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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
If you're a homeowner, chances are that you've been deluged with
offers from finance companies to lend you money based on the
equity you have invested in your home. A home equity loan is a
loan extended to you that is secured by your home. The amount of
the loan is based on how much 'equity' you have invested in your
home. The basic explanation of 'equity' is 'the difference
between your home's value and how much you still owe on the
mortgage'.
In other words, if you bought your home for $125,000 and put
$20,000 down on it, financing $105,000, then your equity in your
home on the day that you close the deal is $20,000. Now imagine
several years pass. You've paid off $15,000 toward your mortgage
- but at the same time, the value of your house has increased to
$175,000. Your equity in your home is now $85,000: $175,000
(your home's current value) - $90,000 (the amount you still owe
on your home) = $85,000.
A home equity loan allows you to turn the equity you have in
your home into cash by borrowing money and using your home as
collateral to insure that you'll repay it. If you default on the
loan, the bank or housing agency can force the sale of your home
to recover its money.
There are many reasons that people apply for home equity loans,
though most fall into a few broad categories. The reason for
taking out a home equity loan will often determine what kind of
loan you apply for.
Debt Consolidation
By far one of the biggest reasons that homeowners apply for a
home equity loan is to consolidate their debts. If you have
outstanding debt to several different creditors at several
different interest rates, it's often to your benefit to
consolidate all those loans. To do that, you can take out a home
equity loan for the amount that you owe on all your debts
together - or more - then use that money to pay off all your
outstanding debts in full. By doing that, you trade writing
several checks each month for writing one check, which is often
less than the amount that you've been paying on all of the debts
combined. This is because you're also trading in the higher
interest rates on your credit cards and loans for a lower
interest rate on one loan. Chances are that you've also set a
fixed time to pay back that loan, most often 15 years, though it
could be as little as five or as much as thirty.
Home Improvements
If you want to make improvements or repairs to your home, it
only makes sense to get the money OUT of your home to do it.
Home improvements are one of the top five reasons that
homeowners give for taking out home equity loans. If the reason
for making improvements is to increase the home's value or
prepare it for a sale, then you should definitely take a look at
the home improvements that return the most on your investment.
In many cases, when the reason for taking out a home equity loan
is to pay for home improvements, the homeowner applies for a
home equity line of credit rather than a flat out loan.
Weddings, Vacations and College
Special events like weddings and vacations are the third most
popular reason for taking out a home equity loan. For a wedding
or other special event, where there will be multiple payments
made to different merchants, a home equity line of credit is
often a better choice than a lump sum home equity loan.
About the author:
Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk
/ and also http://www.ukpersona
lloanstore.co.uk.