Your Questions About Mortgage Loan Calculator

John asks…

what does “without getting tax benefit” mean in this calculator for mortgage loan?

please see this link which I used to figure how much house I can afford.

http://www.thestreet.com/static/calculators/index.html?CALCULATORID=HF09&TEMPLATE_ID=www.thestreet.com_2

the “show payment schedule without getting tax benefit”? What are they really asking here? How would I know if I were to get this or not?

Thanks

John answers:

When you file a tax return, you have the option of itemizing. *IF* you can itemize your mortgage and property taxes, it would lower your taxable income and you would pay less tax. However, you only benefit to the extent the money is more than your standard deduction anyway. Plus if you lose your job, there is no tax benefit if you have no income….

When they give you a price range like this ($300K to $380K), use the lower one.

Maria asks…

Would it be a Mortgage loan if the dwn pmt is $250000. & mortgage is $50000.?

I have been trying to work with a mortgage calculator on buying a home which lists for $300000.00. I have a down payment of $250000.00. The calculator shows a negative mortgage amount. Would this loan NOT be a mortgage?
Thanks!

John answers:

If you used a business calculator then the payment would appear as a negative number. This includes using Excel or another spreadsheet program.

The current value (amount of the mortgage) is an asset (positive number) and your payment is a liability (negative number).

Mary asks…

with a standard calculator how do i work out capital & interest payments on mortgage/loan?

John answers:

Using a ‘good’ calculator available at many web sites. Ensure that it also calculates the amortisation table too; this gives you the relationship between capital and interest for each year of your loan.

Daniel asks…

Java Mortgage calculator help.?

Can someone help me flesh out the details of this? I need to make a mortgage calculator in java does the following
The user will be asked to enter to the amount of the mortgage loan, the term in years of the mortgage, and an annual interest rate. The amount of the mortgage loan shall be greater than 0 and not exceed 10,000,000 dollars. The minimum term for the loan is five years, with a maximum of 30 years. In addition to the user being able to supply the mortgage information the application will display three of the most commonly used mortgages and the user shall be able to select these mortgages instead of supplying the mortgage information. Once the user has provided the mortgage information, the program shall calculate the monthly mortgage payment and the amortization table for the life of the mortgage. For each month the amortization table shall display the loan period, loan balance, principal balance, interest balance, principal paid and interest paid.

Here is mortgage payment formula.
PMT = (PV x IR) / (1 – (1 + IR)^-NP)

Where:

PMT = Monthly Payment
PV = Principle Value (amount of loan)
IR = Interest Rate, by month
NP = Note Period, or mortgage term in months

IR = apr/100/12
NP = term * 12

if Apr > 0 AND APR <= 100 then
PMT = (Principal * IR)/(1-(1 + IR)-np)
else if Apr = 0
PMT = Principal/NP
end if

I need help I am not so good with Java. As long as i get the calculator part of this done i think i can handle the rest.

John answers:

Import java.util.Scanner;

class MortgageCalculator2 {

public MortgageCalculator2() {
intro();
}

public void mess(String s) {
System.out.printf(“%s%n”, s);
}

public void messIn(String s) {
System.out.printf(“%s > “, s);
}

public void intro() {
Scanner sc = new Scanner(System.in);
boolean run = true;

mess(“——————————————“);
mess(“Mort Especiu00e2l Waresofto”);
mess(“if we can’t float the loan, the gov’t will”);
mess(“——————————————n”);
while (run) {
String[] args = new String[3];
messIn(“enter Principal Amount: “);
args[0] = sc.nextLine();
messIn(“enter Note Period (Years)”);
args[1] = sc.nextLine();
messIn(“enter APR example: 9.55”);
args[2] = sc.nextLine();
String pmt = calculation(args);
mess(“n”);
mess(pmt);
mess(“do another one?”);
if (sc.nextLine().
EqualsIgnoreCase(“q”)) {
run = false;
}
}
}

public static void main(String[] args) throws Exception {
new MortgageCalculator2();

}

private String calculation(String[] args) {
float pv = Float.valueOf(args[0]);
int term = Integer.valueOf(args[1]);
float apr = Float.valueOf(args[2]);
// double ir = apr / 100 / 12;
double ir = apr / 12 ;
double np = term *12;
System.out.printf(“interest monthly: %2.2f%%”, ir);
double payNum = (pv * ir) / ( 1 – (1+ir)-np);
return String.format( “Monthly Payment: $%6.2f”,payNum);
}
}

I don’t have faith in the teacher’s formula. This is not how I would do a mortgage program. But, maybe this will get you going.

Carol asks…

I need an excel mortgage calculator for doing 80/10/10 loans. Does anyone know where I can download 1 4 free?

I am a new investor in rental properties and would like to do my own mortgage calculations for potential properties.

John answers:

How on earth can you accurately calculate a mortgage note for someone? Can you pull there credit? If you know there score what rate can you give them? Who do you know that can give that rate? What term will you go? Whats the best rate for there term? You sound like a Realtor giving a payment? I don’t mean to fuss at you,but if you contact a mortgage broker he can at least give you a better idea of what a true payment will be.

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