Your Questions About Home Loan Calculator

Daniel asks…

What is home loan calculator?

home loan calculator
home loans
interest rates

John answers:

Home loan calculator is a useful tool that tells a buyer what home loan program can he afford base on the his earnings. In this way, he will be monetary ready before acquiring the house.

Joseph asks…

What numbers do I start with when using a Home Loan Equity Mortgage Calculator?

John answers:

Doesn’t really matter which number is first.. The most important numbers are your credit score, interest rate, equity, income/existing payments ratio. Other numbers you will need are current market values, balances of existing loans, length of loan, and amount of loan.

Start here;
http://www.locallender.info/consumer-banking/mortgage/home-equity-loan-calculator.asp

Michael asks…

What is the Best Mortgage Calculator for Home Equity Loans and Home Refinancing?

I am searching for the best mortgage calculators. Interest Only calculators and simple home mortgage calculators and loan calculators. I used the ones at http://www.1mortgagecalculator.net/index2.php and they seem pretty good. Just looking for comparisons.

John answers:

You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel.
Http://www.openoffice.org/ (version for Windows and version for Linux both are available to download).
There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites of sharks.

The best solution could be also to not taking any loan at all. Saving account with 4.5% per annum, monthly payments and compound interest is your friend!!! In this way, bank gonna pay you, not vice versa. You cannot get loan with 4.5% interest, right?

So, it can get you your home in not so long time and sets you free. Your heart will be filled with joy and your kids will be grateful to you for not having any debts and financial obligations.

Richard asks…

i am looking for a free home loan calculator down load?

John answers:

There are heaps available online – here’s one that I found:

http://www.quickdirect.com.au/Content/CalculatorsMain.aspx

Maria asks…

How come using Yahoo home loan calculators it seems like I am paying way too much for my current home loan?

Took out a loan 6 years ago for 90K at like 5.75%. I’m paying around $900/month on it over 30 yrs. The calculators on Yahoo though say I can get a 90K loan now at 6% and only pay $540/month over 30 yrs. What is going on? Did I just get taken to the cleaners somehow? Is there anything I can do?

John answers:

I agree with the others… Yahoo calculators is just P&I. Meaning principal and interest. Your payment that you pay is PITI (principal interest taxes and insurance).

But still 900 a month on 90K doesnt make any sense. That is huge. That would make you paying close to 45% of your payment to things other then P&I. It should be around 20-25% at most.

Are you sure your interest rate was fixed? Im trying to figure out why your payment is so high even calculating it with PITI. Its way way way high. Its been 6 years so chances are you dont have Mortgage Insurance. So you only have Taxes and Hazard. It only makes sense if you 90K loan is on a house that is worth 300K or maybe your insurance is for flood or earthquake.

I would check your payment and see what it includes. Their is no reason to give the money to your bank so they can pay your bills. You are way pass that. Kill your escrow account. You are just giving them interest free money for a year to pay your bills. You shouldnt have this. Then your payment might be more to your liking. Just remember then you pay your hazard and taxes when they are due.

Good Luck.

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