mortgage calculator?

[VaughnTrue]

I am curious if anyone knows where I can find a mortgage calculator online that will allow me to put in some set parameters and get an estimated payment plan.


such as...


"if i put 50k down, and get a 30 year residential mortgage, how much/month will i pay if I get a 100k/150k/200k/250k/300k/350k mortgage?"

[rusty319]

Like this?

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

[VaughnTrue]

Like this?

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

sweet find.



theres no input for "money down" though, I thought that would definitely alter the monthly payments.




I definitely thought a 250k mortgage would be more than 1600 a month. this makes me want to buy a house, badly.

[~Hades~]

You dont factor "money down" in loan calcs since all you're worried about is the financed amount.

I use that bankrate one all the time with customers. Showing people the "extra payments" part really opens their eyes and can save you thousands in interest.

[VaughnTrue]

You dont factor "money down" in loan calcs since all you're worried about is the financed amount.

ok i think im starting to understand more...(youd think id understand perfectly with a father who is a commercial landlord and brother in law who was a mortgage broker lol), so when you put money down...lets say 50k just for ****s and giggles, and get a 250k mort, does this mean you put 50k down and get 200k, or put 50k down and still get 250k?

[INGENIUM]

I definitely thought a 250k mortgage would be more than 1600 a month. this makes me want to buy a house, badly.
you have to remember that you will be paying taxes and insurance as well...

all that calculator is showing you is principal+interest.

a $250,000 loan payment (with nothing down) will have payments higher than 1600...I would say more like 1800

[rusty319]

sweet find.



theres no input for "money down" though, I thought that would definitely alter the monthly payments.




I definitely thought a 250k mortgage would be more than 1600 a month. this makes me want to buy a house, badly.


You dont factor "money down" in loan calcs since all you're worried about is the financed amount.

You just subtract the money down from the amount you're buying the house for and enter that. For example, if you are putting $25 K down on a $250 K house, you enter $225 k as your mortgage amount.

[VaughnTrue]

you have to remember that you will be paying taxes and insurance as well...

all that calculator is showing you is principal+interest.

a $250,000 loan payment (with nothing down) will have payments higher than 1600

yea, id never get a no money down loan...my brother in law(see above...the mort broker), decided to do that on a 450k house, and it almost bankrupted him.



You just subtract the money down from the amount you're buying the house for and enter that. For example, if you are putting $25 K down on a $250 K house, you enter $225 k as your mortgage amount.

awesome. thanks man

[rusty319]

ok i think im starting to understand more...(youd think id understand perfectly with a father who is a commercial landlord and brother in law who was a mortgage broker lol), so when you put money down...lets say 50k just for ****s and giggles, and get a 250k mort, does this mean you put 50k down and get 200k, or put 50k down and still get 250k?

You would have a $200 K loan.


you have to remember that you will be paying taxes and insurance as well...

all that calculator is showing you is principal+interest.

a $250,000 loan payment (with nothing down) will have payments higher than 1600

Ingenium is correct and brings up a good point.

[IrishBuck23]

ok i think im starting to understand more...(youd think id understand perfectly with a father who is a commercial landlord and brother in law who was a mortgage broker lol), so when you put money down...lets say 50k just for ****s and giggles, and get a 250k mort, does this mean you put 50k down and get 200k, or put 50k down and still get 250k?


You put 50k down and get 200k. A down payment is just a lump sum payment on the principal , then you finance the rest after taking that into consideration.

[INGENIUM]

yea, id never get a no money down loan...my brother in law(see above...the mort broker), decided to do that on a 450k house, and it almost bankrupted him.


yeah, it's not generally a good idea...unless you are buying like a 100K house...

but yeah, if you buy a 250K house with 50K down, you would finance 200K...or get a 200K mortgage if that makes sense.

[icetrauma]

A good guess-stimate is if you buy a 150k house with min. down your mortgage will be around 1500/month. More than 20% down and you can avoid mortgage insurance.


edit...Also, I would start with a smaller house first, build some equity sell it and then move up. No need to go for the gusto the first time.

[VaughnTrue]

yeah, it's not generally a good idea...unless you are buying like a 100K house...

but yeah, if you buy a 250K house with 50K down, you would finance 200K...or get a 200K mortgage if that makes sense.

definitely.



im starting to get tired of having an apartment. I'd love to even have a 2br 2ba townhouse or something...


considering i pay about $1000/month for an apt, getting a condo/townhouse worth 200-250k just seems to make so much sense...damn. so much money to even think about however haha

[~Hades~]

Best case scenario is that your down payment gets you under 80% loan-to-value. THis will get you a lower rate and will avoid PMI(private mortgage insurance).

Currently, my employer is offering rates of about 4.4% for 15 years and 4.75% for 30, both rates are with no points. Of course, these are based on good credit, income and LTV. We arent in your state so I couldt help you, but you can use the rates for comparison.

[rusty319]

definitely.



im starting to get tired of having an apartment. I'd love to even have a 2br 2ba townhouse or something...


considering i pay about $1000/month for an apt, getting a condo/townhouse worth 200-250k just seems to make so much sense...damn. so much money to even think about however haha

You have to also take into consideration the tax benefits of owning a home. The interest can be deducted from your taxes when you itemize. This can be a significant amount for the first 5 to 10 years of your mortgage depending on the length of the mortgage and the interest rate you get.

[VaughnTrue]

Best case scenario is that your down payment gets you under 80% loan-to-value. THis will get you a lower rate and will avoid PMI(private mortgage insurance).

Currently, my employer is offering rates of about 4.4% for 15 years and 4.75% for 30, both rates are with no points. Of course, these are based on good credit, income and LTV.

yea my credit rating is absolute ****, however i know my father will help me co-sign to help me start rebuilding it.


thatll teach me to be 18 years old with a CC...lol damn. what a mistake that was.

[~Hades~]

yea my credit rating is absolute ****, however i know my father will help me co-sign to help me start rebuilding it.


thatll teach me to be 18 years old with a CC...lol damn. what a mistake that was.

I was in the same boat. Had 2 judgements from cards that I f'd up on during college. A mortgage will help your credit out a ton tho.

Just refinanced my mortgage where I work and was worried about being approved on my own because we are very strict. Found out that I'm now a preferred borrower. Got 4.35% for 15 years, saving about 40k in interest from the 6.25% for 30 I was on.

[VaughnTrue]

I was in the same boat. Had 2 judgements from cards that I f'd up on during college. A mortgage will help your credit out a ton tho.

i wish i didn't have to rely on mommy and daddy to help, but i guess it comes with the territory. college messed my credit up significantly....i was in the low 500's when i left, and since then I am close to breaking the 600 mark...but its still nowhere near enough to not have a co-signer

[DaddyPhats]

Are you staying in Jersey Vaughn? The only reason I ask is because as I'm sure you know our property taxes are ridiculous. A girl I know just bought a small house in Dunellen (small town in central NJ) and her property taxes are something like an additional $650 per month on top of her mortgage. I couldn't believe it.

[VaughnTrue]

Are you staying in Jersey Vaughn? The only reason I ask is because as I'm sure you know our property taxes are ridiculous. A girl I know just bought a small house in Dunellen (small town in central NJ) and her property taxes are something like an additional $650 per month on top of her mortgage. I couldn't believe it.

lol really? i know the taxes differ county to county...but i figured dunellen wouldve been cheaper...


how much property is she sitting on?

[rusty319]

Are you staying in Jersey Vaughn? The only reason I ask is because as I'm sure you know our property taxes are ridiculous. A girl I know just bought a small house in Dunellen (small town in central NJ) and her property taxes are something like an additional $650 per month on top of her mortgage. I couldn't believe it.

:eek:

[VaughnTrue]

:eek:

look into bergen county NJ...the taxes are ludicrous.

[DaddyPhats]

lol really? i know the taxes differ county to county...but i figured dunellen wouldve been cheaper...


how much property is she sitting on?

Nothing at all, i don't know the exact figure but it is tiny. Little house requiring some fixes, a small front yard and a small backyard. Typical little starter home. I love my state, but stuff like this is just ludicrous.

[rusty319]

look into bergen county NJ...the taxes are ludicrous.

I don't own a home anymore because of some financial problems, but I'm pretty sure I was only paying about $1000 every six months.

[VaughnTrue]

Nothing at all, i don't know the exact figure but it is tiny. Little house requiring some fixes, a small front yard and a small backyard. Typical little starter home. I love my state, but stuff like this is just ludicrous.

agreed. i really dont want to move out of NJ...however if taxes are legit 8000/year like a lot of places im looking into are, then i refuse.


I don't own a home anymore because of some financial problems, but I'm pretty sure I was only paying about $1000 every six months.

yep.....the one instance in which NJ ftmfl

[DaddyPhats]

look into bergen county NJ...the taxes are ludicrous.

yeah some spots in bergen and somerset counties run $10k+ per year

[VaughnTrue]

yeah some spots in bergen and somerset counties run $10k+ per year

i believe my parents paid 17.5k/year in property taxes when they lived in NJ

[DaddyPhats]

i believe my parents paid 17.5k/year in property taxes when they lived in NJ

good lord! if i'm ever payin $17.5k in property taxes it better be a 20 min. drive to the end of my driveway.

[VaughnTrue]

good lord! if i'm ever payin $17.5k in property taxes it better be a 20 min. drive to the end of my driveway.

i wasnt rich growing up, but my parents made quite a bit of money...hwoever the vast majority went to just sustaining the house/area we lived in.


we had a small 3br ranch with .6 acres, and when it sold in 2004, it went for 775k

[Outside backer]

A good guess-stimate is if you buy a 150k house with min. down your mortgage will be around 1500/month. More than 20% down and you can avoid mortgage insurance.


edit...Also, I would start with a smaller house first, build some equity sell it and then move up. No need to go for the gusto the first time.



hmmmm My home was 165K my mortgage is 963 plus tax and Ins bring it to 1043

its for sale btw :D


oh yeah and owning a home in the NE ftl taxes are insane

[Outside backer]

Vaughn Move south and Run I-force from the south

Buy my home 2100 sq ft :D


http://forum.bodybuilding.com/attachment.php?attachmentid=1835911&stc=1&d=1243101829

[History in Effect]

Vaughn Move south and Run I-force from the south

Buy my home 2100 sq ft :D


http://forum.bodybuilding.com/attachment.php?attachmentid=1835911&stc=1&d=1243101829

that's about the same size that I stay now where I live..what state you live in?

[VaughnTrue]

Vaughn Move south and Run I-force from the south

Buy my home 2100 sq ft :D


http://forum.bodybuilding.com/attachment.php?attachmentid=1835911&stc=1&d=1243101829

uggghhh gorgeous house man. i'd love to. unfortunately, being close to NYC is a necessity for me for quite a while. most of my largest accounts are NY/NJ based.


I'll be in georgia in 2 weeks tho...so who knows :)



doubt i can get the woman to move anywhere out of NJ however

[Outside backer]

south carolina,


I just got orders to the place I wanna retire. Cocoa Beach and Patrick AFB. so its time to sell this and buy the house I plan to keep foreverrrrrrrrrrrrrr

[History in Effect]

uggghhh gorgeous house man. i'd love to. unfortunately, being close to NYC is a necessity for me for quite a while. most of my largest accounts are NY/NJ based.


I'll be in georgia in 2 weeks tho...so who knows :)



doubt i can get the woman to move anywhere out of NJ however

let me guess atl

[History in Effect]

south carolina,


I just got orders to the place I wanna retire. Cocoa Beach and Patrick AFB. so its time to sell this and buy the house I plan to keep foreverrrrrrrrrrrrrr

oh okay..

[VaughnTrue]

let me guess atl

yessir. the distributor im riding around with has a warehouse in atl, so ill be basing out of there for 3 days ors o

[History in Effect]

yessir. the distributor im riding around with has a warehouse in atl, so ill be basing out of there for 3 days ors o

cool beans

[SHOWTIME]

woah cheap houses where you live. Houses in my area are still 309-355k <_ Starter homes

Luckily I have had my house for a few years and beat the boom