mortgage calculator with extra monthly payments

MORTGAGE CALCULATOR WITH EXTRA MONTHLY PAYMENTS FREE

Payment periods = number of years x 12 months Step 3: Calculate the number of total payment periods: Monthly interest rate = annual interest (%) / 100 / 12 months Take your 4.89% rate and divide by 12 to determine your monthly interest rate = 0.00489. Step 2: Determine your monthly interest rate Purchase price - down payment = mortgage principal Step 1: calculate your mortgage principal amount with the following formula: First, Let’s assume you are buying a home with an asking price of $500,000, and are making a down payment of 20% ($100,000), with a mortgage rate of 4.89%, and amortization of 25 years. While plugging your info into our calculator is a fast and convenient way to determine your mortgage payments, let’s break down the math. Condo fees (if applicable): The approximate dollar amount of any monthly condo fees you may be liable for.

Down payment: The dollar amount that you are able to pay up front when purchasing your home.Home price: The dollar amount of your home.

In order to effectively use this calculator, here is the information you’ll need to have: If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment. If you’re buying a new home, it’s a good idea to use the calculator to determine what you can afford before you start house-hunting. Additionally, you can use the calculator to estimate your total monthly expenses, see what your payments would be if mortgage rates go up and show what your outstanding balance will be over time. Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can change the size of your down payment and the payment frequency to see how your regular payment will be affected. It will automatically calculate the cost of mortgage default insurance. The calculator will now show you what your mortgage payments will be.īy default, the mortgage payment calculator will show four different monthly payments, depending on the size of your down payment. The calculator shows the best rates available in your province, but you can also add a different rate. Then, select an amortization period and mortgage rate.

Is it worth almost $1,000 more to have it now (furthermore, the retail price in 3 years will probably drop)? That is like going into a store that advertised 'SALE-ADD 20% TO EVERY PURCHASE.To use the calculator, start by entering the purchase price. If purchased on a credit card with a 12% annual percentage rate (APR) compounded daily, and with minimum monthly payments of $166 paid over three years, it winds up costing over $5,980. Here is an example: a new television flat-screen HDTV model retails for $5,000. If one calculated the true cost of goods bought on credit, one would have second thoughts about making the purchase in the first place. Many impulse purchases are made on credit with little thought given to how the debt will be repaid in the future. One should never use credit to purchase things for which one will not be able to pay in the future. Credit abuse increases the cost of credit to everyone. Goods and services are provided on credit with the expectation that they will be paid for with money in the future. Credit is extended with the faith that borrowers will repay the debt. While credit is very important to the economy, its abuse is harmful.

MORTGAGE CALCULATOR WITH EXTRA MONTHLY PAYMENTS FREE

The marketing is so aggressive that consumers may lose sight of the fact that this is not free money and make excessive purchases to the point where they find themselves in financial difficulty. This is why credit card companies aggressively compete to get you to use their credit cards and services. This represents hundreds of billions of dollars in interest earnings to lenders. According to the Federal Reserve, there was more than $2.5 trillion of consumer debt outstanding by late 2009-this is more than double the amount outstanding in 1994. Credit is issued by banks, savings and loans, credit unions, public utilities, and even merchants. Today, credit has become a business in its own right. One should not use credit in place of money when there is little or no likelihood that payment in real money will be made-using credit without the intent or ability to pay is theft. Derived from the Latin word for 'trustworthiness,' credit is based on faith that the borrower will repay the debt with real money. While credit stimulates the economy, it does have to be used judiciously.

Mortgage calculator with extra monthly payments