Colli Real Estate

How do I calculate the mortgage repayment rate as my bank does?

I want to calculate the impact of making lump sum extra payments (more then one in the life of the loan) and of making extra regular payments. I want to best plan how to attack paying off the loan as quickly as possible.

MS works, loaded on most peoples computer has a very easy loan amortization template.

You can run it out 360 payments if you have a 30 yr loan, then replace the fixed payments with the lump sums you think you will be making. then look toward the bottom, and you will see that the $0 balance moves up to an earlier payment. This is an approximation of your precise balance owing to the way banks credit interest and the lack of detail/flexibility in the program.

For example making that lump sum payment on a different day affects everything slightly and the program doesn’t account for that..BUT it will get you to within the month..close enough for what you are looking to do.

Alternatively, if you go to your local small town bank, and ask nicely, anyone in the loan department can run this out in 2 seconds.

The BEST plan is the one you have, nibble at it every time you get extra money. There is no best payment schedule, the sooner you get it to the bank, the shorter the life of your loan…SIMPLE

Good Luck

KARE11 Extra 3-5-09 – Short Sales & Mortgage Modifications

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

Mortgage Payments $10.44 Updated to reflect current rates, these quick reference tables show the size of monthly payments necessary to amortize loans on amounts up to $600,000 over periods ranging from one to 40 years …

Observations On Reversionary Payments; On Schemes For Providing Annuities For Widows, And For Persons In Old Age; On The Method Of Calculating The Values Of Ass $26.36 Observations On Reversionary Payments; On Schemes For Providing Annuities For Widows, And For Persons In Old Age; On The Method Of Calculating The Values Of Assurances On Lives; And On The National Debt … Essays On Different Subjects In The Doctrine Of

The Mortgage Messenger’s HomeBuyers Handbook $3.09 The Mortgage Messenger’s HomeBuyers Handbook is a great tool for anyone interested in purchasing a home. Whether you are a first-time buyer or seasoned homeowner, the economy, new regulations and changes in the marketplace has made buying a home more complicated.This handbook will walk you through the steps of purchasing a home while sharing valuable suggestions on how to make the process work for you.Included in the handbook is an explanation of the mortgage lending process, reasons to use a home inspector and how to select one, the benefits of using a real estate professional and, of course, an explanation of the entire homebuying process.Jim Campanella, a twenty-five year lending veteran, maintains a mortgage blog and website, The Mortgage Messenger, to help homeowners who are struggling to make their payments, as well as, first-time buyers who need advise and assistance in preparing for their desire to achieve the American Dream of homeownership.

Tags: No Comments