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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.
With all the talk lately about Mortgage Cycling versus Bi-Weekly
Mortgages which one is really right for you? Choosing the
correct one could literally save you thousands of dollars and
shave off approximately 20 years on the life of your 30 year
mortgage.
So a little background on the principal of each program needs to
be told. Bi-weekly mortgages became popular a few years back
when interest rates were extremely high and it made a lot of
sense to pay as much on the principal of your mortgage as you
can in a systematic way.
The way it works is that your mortgage payments are split in two
every month so you end up paying (26) 1/2 payments instead of 12
whole payments which in effect ends up paying one additional
month towards your principal.
Doing this ends up saving the average homeowner thousands of
dollars on the interest payments over 30 years and shaves off
around 7 years of payments. Not bad for back then. But as
interest rates started to drop the net effect of savings are not
as great now as they were when rates were higher.
But with the discovery of a recent mortgage loophole by Craig
Romero, a senior mortgage analyst, Mortgage Cycling was born.
Mortgage cycling allows a homeowner to build up 10 times faster
then biweekly mortgages and allows you to pay of your 30 year
mortgage in 10 years or less.
Mortgage cycling allows a homeowner to build up equity in their
home fast using a patent pending technique. So fast that it ends
up paying off a traditional 30 year mortgage in just about 10
years.
At first I was skeptical on how powerful mortgage cycling is
until I compared using a typical $150,000 loan for thirty years
at 7% interest. After running the figures though the difference
between a bi-weekly mortgage versus mortgage cycling is
dramatic.
Bi-weekly Mortgage Cycling Equity 1 year $1,520 $14,061
Equity 3 years $4,900 $44,972
Equity 5 years $8,787 $74,179
Equity 9 years $18,397 $136,429
No matter the loan amount, interest rates or mortgage term,
mortgage cycling showed to dramatically cut down the payment
time and interest payments to your mortgage company over the
life of the loan.
Imagine what you could do with all that extra money that you can
put back in your pocket instead of your mortgage company.
Now mortgage cycling may not be for everyone. But for someone
who has the discipline it can be a very effective way of
building up the equity in your home and to pay it off extremely
fast versus using a standard bi-weekly option.
About the author:
Ted Kushner writes about consumer issue topics of interests. If
you would like to learn more about Mortgage Cycling and how it
can benefit you visit:
http://www.affiliaterevenuesources.com/mortgage-cycling .
© 2004 Affiliaterevenuesources.com