The Best Mortgage Calculators On the
Web!
Please try my Java loan and mortgage calculators.
They take a minute to load, but they are worth it! Each calculator
has dynamic graphs and charts that change - right before your eyes -
as you enter different information. Each financial calculator also
includes a View Report option. The mortgage repayment schedule and
other reports are fully customizable. These reports are designed for
you to print out and keep...
Are Balloon Mortgages For
You?
A balloon mortgage can be an excellent
option for many home buyers. A balloon mortgage is usually rather
short, with a term of five to seven years, but the payment is based
on a term of 30 years. They often have a lower interest rate, and
can be easier to qualify for than a traditional 30 year fixed
mortgage. There is, however, a risk to consider. At the end of your
loan term you will need to pay off your outstanding balance. This
usually means you must refinance, sell your home or convert the
balloon mortgage to a traditional mortgage at the current interest
rates.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The
most common balloon mortgage terms are 5 years and 7 years. After
the mortgage term is complete, you will then need to refinance or
pay off the remaining balance.
- Monthly payment
- Monthly principal and interest payment (PI). The monthly
payment is calculated using a 30 year term.
- Total payments
- Total of all monthly payments over the term of the balloon
mortgage. This total payment amount assumes that there are no
prepayments of principal.
- Total interest
- Total of all interest paid over the term of the balloon
mortgage. This total interest amount assumes that there are no
prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly,
yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will
be applied to the mortgage principal balance, based on the
prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin
with. For a one time payment, this is the payment number that the
single prepayment will be included in. All prepayments of
principal are assumed to be received by your lender in time to be
included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your
mortgage.
The mortgage
calculators are provided by KJE Computer Solutions, LLC and made
available to NUMBER1EXPERT as self-help tools for your independent
use and are not intended to provide investment advice. We can't
guarantee their applicability or accuracy in regards to your
individual circumstances. All examples are hypothetical and are for
illustrative purposes. We encourage you to seek personalized advice
from qualified professionals regarding all personal finance
issues. |
