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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.
Here is a useful guide to the different types of Mortgage
Interest Rates that are available. Mortgage Lenders offer all
kinds of different deals when it comes to the interest you pay
on your mortgage. Sometimes you may have a choice, sometimes you
may not.
Your mortgage is probably the biggest loan you will ever take
out, so it is important to get a mortgage with an interest rate
that suits you. This will depend on various factors like the
type of mortgage selected, your personal circumstances and your
plans for the future.
Get independent financial advice before you choose a mortgage.
It's an area where you'll probably find expert financial advice
helpful.
Capped rate
This is another special limited term arrangement where, although
your payments can go up and down, they are guaranteed not to
rise above a certain level. So you will benefit from interest
rate falls during the capped rate period. When the arrangement
finishes, you will then pay the lender's standard variable rate.
Discounted rate
Once again the interest rate will vary, but you will pay a rate
less than the lender's standard variable rate. As you might
expect, such beneficial treatment can't last forever and after a
limited period of time, you will pay the lender's standard
variable rate.
Fixed rate
A mortgage where your repayments are guaranteed to stay the same
for a limited period of time, usually no less than one year and
no more than five years. At the end of the period, you will pay
the lender's standard variable rate.
Standard variable rate
A mortgage where the interest you pay goes up and down, usually
in line with the Bank of England's base rate.
Standard variable rate with cash back
Same as above with one difference: the lender will give you a
sum of money (normally a percentage of the amount borrowed) as
an incentive – the ‘cash back'– for taking out the mortgage.
This can be especially attractive if you need money to make any
improvements to your property.
Tracker Rate
Here again, your monthly repayment will vary but only by a
certain amount. Your interest rate tracks an index such as the
Bank of England's base rate for a pre defined period of time.
If, for example, it were guaranteed that you would never pay
more than 1% over base rate, this is how it would work. If the
base rate were 3%, your interest rate would be 4%; if base rate
increased to 3.5%, you would pay 4.5%. Conversely, if the base
rate were to fall to 2.25%, you would pay 3.25%.
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.