New Jersey mortgage loans is committed to helping you find the right mortgage product for your needs in Cranford. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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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.
Many of us don't believe that a few dollars can make a big
difference. In a lot of cases that is true. But when it comes to
mortgages or any other type of loan, a few extra dollars can
save you Big Bucks.
The chart below gives examples of three different loan terms and
what paying between $75 to $100 more a month would do to the
mortgage. It is based on a $100,000.00 loan at 7% interest.
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YearsInt Rate Payment InterestTotal of PaymentsSavings
307% $665.30$139,508.00$239,508.00 N/A Round Payment to $750.00
$93,994.86$193,994.86$45,513.14This loan would be paid off in
259 months instead of 360.
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207% $775.30$86,072.00$186,072.00 N/A Round Payment to $850.00
$69,409.58$169,409.58 $16,662.42This loan would be paid off in
199 months instead of 240.
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157% $898.93$61,789.40$161,789.40 N/A Round Payment to $1000.00
$50,517.67 $150,517.65 $11,271.73This loan would be paid off in
151 months instead of 180.
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By adding $84.70 to your 30 year loan you can save $45,513.14
and pay the loan off in 21 1/2 years.
By adding $74.70 to your 20 year loan you can save $16,662.42
and pay the loan off in 16 1/2 years.
By adding $101.07 to your 15 year loan you can save $11,271.73
and pay the loan off in 12 1/2 years.
You can also see by the chart that obtaining a shorter loan term
when you buy your house can save a lot of money.
There are a couple of things that you need to check. First is
that your loan agreement doesn't allow the loan company to
charge penalties for early payment. Secondly, if you itemize
your federal income taxes and deduct mortgage interest, paying
less interest will mean a lower deduction. I believe it is safe
to say that the interest savings will far outweigh the tax
savings.
Even if you don't have $75 to $100 a month to add to your
mortgage payment, even $25 would save a lot.
If you would like to have your own Loan Calculator, just visit
www.pine-grove.com to download their Loan*Calculator! Plus. This
is a free version and has everything the average family can use.
It is also the Loan Calculator I have used for several months.
Highly Recommended.
About the author:
Terry Rigg is the author of Living Within Your Means - The Easy
Way http://www.homemoneyhelp.com/ebookadpage.html and editor of
The FREE Budget Stretcher Newsletter and Budget Stretcher web
site http://www.homemoneyhelp.com. He has 25 years of experience
counseling individuals and families concerning their personal
finances.