What are the tax savings generated by my mortgage?
With the interest on a mortgage being deductible when you itemize deductions, it may surprise you how much you can save in taxes. Use this calculator to determine your potential tax savings with a mortgage. (Consult your tax advisor regarding the deductibility of interest.)
Compare a ‘no-cost’ vs. traditional mortgage
Compare a ‘no-cost’ vs. traditional mortgage Compare a ‘no-cost’ vs. traditional mortgage […]
Should I convert to a bi-weekly payment schedule?
It may surprise you that most banks and mortgage companies collect two to three dollars for every dollar that you borrow! However, there is a way to accelerate mortgage payoff using a method called Bi-Weekly Mortgage Payments. This program is implemented by dividing your monthly mortgage payment in half and paying it every other week - resulting in a net effect of paying an extra payment toward principal each year.
Should I rent or buy a home?
Should I rent or buy a home? Should I rent or buy […]
Should I pay discount points for a lower interest rate?
In some cases, it may benefit you to 'buy down the interest rate' by paying extra money up front in the form of discount points. Use this calculator to help determine if this makes sense for you.
Comparing mortgage terms
Different mortgage terms and rates can make the loan selection process confusing, especially if you don't plan on keeping the loan for the full term. Use this calculator to determine the total cost in today's dollars of various mortgage alternatives taking into account your opportunity cost of money.
Estimate my monthly mortgage payment.
The loan amount, the interest rate, and the term of the mortgage can have a dramatic effect on the total amount you will eventually pay for the property. Further, mortgage payments typically will include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI). Use our mortgage calculator to see the impact of these variables along with an amortization schedule. Accurately calculating your mortgage can be a critical first step when determining your budget.
Should I refinance my mortgage?
Depending on when you bought your home, your mortgage interest rate may be higher than what's available today. This means you may be paying more than you need to every month! Refinancing gives homeowners the opportunity to update their mortgage terms and take advantage of lower rates. Whether through market changes or changes in your credit score, you could qualify for a lower rate and end up saving a significant amount of money on mortgage payments over time. Use our refinance calculator to analyze your situation today!
Calculate Your Estimated Borrowing Capacity Using A Home Equity Line of Credit (HELOC)
Depending upon the market value of your home, outstanding mortgage balance, credit history and other factors, you may qualify for a HELOC. Monthly payments on a HELOC are variable as they fluctuate with interest rate changes. Use this calculator to estimate your borrowing capacity on a HELOC. (Subject to underwriting guidelines, including limits on maximum loan to value.)
Compare an interest-only vs. traditional mortgage
An interest-only mortgage may be enticing due to lower initial payments than a traditional mortgage. However, when the interest-only loan begins to amortize after 5, 10 or 20 years then your monthly payments will be higher. Use this calculator to determine the monthly payments, timing and total interest paid with each loan type.
How do closing costs impact the interest rate?
If you choose to finance your closing costs, the monthly loan payments will be higher than if you had paid the closing costs out-of-pocket. In order to help borrowers compare loans, lenders use a standard calculation called annual percentage rates (APR) which takes into account the closing costs. Use this calculator to itemize the closing costs and to compare loans with different rates, fees or terms.
Adjustable rate mortgage calculator
Unlike fixed rate mortgages, the payments on an adjustable rate mortgage will vary as interest rates change. Use our adjustable rate mortgage (ARM) calculator to see how interest rate assumptions will impact your monthly payments and the total interest paid over the life of the loan.
How much house can I afford?
When you're buying a home, mortgage lenders don't look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use our new house calculator to determine how much of a mortgage you may be able to obtain.
Which is better: Fixed or adjustable-rate mortgage?
It is a difficult decision to decide between a fixed and an adjustable-rate mortgage. Factors such as loan duration, the index used by the lender, the number and timing of rate adjustments, and your assumption about the increase/decrease of future interest rates all have an impact. Use this calculator to help compare the total cost of each alternative.