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Melinda Said:

Is there an explanation for these mortgage results?

We Answered:

The different down payments will result in different monthly payments (although the interest rates did not change to reflect the normal difference you will see in interest rates for .1%, 1%, and 10% down payments.

Salvador Said:

how do i figure mortgage payments?

We Answered:

The monthly payment can be found by using the following formula:

P = (Pv*R) / [1 - (1 + R)^(-n)]

where

Pv = Present Value (beginning value or amount of loan)
APR = Annual Percentage Rate (one year time period)
R = Periodic Interest Rate = APR/ # of interest periods per year
P = Monthly Payment
n = # of interest periods for overall time period (i.e., interest
periods per year * number of years)

If you're familiar with Excel, you can also use the PMT function to
get the monthly payment.

Everett Said:

How much would i pay a month on a $189,800 house?

We Answered:

With a mortage of $159,800 ($189,800-30,000) at 7.17% for 30 years I am getting $1,081. Of course, that does not include insurance or real estate taxes which varies signficantly. For example, my monthly mortgage payment is $2,325 a month. About $1,990 is for the mortgage and interest, and $335 is for taxes and insurance.

If you are dealing with a reputable mortgage broker, they should be able to give you an estimate on the taxes and insurance.

Are you pay for the closing costs out of your pocket (and on top of the downpayment)? If you finance the closing costs, your monthly payment will be slightly higher.

Good luck!

Thomas Said:

is there a calculator to figure out my mortgage balance if I increase the payments?

We Answered:

I know there are tables to express your exact amounts and time frame - but if you don't do the "mortgage acceleration" process correctly, it will backfire on you. Here's what will happen if you send a check to your mortgage company for 1300 (instead of 980) the excess will be applied to NEXT months INTEREST payment, and not to the Principal - The correct way to accelerate your mortgage so that it gets paid off quicker, and you get more equity into your home - Draw two checks - one for the reg. 980 and the other for the 320.00 - on the smaller check you write in the Memo line - TO BE APPLIED TO PRINCIPAL ONLY! - so that the bank has reduce the amount you owe. Do not worry, the bank will do the right thing, as they have been sued for not handling the funds (FEDERAL BANKING LAWS) correctly. Good Luck! -- I did this myself and took
3 years off my payments.

Tracy Said:

How much is this mortgage refinance for?

We Answered:

A loan of $60,330 at 4.25 percent for 10 years would generate a monthly payment of $618.