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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.
For the last two years, interest rates have been much lower
than anytime during the last thirty years. This has resulted in
an unprecedented boom in real estate sales, home refinancing and
home equity lending, as borrowers try to take advantage of these
rates for the long term. But refinancing or even borrowing
against your home’s equity may not make sense for everyone. When
is it a good idea to refinance your home? When is it not
advisable?
Traditionally, lenders advised homeowners not
to refinance unless doing so would lower the interest rate on
the loan by 1-2%. While anyone who can save 2% on their interest
rate would almost certainly benefit from doing so, others might
find refinancing worthwhile even with a smaller reduction in the
interest rate. Increased competition among lenders has brought
the costs of refinancing down in recent years, so homeowners can
realize a significant reduction in their home payments with
reductions of ˝% or so, depending on the size of their mortgage.
The key to whether or not refinancing makes sense is how
long the homeowner intends to remain in his or her home. The
costs of the refinancing, which can run $1000-2000, are
amortized over the life of the loan. For many people, a
reduction of $50 or more in the house payment would be more than
enough to justify a new mortgage. If payments cannot be reduced
by at least that much, or if the homeowner plans to live in the
home only a short while, refinancing may not be a good option.
Refinancing may also make sense for those with
Adjustable Rate Mortgages (ARMs.) At the moment, at 30-year
fixed-rate mortgage is quite competitive with an ARM, and may
actually be cheaper. With rates at historic lows, an ARM can
only adjust upward, making it a less desirable choice in
comparison with a fixed-rate loan.
Anyone considering a
home remodeling project or debt consolidation might ordinarily
think of a home equity loan or line of credit. These are often
wise choices, as they offer deductible interest and great
repayment flexibility. On the other hand, a chance to obtain a
30-year loan at 5% might make a complete refinancing with a
cash-out option a better choice, as home equity rates are
somewhat higher than first mortgages.
A new mortgage
might also make sense for anyone with a second mortgage or a
piggyback loan. A piggyback loan is a second loan used at the
time of a home’s purchase to help the buyer avoid paying the
sometimes-expensive private mortgage insurance. Simultaneous
payments on two mortgages will be higher than paying on one, so
this might be a great time to roll them together on a refinance.
The same applies to anyone carrying a large credit card balance;
that money could be rolled into a home loan with deductible
interest at a lower rate. Anyone considering such a move should
be careful, however, as failure to repay that debt could lead to
home foreclosure.
Now is a great time for any homeowner
to consider whether or not a new mortgage could help lower their
payments. With interest rates as low as they are now, the timing
is great, and there’s nowhere for the rates to go but up.
About the author:
©Copyright 2005 by Retro Marketing. Charles Essmeier is
the owner of Retro Marketing, a firm devoted to informational
Websites, including End-Your-Debt.com, a site devoted to debt
consolidation and credit counseling, and HomeEquityHelp.com, a
site devoted to information regarding mortgages and home equity
lending .