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Nancy Said:

Does anyone know a good mortgage calculator?

We Answered:

a month by month calculator - I always use this!!!

http://www.mortgage-calc.com/mortgage/pr…

Carlos Said:

When calculating tax savings from mortgage interest, should you use your marginal tax rate or average tax rate

We Answered:

Compute your tax with out a home then add the home and see how much it changes.
If you get the standard deduction for a couple it is over 10,000 so that part is no savings. When you have a house you have property taxes and interest to deduct plus then your state income or sales tax and charity is deductable.
If you aren't doing charity and pay $3,000 for property tax only any interest over about 6K will reduce your tax and it will reduce it at your marginal rate so you will save 25% of 6K or about 1,500 maybe 2,000 if you have high state taxes.

Sergio Said:

I am looking for a good mortgage calculator?

We Answered:

I like the calculators on www.bankrate.com, but they will not do a search on taxes for you by zip code - there are too many variables for that. If you have a particular property you like often the real estate listing will tell you the taxes for that property, which you could just add on to the mortgage amount. Or else, get the tax rate per $1,000 for the area you want to live in, and use that to bump up the effective cost. For example, if in your area, taxes are $2 per $1,000, and you want to buy a $200,000 house, calculate your mortgage on $200,000 plus an extra payment of $40/month.

Daniel Said:

tax and utility calculator?

We Answered:

Congrats on being so thorough. Many first-time buyers forget or neglect these costs and end up over their heads.

The current taxes on the house should be included in the MLS listing or available through the county's tax assessment website. Adjust your estimate appropriately if the price you expect to pay is higher or lower than the current assessment.

The utility companies where you are buying should be able to help you with some general rules of thumb for utility costs. Check their websites or call their customer service, and be prepared to describe the house in terms of age, square footage, number of stories, type of heating system (gas, oil, base board electric, etc.)

Don't forget to estimate homeowners insurance (call an agent with the same info as above) as well as some amount that you set aside for maintenance and/or replacement of house, mechanical, and appliances, based on their current age and condition.

There's nothing that spoils the pride and enthusiasm of home ownership like having a furnace or water softener suddently die when you're tapped for cash.

Lynn Said:

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

We Answered:

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.

Terri Said:

Mortgage tax and insurance question...?

We Answered:

The amount you're approved for is your actual mortgage loan. Taxes and insurance are added on top of that. The mortgage company doesn't loan you the money for taxes and insurance. You pay it with your payment and the bank turns around and gives the money to the county and your insurance company of choice. It's more of a convenience issue for the homeowner- you avoid having to come up with a ton of money to pay taxes and insurance when they're due. I would try to stay under your approval amount if possible. What I didn't take into account is that if your taxes go up- which they probably will eventually, then your mortgage payments go up. You have to pay more to your escrow account (the "savings account" that your lender keeps for taxes and insurance) so that there's enough money to pay the increased taxes. Good luck with the house hunt!

Eugene Said:

Is there a property tax and mortgage insurance calculator out there? Or...?

We Answered:

Actually, your first answerer is incorrect. I saw one on Dietch.com or WaMu.com when I was looking for a house. You entered in your Zip code, and it looked up the current property taxes for your area.

Google it, too.