![]() You might not even think about trying to pay off your mortgage early. When you sign on for a 30-year mortgage, you know you're in it for the long haul. Irregular Extra Payments: If you want to make irregular extra contributions or contributions which have a different periodicity than your regular payments try our advanced additional mortgage payments calculator which allows you to make multiple concurrent extra payments with varying frequencies along with other lump sum extra payments.įor your convenience current Los Angeles mortgage rates are published underneath the calculator to help you make accurate calculations reflecting current market conditions.If you do not have a statement to see the current balance you can calculate the current balance so long as you know when the loan began, how much the loan was for & your rate of interest. For example, if you are 3.5 years into a 30-year home loan, you would set the loan term to 26.5 years and you would set the loan balance to whatever amount is shown on your statement. Extra Payments In The Middle of The Loan Term: If you start making extra payments in the middle of your loan then enter the current loan balance when you started making extra payments and set the loan term for however long you have left in the loan.Biweekly Payment Method: Please see our bi-weekly mortgage calculator if you are using biweekly payments to make an effective 13th monthly payment. ![]() Want to Make Irregular Payments? Do You Need More Advanced Calculation Options? We also offer three other options you can consider for other additional payment scenarios. This calculator allows you to enter an initial lump-sum extra payment along with extra monthly payments which coincide with your regular monthly payments. In addition, you will get the loan paid off 2 Years 1 Months sooner than if you paid only your regular monthly payment. If you make the initial extra payment amount you entered and pay just $50.00 more each month, you will pay only $380,277.66 toward your home. By the time the 30 year time period is complete, you will have paid $391,682.75 for your home. If you take out a 30 year loan for $250000.00 with a 3.250% interest rate, for example, your monthly payment (interest and principal only) will be $1,088.02. When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month. ![]() Have questions? Use our quick quote to get a fast quote response.Your Results in Plain English ( Switch to Financial Analysis) 10/20 - 10 Years Fixed - Rate adjusts, then 20 years (or your balance must be settled in full).9/21 - 9 Years Fixed - Rate adjusts, then 21 years (or the full balance is due & payable).8/22 - 8 Years Fixed - Rate adjusts, then 22 years (or your loan matures & must be paid in full).7/23 - 7 Years Fixed - Rate adjusts, then 23 years (or your note balloons & the balance comes due).6/24 - 6 Years Fixed - Rate adjusts, then 24 years (or your mortgage balloons & is owed in full).5/25 - 5 Years Fixed - Rate adjusts, then 24 years (or your loan balloons & is considered fully matured).Your balloon loan type repayment options in this calculator include: Options for our balloon mortgage calculator include the principle balance of the loan amount, interest rate, and the monthly pre-payments you're making. It's very important when considering a balloon mortgage that you review all documents carefully to fully understand all of the conditions before signing. If the conditions within the note have not been met, then the loan will balloon and the remaining balance owed on the mortgage will become due in full. Naturally, if interest rates are higher, your monthly payment will increase (and could also decrease if rates are lower). From here, the loan will continue - fully amortized as a 30 year note. ![]() Typically, at the end of the fixed period of the balloon note, and provided specific contract conditions have been met, the rate will adjust to a predetermined amount (usually. You can have a straight balloon at the end or you can have an adjustment period for continued amortization and new monthly payments. Fixed payment periods typically can range from 3 to 10 years. Overview of a balloon mortgage: Your loan has a fixed period of repayment (monthly payments) that are amortized over 30 years. Using our balloon mortgage calculator is straightforward and simple plus, it offers a wealth of information on the real cost of your balloon loan. ![]()
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