason. we have co-signed for a car for a family member and she often makes late payments. i understand the credit card mongers can change your contract if you are delinquent on any bill, not just their own bills. that would be bad. it would be lovely to have only one mortgage bill to pay instead of five credit card bills and one mortgage payment. and not to worry that the terms might change without much warning. plus it would all be a tax break. on the other hand, we could be done with that $34,000 credit card debt in two years if all goes well. then we could double up on our mortgage payment and get that paid off sooner. what do you think? what would you do if it was your choice? we are going to ask our accountant friend the same questions. just gathering opinions now. thanks for taking the time to help us think this one through. we will be anxiously awaiting your answers!

If you miss a credit card payment, they'll scream and yell. If you refinance your credit card debt by attaching it to your house, you'll be paying off your credit cards for the next 30 years, and then if you miss a payment, they take the house. Get a copy of "The Total Money Makeover" by Dave Ramsey. He explains a plan to never need credit cards again. I'll summarize: STEP 1: You're worried about emergencies. Good! Save up for them. Pay only the minimums on your credit cards for a month or two, until you get $1,000 cash saved. Withdraw the $1,000 as ten $100 bills, and buy a picture frame and get it engraved: "In Case of Emergency, Break Glass". Then put the Benjamins in the picture frame, and hide it in the back of the closet. STEP 2: Once you have that cash saved, cut up your credit cards. Pay off the cards, just like you have been planning to. If you need to break your pretty picture frame, then go back to paying the minimums until you're back to $1,000 saved. STEP 3: Finish your emergency fund. Continue saving the $700-$1000, and put it in a separate bank account (or buy a very large picture frame). When you have 6-months expenses saved (roughly $25,000), you'll be ahead of most people in the country. STEP 4: Start saving for retirement. 15% of your income. STEP 5: The kids' college fund. STEP 6: Pay down the mortgage, until the house is paid in full. STEP 7: Live like you're rich, because now you are.

Powered by

Hi everyone, i'm a first time home owner and have no experience with home buying terminology. i do have a realtor at this time. i'm looking to buy a single family home for about $250k - $300k max, prefer somewhere in the middle around $285k. my credit score is 784 from all 3 credit agencies. i have $60,000 cash for down payment. i have $0 debt. no car payment and rent is $500 a month (rent a room). i own a $30,000 car and $5,000 car free and clear. my annual income is $60,000+ . i have been asking around and it doesn't seem like i will be having trouble getting a loan. i was looking at the fha and conventional loan. since my down payment budget is $60,000. if i were to purchase a house with conventional loan of purchase price $285k and 20% down payment would be $57,000 that would leave me $3000 for closing cost which is cutting it really close. i was thinking about putting down 15% on a fha loan $42,750 which would leave me $17,250 left for closing cost and mip. the upfront mip will be 0.0175 of the loan amount $24,2250 which will be $4240. i believe under the new fha mip i will have to pay the mip monthly for 5 years until i can get the house appraised and have mip removed. the monthly mip will be $112 for 60 months that would be $6720. so basically if i go with fha 15% down i will have to pay a total of $10960 for mortgage insurance. what if i go with a traditional loan and put down 15% and get pmi for 2 years. so my confusion is should i do mip or pmi if i only want to put 15 % down ? if you guys have any other suggestions please let me know. thanks

Yes 20% down would be your perfect world but if you must do 15% down then I would ask the loan officer to give a print out showing the PMI rate on conventional compared to the FHA MIP rate. No up front PMI like FHA's MIP. Monthly PMI rate should be lower than FHA's with your great credit score and 15% down. Unless they've changed the rules since I got out of the business...You're PMI drops off when you have the house paid down to 80% of value. FHA's MIP falls off when you have it paid down to 78% of value. (And yes you would need an appraisal to prove this in 5 years.) **Upfront MIP can be rolled into your loan amount and doesn't have to be paid out of pocket at time of closing. **But where in the world are you thinking of buying that would require $17,250 for your transaction? That's at least $2,000 too much for closing and upfront MIP where I come from. Sellers are allowed to pay 6% of sales price (in closing costs and prepaids) for FHA and for conventional loans if you write your offer that way and they accept it. (Sellers can pay 6% on conventional if you are putting at least 10% down and if your contract is accepted specifying that the sellers contribution applies to your prepaid items as well as closing costs.) That should more than cover everything. We are in a buyer's market. The seller should contribute to closing costs! I understand that some sellers right now are victims of falling house prices so maybe they don't have enough equity to help pay many closing costs...but they need to agree to pay part of them if they want to get their home sold! Hope this helps!

Powered by

Lets say it's a mortgage for a $95,000 condo with 25% down payment and

Here is a tool that may help you. Its a mortgage calculator provided by Coldwell Banker Hubbell Briarwood. You can find it at http://www.cb-hb.com/mortCalc/calc.html and can also be added to any website. Hope this helps!

Powered by

Compare 15 and 30 year mortgages. use the following information: mortgage amount $250,000. marginal tax rate 25% 15 year rate 5.5% 30 year rate 6.0%. find the difference between: monthly payments, total payments, and total interest. how much do you save interest with the 15 year mortgage?

You can request a 15 year and a 30 year amortization that will give you complete break down between interest/principal . Even if you go 30 years and you get an open end mortgage, you can pay extra each month in order to cut down on the interest.

Powered by

1 . compute the mortgage loan amount for an $80,000 house, given a 20% down payment. a. $16,000 b. $64,000 c. $80,000 d. $96,000 2 . if the purchase price of a house were $56,800, what would the down payment be if 15% were required? a. $8,520 b. $48,280 c. $56,800 d. $65,320 3 . what is the mortgage loan amount for a house that costs $234,000 if 18% of the purchase price is required as a down payment? a. $276,120 b. $234,000 c. $191,880 d. $42,120 for questions 4, 5, and 6, use the monthly payment for a $1,000 loan table on page 799 of your textbook. 4 . what would the monthly payment be if the mortgage amount was $96,000 for 25 years at 6%? a. $618.24 b. $644.00 c. $6,440.00 d. $96,000.00 5 . compute the total amount paid after 20 years for an original mortgage amount of $56,000 at 5.5% interest. a. $92,467.20 b. $7,705.60 c. $56,000.00 d. $385.28 6 . find the total interest charged if the amount of the mortgage is $154,000, with a 30-year loan at 7% interest. a. $1,024.10 b. $154,000.00 c. $214,676.00 d. $1,024,100.00 for questions 7, 8, and 9, use the following table. 7 . find the closing costs on a $56,000 mortgage amount. a. $56,000 b. $2,895 c. $1,120 d. $700 8 . alicia's mortgage amount loan is $88,000. compute her closing. a. $3,935 b. $1,760 c. $1,100 d. $1,075 9 . compute the total mortgage amount if closing costs are added into the base mortgage amount of $86,500. a. $3,931.25 b. $82,568.75 c. $87,620.00 d. $90,386.25 10 . using the basic interest formula prt = i, compute the first-month interest for a 30-year, $89,000 mortgage at 5.6%. a. $415.33 b. $4,984.00 c. $168.00 d. $166.13 11 . find the payment to principal on a monthly payment of $549.60 if the principal amount before the payment was $76,000.00 and the apr was 7.2%. a. $75,544.00 b. $456.00 c. $93.60 d. $39.57 12 . compute the new principal if the previous balance was $45,560.00 with an interest rate of 8.5% for a 20-year loan and a monthly payment of $543.45. a. $45,560.00 b. $45,339.27 c. $45,237.28 d. $45,016.55 13 . compute the assessed value if the market value is $125,000 and the assessment rate is 45%. a. $56,250 b. $68,750 c. $181,250 d. $277,777 14 . compute the real estate tax if the market value is $98,000, assessment rate is 55%, and tax rate is exactly 0.0385. a. $53,900.00 b. $3,773.00 c. $1,697.85 d. $2,075.15 15 . find the amount of coverage on a home if the replacement value is $123,560 and the percent of coverage is the minimum 80%. a. $98,848 b. $24,712 c. $222,408 d. $617,800 16 . using the following chart, compute the amount of coverage on personal property for a home with a market value of $320,600 and a replacement cost of $256,480 (figured at 80%). a. $160,300 b. $128,240 c. $256,480 d. $205,184 for questions 17 and 18, use the homeowners insurance premiums table on page 359 of your textbook. 17 . compute the annual premium for a brick home with a replacement value of $87,500 and 80% coverage in fire protection class 1. a. $213 b. $225 c. $241 d. $268 18 . compute the annual premium for a wood-frame home with a replacement value of $150,000 and 80% coverage in fire protection class 9. a. $484 b. $508 c. $625 d. $657 19 . current fha recommended guidelines are that housing costs be less than 35% of monthly net pay. use the following chart to compute the total monthly housing costs if total net income is $1,633. a. $1,633.00 b. $596.50 c. $357.50 d. $208.78 20 . determine if the taylor family is within the fha recommended guideline for housing costs (≤ 35% of net income) by using the following chart. compute the amount that the family is over or under the recommended percent. a. the taylors are $356.15 below the recommended guideline. b. the taylors are $356.15 above the recommended guideline. c. the taylors are $886.00 above the recommended guideline. d. the taylors are $886.00 below the recommended guideline.

Honestly, this looks like all of your homework problems. If you want people to do your homework for you, forget it. Just flip back a few pages to the section that tells you how to set-up and solve these problems . If there a few specific problems you don't understand at all, then ask them here. Other than that... Sit down for about 1-2 hours and do your homework! Work for your grade! Good Lord... Don't be so lazy!

Powered by

Need help computing these mortgage questions. i'm not just looking for answers. a formula to compute would help a lot. thanks an "interest only" mortgage is made for $80,000 at 12% for 10 years. the lender and borrower agree that monthly payments will be constant and will require no loan amortization. what will be the loan balance after 5 years? you are going to borrow $250,000 for the purchase of you new home. the loan requires that you pay two points in origination fees when you acquire the new house at close. how much money does the lender bring to the closing? a constant payment, fully amortizing mortgage loan is made for $100000 at 8% for 30 years. if the payment per period is $169.23, how often are payments made? (are they made monthly or weekly? not sure how to figure it out.) any help is appreciated. thanks.

1. The balance does not change on an interest-only loan 2. The lender gets the two points. Do you know what points are? 3. Get your financial calculator and plug in the known values, then click on COMPUTE to get the unknown values. You may have to try different scenarios. I don't want to give more information because you need to reread your textbook to figure these out, otherwise you don't learn.

Powered by

According to this mortgage calculator it is. just bear with me on these simple and straight forward numbers. lets assume you are taking out a loan for $300,000 for 30 years with a fixed rate of 6.5%. according to http://www.mortgagecalculator.org/ that would equal a monthly payment of $2,333.70 and a total loan cost of $840,133.47. this is almost three times the original loan amount. i understand interest.....but daaamn!!! that's like buying a $300 tv through rent-a-center and paying $900 for it in the end, no one in there right mind would do that.....yet its ok to do it for a home? am i missing something or does everyone end up paying at least double the cost of their house. i understand there are other details and variables and such but in all honesty they dont make that much of a difference. for example, if you put down a $50,000 down payment and only borrowed $250,000 then you still end up paying over $700,000 which is more than twice the cost of the loan.

Yup, that's right. You always have the option of paying cash for your house instead.

Powered by

You want to buy a condo 5 years from now, and you plan to save $3,000 per year, beginning one year from today. you will deposit the money in an account that pays 6% interest. how much will you have just after you make the 5th deposit, 5 years from now? $14,764.40 $13,431.83 $16,911.28 $17,843.15 $15,119.76 suppose you inherited $200,000 and invested it at 6% per year. how much could you withdraw at the end of each of the next 15 years? $24,764.40 $23,431.83 $20,592.55 $17,843.15 $15,119.76 suppose you borrowed $25,000 at a rate of 8% and must repay it in 4 equal installments at the end of each of the next 4 years. how large would your payments be? $7,691.45 $7,548.02 $7,324.89 $7,011.87 $7,854.13 you are buying your first house for $220,000, and are paying $30,000 as a down payment. you have arranged to finance the remaining $190,000 30-year mortgage with a 7% nominal interest rate and monthly payments. what are the equal monthly payments you must make? 1,513 1,110 1,264 1,976 1,349 your sister turned 30 today, and she is planning to save $3,000 per year for retirement, with the first deposit to be made one year from today. she will invest in a mutual fund, which she expects to provide a return of 10% per year. she plans to retire 35 years from today, when she turns 65, and she expects to live for 30 years after retirement, to age 95. under these assumptions, how much can she spend in each year after she retires? her first withdrawal will be made at the end of her first retirement year. 78,976 91,110 88,513 86,250 83,049 i tried using the finance fuctions but i'm still having trouble, i not use if i'm doing it right

Go to your Excel spreadsheet and look under Financial Fuctions (PV, FV, etc), plug in the variables and you should be able to calcuate the answers for yourself.