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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.
If you are considering buying a home, then you may be more than
a little confused by all of the terms you hear about home loans.
After all, lenders throw around words like fixed rate, balloon
mortgages and adjustable rate mortgages without a thought. But
if you aren’t at least familiar with the basics—those terms can
be pretty confusing!
Here’s a basic guide to the three most common types of home
loans. Study it, and determine which one is right for you.
Fixed Rate Home Loan
If you are thinking about buying a home and staying in it until
you pay it off, then you will probably want a fixed rate home
loan. With this type of loan, you will be assigned a fixed
interest rate, and then that rate will not change for the life
of the loan. If interest rates skyrocket, yours will remain the
same. On the other hand, if they plummet, you will likely be
paying a higher rate. (You can always refinance in order to get
a lower rate.)
Adjustable Rate Mortgage (ARM)
The interest rate with this type of loan goes up and down with
the market. In other words, if the interest rate is low, the
rate on your home mortgage will be low, but if it’s high, your
loan interest rate will reflect it. And because the interest
rate on a home mortgage loan affects the payments, you will
never know from reporting period to reporting period what your
monthly mortgage payments will be. This type of loan obviously
isn’t for everyone.
So, who might use an ARM? For starters, if you are purchasing a
house for investment purposes and plan to sell it quickly, you
might take advantage of low interest rates by getting this type
of loan—particularly if it looks as if they may go lower.
Another reason to use an ARM as a home loan is if you are buying
a home in a time when interest rates are on the decline. You can
take out an ARM, and then change it to a fixed loan once the
interest rates bottom out.
Balloon Mortgage
With this type of loan, you will make monthly payments for a
fixed amount of time, with a fixed interest rate. The difference
is that at the end of the payment schedule, you will owe the
unpaid balance in one lump sum. If you use a balloon mortgage,
you will find that the interest rates are much lower than either
a fixed rate mortgage or an ARM.
The obvious negative to this type of loan is that huge payment
due at the end, but if you are planning to hold the house for a
short period of time, then this might be the loan for you.
By understanding the various types of home loans that are
available to you, you will be better prepared to make a decision
that is just right for you and your family.
About the author:
To see a list of recommended mortgage loan companies online,
visit this page: http://www.a
bcloanguide.com/mortgageloans.shtml - Carrie Reeder is the
owner of ABC Loan Guide, an informational website with articles
and more about various types of loans.