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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.
To the person drowning in debt, a debt-consolidation loan looks
a lot like a lifesaver. But agreeing to such a loan without
understanding it completely could be a serious mistake.
Here's the way it's supposed to work: You pay off all your
small, high-interest consumer debts with the proceeds of a new,
low-interest loan that has a lower payment than the total of the
smaller payments. In theory, consolidation is a terrific
solution for a burdensome debt situation. In reality, it can
force you into even more treacherous waters. Basically, there
are three ways to consolidate:
* A new, low-interest signature (unsecured) loan from an
individual, bank or credit union. If you can get it, this type
of debt consolidation is ideal.
* Transferring all of the balances to a new credit card. Beware
of excessive transfer fees or other troublesome conditions
buried in the fine print.
* A home-equity loan. It sounds great to pay off your
high-interest debts with money borrowed against your home's
equity. But this only increases the stakes. Now if you fall
behind, the lender takes your home through foreclosure.
There is one more significant danger that all of these types of
consolidation loans have in common. I call it the "doubling
effect." If you've ever lost 10 pounds and gained back 20,
you'll understand right away. Most people who pay off all their
pesky credit card balances look at those zero balances with a
sense of personal accomplishment. They've done something
remarkable. They didn't really repay their debts, but they enjoy
pretending. They say they won't use those accounts again, but
they fail to close them.
Statistics indicate that the person who consolidates to a new
loan will enjoy the zero balances for a short time, but will
eventually charge them back to all-time highs. The average time
is two years. That means double the trouble because of the
debt-consolidation loan. Before proceeding with any type of
debt-consolidation loan, make sure you get honest answers to
these hard questions:
* Is the total consideration -- not just the monthly payment --
of the debt-consolidation loan (principal and interest) less
than the consideration combined for all the debts it will pay
off?
* Are the terms reasonable? If, for example, the new loan or
credit card carries significant penalties (you lose the
attractive interest rate if you are late with one or two
payments), that is not reasonable. If you must pay a big loan
origination fee, that is not reasonable.
* Am I mature enough to cancel the accounts that will be paid
off in the consolidation process?
Except in extreme cases, the best way to face a load of
unsecured consumer debt is to stop adding to it, develop your
Rapid Debt-Repayment Plan (you can see a demonstration of how
this works at http://www.cheapskatemont
hly.com), then buckle down and get to work!
About the author:
Marc Sylvester is expect based in Edison, NJ . He holds
expertise in the banking and finance sector and is a consultant
to leading business houses.