mortgage loan calculator
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What Do You Do About Your Mortgage??
Asked by M.M. from Dallas
on January 1, 2009
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Ladies,
My husband and I had a deep conversation this morning about our home mortgage, and we'd like to know what the norm is. Do most people get a 30 year loan for ...
Answers
- What my friend used to do was get a breakdown from the bank of what amount of the loan went twards intrest/principial every month. Then she would pay the regular payme...
- Good Morning Reba S I work for a title company and most of the closings that have loans are 30 year mortgages. I always suggest in closing that you make extra princ...
- Hi Reba, I have a 30 year note which made my monthly payments affordable. Most people I know have 30 year mortgages. In addition to the monthly note, I add a separa...
401K Loan
Asked by K.H. from Indianapolis
on April 6, 2012
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We have some pretty sizeable credit card debt. Nothing we can't manage month to month (and usually pay more than the minimums). However, it is really taking FOREVER ...
Answers
- My only thought - can you keep the debt OFF the card once you pay it down? I have a gf that does this exact thing at least once every 2 or so years. Her cards get ...
- um...your only going to be able to pay half of your Credit card debt...makes no sense to do this...lets just add another form of debt to the load... You say this wi...
- I'm not totally sure, but I think you might have to use the loan as earned income on your taxes for 2012 and the irs will charge you 10%, plus it might throw you into ...
Student loan...drowning in Debt :(
Asked by J.F. from Toledo
on July 13, 2010
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I graduated from a "cracker jack" college (realized that after the fact) in 2006. I obtained a legitimate degree, however soon realized that employees in my field are...
Answers
- Look into different payment plans. There's one called "Income Based Repayment" and it basically calculates a percentage of your income that you can afford to pay and ...
- have you checked out any of Dave Ramsey's books? he really speaks to the every day person (As he considers himself one) and can give some really good tips as to how to...
- If you can't afford the $200 right now, when will you be able to aford it? When will you be returning to work? What can you afford at this time? Ask yourself these q...
How Much Do You Pay per Month on Your Mortgage?
Asked by S.M. from Dallas
on March 1, 2008
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We are saving up to buy a house and are very close to our goal. I am just trying to get a ballpark figure of how much we would be paying per month on a $150,000.00 mor...
Answers
- You got lots of responses! Wow! I have a little bit of insight on this. My MIL and husband have both worked in the mortgage industry and I worked in the homeowners ins...
- S., You've gotten great tips already. I own a rental home that cost me close to the price you mentioned. With the mortgage, property taxes, and homeowners insuran...
- S., That is great that you are saving for a home. You might check with a reputable Mortgage Lender to see what programs are available for you. I can give you a few to...
$10,000 Mortgage Payment Question
Asked by A.D. from Dallas
on April 1, 2012
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I paid $10,000 to the Principal of my mortgage this year (in addition to making the regular $1,000 a month payments) to help pay my house off sooner. My friend says ma...
Answers
- All I know is per my loan officer, if take your monthly payment and divide it by 12, pay this amount more per month and you will knock off 15 years of your loan. For e...
- In addition to what was mentioned about the interest you won't be paying on that $10,000 in the future, like Brandi mentioned...you paid $10k towards the principal. Y...
- Isn't it the principle behind compounding interest? I.e., you will pay less interest because you cut your principal amount owed. All other things being equal, it c...
Bi-weekly Mortgage Payments
Asked by K.D. from Denver
on November 14, 2009
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We just bought a house, and are looking at the possibility of doing the program where you pay every two weeks and end up making a 13th payment each year. In the past,...
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- I would never pay for that kind of program. I would call my mortgage company and make sure extra payments wouldn't give me a fee and then just do it on my own for free...
- I have no first hand experience with these programs, but advice I've received about paying extra to set up the twice monthly payment is : don't do it. If you want the ...
- I honestly don't see the point in this option unless you have a hard time budgeting & managing your money? In that sense it would work. My only incentive for switchi...
Financial Experts Weigh-In Please!
Asked by S.S. from Los Angeles
on February 3, 2012
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I have 2 private student loans at the following variable interest rates:
1) Prime + .5%
2) LIBOR + 4.5%
Given the current interest rates, this is GREAT and I'm...
Answers
- I'm no expert, but I am under the understanding & opinion that unless it's over a very brief time period, you're always better off with a fixed rate.
- How much longer left on the loans? And how often do they reset? If you have many years left and it re-sets annually, you can watch the rates throughout the year and if...
- Without knowing how long the loan is for, you can't really decide ;) Find a good online student loan debt calculator and run the numbers. A fix rate isn't always be...
For All You Dave Ramsey Followers:
Asked by J.G. from Minneapolis
on September 7, 2011
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I need to hear from people that have done his program. We don't have much debt. Our credit cards are paid off, cars paid off, we rent, but we have so much student lo...
Answers
- Wow....Some of the other answers have really surprised me. Is your rate variable? I would assume so, or else inflation wouldn't matter. So, your rate changes base...
- our student loans are consolidated, and we pay $300/month. We are about to embark on our own Dave Ramsey adventure and knock it out because that's a HUGE amount of mo...
- You can do it! We had $50,000 in student loan debt, besides all our other debt. We went without all those things you mentioned and got it done in about two years. I...
I’m in a Financial Battle with My Husband
Asked by A.E. from Chicago
on November 2, 2008
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Hello Moms,
This is not a normal request you see on this site but I’m hoping there may be some moms out there that can help me realize I’m either wrong or right...
Answers
- If I understand this correctly, you're paying 10.75% interest on this loan, and the bank is giving you 2% on your money. Wouldn't you be saving 8.75% by paying it off?...
- Everyone that has posted a response makes sense. But you have to consider many points. First, if you refi, then think about the fees you will have to pay to do so. ...
- Of course the bank wants you to keep the money in your savings account - if you take it out you're taking it from them and their ability to reinvest in their own schem...
Affording It All
Asked by J.V. from Chicago
on November 27, 2011
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It's that time of year when I do our 5 year financial plan, take a look at our long term financial health, and figure out our current priorities.
Well, I just did a...
Answers
- We have 4 kids..... using student loans, part time jobs, grants, etc. my two older ones paid their way. I wish we could provide that, but we couldn't. We did help w...
- I can't wait to read the answers you get because these are questions I ask myself all the time. We've been following Dave Ramsey's plan for financial living and it ...
- I don't know anyone who paid out of pocket for college, but I know a heck of a lot of people who went to college. Four year universities. Private liberal arts school...
