Your Questions About Mortgage Loan Calculator

Michael asks…

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Sandy asks…

How can I calculate a mortgage payment with principal and interest?

30 year mortgage at 6.50% for a loan amount of $208,000, what would the monthly payment and interest be.

John answers:

Most all of the real estate sites have mortage calculators……type in cost of
house, dn pay, interest, yrs, calculate, easy.

George asks…

How much could I get a mortgage for if I make 31k a year?

I’ve been hearing about this 8k home credit if your a first time homebuyer and buy a new house. I’m thinking about buying a place by the end of the year.

I don’t make that much money, only 31k a year, however my motorcycle and car are both paid off so I don’t have any big bills, pretty much only a credit card payment and my cell phone bill.

How much could I get a mortgage for and better yet how much could I afford?

John answers:

Depends on how much debt you have. Assuming your looking for a low down payment (3.5% min) FHA allows you do have up to a 55% debt-to-income ratio. So, figure out what your monthly debts total currently. $31,000/yr = $2,583.33/mo x55% = $1420. Say your current debts take up $420/mo, leave you with $1000/month for Principal and interest, taxes and insurance. Say your taxes and insurance are $300, leave you with $700/month for you P&I. Then, work a mortgage calculator backwards. Assuming a 5.5% FHA fixed on a 30yr term your loan amount would be $123,285 and with your 3.5% down payment making your home value about $127,600.

Jenny asks…

How do banks calculate proportions of principal and interest in each mortgage payment?

The beginning is always a ratio where interests is much larger than principal (20% principal, 80% interest) so a $1000 payment only $200 goes towards paying down the loan. But how do banks do that? just using fancy computers?

John answers:

For this you can check the mortgage calculators and if you want its formula and calculation then here is this;
The following formula is used to calculate the fixed monthly payment (P) required to fully amortize a loan of L dollars over a term of n months at a monthly interest rate of c. [If the quoted rate is 6%, for example, c is .06/12 or .005].
P = L[c(1 + c)n]/[(1 + c)n – 1]

The next formula is used to calculate the remaining loan balance (B) of a fixed payment loan after p months.

B = L[(1 + c)n – (1 + c)p]/[(1 + c)n – 1]
Annual Percentage Rate (APR)

Other readers ask about the formula used to calculate the APR. The APR is what economists call an “internal rate of return” (IRR), or the discount rate that equates a future stream of dollars with the present value of that stream. In the case of a home mortgage, the formula is

L – F = P1/(1 + i) + P2/(1 + i)2 +… (Pn + Bn)/(1 + i)n
Where:
i = IRR
L = Loan amount
F = Points and all other lender fees
P = Monthly payment
n = Month when the balance is paid in full
Bn = Balance in month n

This equation can be solved for i only through a series of successive approximations, which must be done by computer. Many calculators will also do it provided that all the values of P are the same.

Carol asks…

When do we start the loan process for a new home construction home?

My husband and I are buying a new home. The house is currently under construction but it won’t be completely done until the Spring or Summer of next year. When should I start speaking with someone regarding a loan for the house?

John answers:

My husband and I bought a newly constructed home out in Las Vegas, Nevada about a year ago. Before the home developer would even allow us to put an “earnest money deposit” down for the house, we had to get “prequalified” with a mortgage lender… This could be done anytime before your house is finished, with any mortgage lender/broker/bank.

Then about 3-6 months BEFORE the house was scheduled to be finished, we started to call around different mortgage lenders to shop around for best “interest rates and closing costs” terms … We found “IndyMac Bank” out in California to be the best lender at the time we called… I had heard of this company through my parents who have a mortgage with them… When my parents had a hard time finding lenders who could give them a “very good / low interest rate term” for their mortgage, it was IndyMac Bank that stepped up… And when it came time for my husband and I to close, IndyMac Bank was there for us… It was easy to “close” with them because everything was done over the mail, phone, or fax with NO complications! Also, CountryWide Bank was another lender that was very helpful and provided fair terms.

I highly recommend checking out different mortgage lender rates and no matter who you eventually choose for your lender, I recommend you “rate lock” with NO ADDED FEES (aka: No Lock Fees) approximately 3-6 months before closing… So long as the rates are affordable for you at the time.

Also, please be aware that most lenders do not want to give long length “rate locks” out… Example: more than 45 days before your house is scheduled to be completed … When you get something that is around 3-6 months of a lock, they will want to impose some sort of crazy “rate lock fee”… Don’t fall for this! Always try to negotiate a Rate Lock with No Fees! Otherwise, keep calling around! Many, many lenders are out there, and they all want your business! But the main point for you in shopping around NOW is to “rate lock” at a very low interest rate as possible, while being able to afford the monthly mortgage payments and terms!

I would also recommend you check out www.BankRate.com … This site can help you see what the going interest rates according to the mortgage terms you want (example: 30 year conventional fixed, 15 year conventional fixed, 5 year ARM, 3 year ARM, etc…), based upon your location … Since mortgage rates usually change daily.

Www.BankRate.com also provides good financial advice, as well as providing you with useful “financial calculators” (for example: they have mortgage calculators that can figure out how much you would end up paying for your house per month, given how much you plan to borrow/mortgage and how long you plan to take out the mortgage for (mortgage term).

Based upon the fact that your house will be done around Spring or Summer of 2007, I would start calling around the end of this month… Because it makes me believe you may get better rates now that this year is ending and lots of companies will be willing to make last minute good deals to make up “quota” or boost their “end-of-year profits”, etc. For this same reason, it was also good to call at the end of the month, or the first week of the new month as opposed to the middle of a month to call for best rates… Not always true, but from my personal experience, it seemed most likely.

Hope this helps… And I wish you a happy, speedy, and hassle-free closing!!!

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