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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.
A capped mortgage is a variable rate mortgage with a capped
limit beyond which the rate paid will not exceed.
Mortgages are available in a number of different interest rate
options, one of which is the capped rate.
A cap means that there will be a limit to any increase in the
variable rates for a selected term. The mortgage rate charged on
your account can not exceed this rate. However if the variable
rate drops below your capped rate you will benefit, as your
repayments will be calculated using the lower variable rate.
Capped mortgages enable you to place a limit on your monthly
mortgage commitments and still benefit from falls in interest
rates.
Capped rate mortgages put a limit on the highest rate of
interest you will have to pay on your mortgage over an agreed
introductory period. This means you're protected to a certain
extent if interest rates rise, and if they stay low you will
still benefit from the lower interest rates. It's basically a
combination of the fixed rate mortgage concept with a standard
variable rate mortgage, allowing you to profit from decreasing
interest rates.
A capped rate mortgage is a variable rate mortgage which has a
fixed upper rate limit. This means that the borrower knows in
advance the highest monthly payment that he may have to make.
One advantage of the capped rate mortgage is that when interest
rates are likely to rise, they offer protection for borrowers
against repayments going over a certain level. This can be seen
as being almost as attractive as a fixed rate mortgage. Having a
capped rate mortgage can make it easier to budget when you know
what the highest amount your mortgage payment could be.
Be aware that this type of mortgage usually charges redemption
penalties to those who wish to swap mortgage provider.
Capped rate mortgages are generally a compromise between fixed
rate and variable rate mortgages.
Whilst providing peace of mind capped rates are generally more
expensive than fixed or discounted rate products.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the www.directonlineloans.
co.uk website.