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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
OK, now you have a lovely new home and with it comes a lovely
new mortgage. With the average mortgage advance standing at
around £150,000 it's a long-term commitment to repay a lot of
money. The repayments also take a fair slice out of your monthly
income.
What could go wrong with these financial arrangements and can
you hedge your bets by insuring against the risks? After all you
have a family to protect.
Most people would identify 5 main areas of concern, all of which
boil down to your ability to maintain the mortgage repayments: ·
Interest rates might increase and make the monthly repayments
unaffordable · You might loose your job · You might be forced to
take time off work through illness or accident · You may become
permanently unable to work through accident or very serious
illness · You could die before the mortgage is paid off.
The financial industry is packed with pretty shrewd people so
it'll come as no surprise to learn that there are financial
products to help with each of these risks.
If you want to reduce the risk of interest rates rising to
unaffordable levels, you should have discussed these matters
with your mortgage adviser. He will then have told you about
"fixed" and "capped interest rate" mortgages. As the name
implies, a fixed rate mortgage fixes the interest rate you pay
whilst with a "capped" mortgage, the lender agrees not to
increase your interest rate above a pre-agreed level. Both types
of mortgage revert to the standard variable rate after the fixed
or capped period finishes which is typically after three or five
years, depending on your lender.
Fixed rate mortgages are currently very popular accounting for
55% of new advances and there are some very good deals around.
The capped rate for capped rate mortgages is usually set at the
outset above the equivalent fixed rates available but the rate
you pay is lower than the fixed rates. In this context your
interest rate risk can be effectively controlled. After the end
of the protected period you always have the option to
re-mortgage and find another rate protected deal. There are
never any guarantees on the rates that will be available but the
mortgage market is highly competitive, especially for
re-mortgages, and special rate offers abound. It's really a
matter of knowing which lender to approach. When the time comes
you'd be well advised to ask a mortgage broker to search out the
most suitable options. Worried about paying your mortgage if you
lost your job? Then you need Mortgage Payment Protection
Insurance - but be aware that in its basic form, this insurance
is really only designed to cover redundancy. If you resign or
are fired for gross misconduct your unlikely to be insured. The
cost? Online you can expect to pay around £2.45 per £100 of
monthly mortgage payment for a policy which starts paying out 30
days after you've been made redundant and will pay out for up to
12 months. You're sure to have been offered similar insurance by
your bank or mortgage company but watch out, their premiums are
likely to be two or three times higher for identical cover.
Mortgage Payment Protection Policies can also be extended to
cover the third area of concern - you lose income through
illness or accident. But before you rush into this insurance you
need to ask your employer how long they'd continue paying you if
you were off work. Remember, you only need to insure for the
period after your employer stops paying. You would then receive
statutory sickness pay, but the odds are you'll need that income
for general living costs. The cost for this insurance? Well,
online it'll again cost you around £2.45 per £100 of monthly
mortgage payment for a policy which starts paying out after 30
days, However, if you combine illness, accident and unemployment
cover all into one policy you can currently get combined
insurance for around £3.95 per month. The essential point to
remember is that these policies will only pay out for 12 months.
That leads on to the fourth area of concern.
How would you pay your mortgage if you were unable to work again
through a serious accident or critical illness? In this context
it is important to appreciate the reality of the risk. The
insurance industry estimates that 1 in 5 men and 1 in 6 women
suffer a critical illness before their normal retirement age.
Just think what a heart attack at 40 would mean to your family
finances, especially if you have a mortgage with many years
still to run. For many, insurance is a must.
The best option is to arrange insurance that totally repays the
outstanding mortgage if you can't continue to work. That at
least removes one big worry. The insurance you need is called
Critical Illness Insurance but make sure "total and permanent
disability" cover is included. This ensures that your mortgage
will be repaid if you are incapacitated through an accident.
You can buy Critical Illness Insurance with "decreasing cover"
where the size of the payout decreases as the years go by. This
is ideal if you have a repayment mortgage where you are repaying
the mortgage bit by bit each month. Decreasing cover is also the
cheapest form of this Insurance.
If you have an interest only mortgage, the situation is
different as the sum you owe your lender, remains constant. You
certainly don't want the cover to decrease - so here you need
Critical Illness Insurance with "level cover".
As with all these insurances, there's always a twist to watch
out for. With Critical illness Insurance you always need to
survive for a minimum period following an accident or diagnosis
of a critical illness. If you don't, the policy will not pay
out. With most insurance companies the survival period is 28
days although some have reduced this to 14 days.
That leads on what happens if you were to die. Most lenders
insist on Mortgage Life Insurance to repay your mortgage in one
lump sum. However, you really don't need it if you're single and
living alone. In these circumstances, if you would die, your
estate would simply repay your mortgage by selling the property.
For everyone else, Mortgage Life insurance is the most commonly
held form of mortgage protection. Again it comes in a
"decreasing cover" format for those with repayment mortgages and
"level cover" format to repay interest only mortgages.
All this insurance will not be cheap but there are ways of
significantly reducing the cost. Buy a Mortgage Payment
Protection Policy that combines unemployment, accident and
illness cover. Sometimes this is called "unemployment and
disability" cover. This will save you about 20%. The cheapest
way to buy Critical Illness and Mortgage Life Insurance is again
to buy a combined policy. Here it's difficult to be precise
about the savings as the cost will be strictly calculated on
your own personal details and health record - but you can
certainly expect to save 20-25%.
The final bit of advice is shop around for the insurance. Your
bank or building society will be absolutely delighted to arrange
it but you'll pay top dollar. The Internet is by far the
cheapest way to buy all these insurances, especially if you use
one of the many discounting brokers. You'll find these brokers
if you search under "life insurance", "cheap life insurance",
"life insurance quotes" or "Mortgage Protection Insurance".
Competition on the net is rife, so it's norm for these brokers
to cut commission and pass the savings back to you through lower
premiums. There are other aspects you'll need to consider such
as whether to buy a policy with a "Guaranteed Premium" or a
"Reviewable Premium". So you're best advised to talk matters
over with a life insurance adviser. Ten minutes on the phone
with an adviser could save you more and avoid a lot of
heartache.
Be lucky, keep fit, happy and well insured!
About the author:
Michael Challiner has 15 years experience in financial services
marketing at senior level. Michael now works as the editor of Express Life
Insurance
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