![]() One problem with interest-only loans is that unless home prices rise the homeowner does not build any equity in their house, which puts them in a precarious position when mortgage rates rise. Interest-Only Loan With Additional Payments However if rates reset higher, so too will payments - causing home prices to decline & many marginal buyers to lose their equity & perhaps their homes. If home prices continue to climb, one can refinance at a lower rate. When the housing market is hot many people chase it, buying near the peak with interest-only loans. ![]() This tool helps buyers calculate current interest-only payments, but most interest-only loans are adjustable rate mortgages (ARMs). Use this calculator to see if this option would save you money on your home loan. Is property mortgage insurance (PMI) too expensive? Some home owners refinace a second low rate mortgage from another lender to bypass PMI payment requirements. This estimator and guide helps home buyers estimate the total closing costs on a home loan. It should also be noted that this calculator provides a rough estimate & lenders may charge varying rates or decide not to lend depending on variety of factors, including: down payment, house appraisal value, current market conditions, your current credit score & credit history, your outstanding debt obligations & other monthly debt payments. Please note that federal governmental loans from the USDA, the VA & the FHA have their own loan qualification requirements. ![]() Mortgage QualificationĪre you wondering if you qualify for a home loan? This pre qualification calculator estimates the minimum required income for a house & will let you know how much housing you qualify for a given income level. See how much equity you qualify to borrow against your home. Home Equity Loans Calculatorĭo you currently carry high interest revolving credit on credit cards, cars & other personal loans? You may be able to leverage a home equity line of credit (HELOC) to lower your monthly debt payments. This calculator helps you discover if you should consider paying points on your home loan & calculate how quickly the points will pay for themselves. Discount Points Savings Estimatorĭiscount points are an upfront fee which homeowners can pay to access lower mortgage rates. Is your current interest rate on your house too high? Use this free tool to view today’s best home loan refi rates from top lenders & estimate your savings at a lower APR (Annual Percentage Rate). Financial analysis is provided for the first year & subsequent years. This calculator estimates your tax savings after a house purchase. One of the advantages of real estate investment is that some homeowners may qualify to deduct mortgage interest payments from their income when filing their taxes. Unsure how much you can afford to spend on a house? Use this calculator to figure home loan affordability from the lender’s point of view. Use this tool to estimate your real mortgage APR (Annual Percentage Rate). Calculate Real Annual Percentage Rate APRĪdvertised vs actual home loan interest costs may vary singificantly based on points, origination fees & closing costs. This calculator shows how much you pay each month & each year - for each $1,000 of mortgage financing. ![]() Monthly Interest + Principal Cost Per Thousand Want to build your home equity quicker? Use this free calculator to see how even small extra payments will save you years of payments and thousands of Dollars of additional interest cost. Have more money to put down on your home loan? Insert the amount you would like to pay each month & this calculator will figure how many years you save on your home loan given that additional payment versus a loan set to amortize over 30-years. Want to see how fast you will pay off your home loan? Use this free calculator to figure out what your remaining principal balance & home equity will be after paying on your loan for a specific number of months or years. Rent Vs Buy CalculatorĪre you still renting and considering buying your home? Use this free online calculator to compare the costs and benefits of each. It includes advanced features like amortization tables and the ability to calculate a loan including property taxes, homeowners insurance & property mortgage insurance. This tool allows you to calculate your monthly home loan payments, using various loan terms, interest rates, and loan amounts. ![]()
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