The Best Mortgage Calculators On the Web! Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... 15 vs. 30 Yr Mortgages
Determining which mortgage term is right for you can be a challenge. With a 15 year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.
- Marginal tax rate
- This is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest.
- Monthly payment
- Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.
- Total payments
- Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
- Total interest
- Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Closing or Settlement >The Good Faith Estimate
When you buy a home, you will pay "closing costs" in addition to the down payment. These costs include the "points" you pay on your mortgage loan, title and hazard insurance, the title search, legal fees, and other charges imposed by the lender. These charges vary by state and county, but they usually represent a considerable amount of money.
Your real estate agent can tell you about the closing costs in your area. Ask your agent for some general figures when you begin your search for a new home, and use this information as a guideline. When you apply for your loan, the lender is required to provide you with a "good faith" estimate of the closing costs. The lender's good faith estimate is usually close to the actual amount, since the sales contract will have the price and terms of your new home spelled out. As the closing approaches, your real estate agent will give you a final figure for the check that you will bring to the closing table.
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What famous building receives a fresh coat of 300 tons of reddish-green paint every seven years?
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The Eiffel Tower in Paris, France. |
 See More Real Estate Trivia > |
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Leslie Benczik, Broker
RE/MAX All-Stars Realty Inc., Brokerage
4592 Highway 7 East
Unionville, ON. L3R 1M5
Phone: 905.477.7766
Downtown Toronto Direct: 416.597.0077
Toll Free: 1.888.762.7081
Fax: 905.477.0566
Email: Rachel@GetBenczik.com
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