I live in Sacramento, not sure of any taxes (I estimate property tax at 00?) I want to know:

5,000 borrowed
+PMI
+property tax
+any other fee I don’t know about
____________________________
= ? Monthly payment <——————————–ball park estimate + or – 0

This is my first house and I’m not sure what is included in a mortgage (mortgage calculators are useless if you don’t know how to use them). I just want to know within 0 what the mortgage payment will be (30 years).

Please leave a $$$$$ and any advise what to watch out for would be helpful

Thanks
P.s. I have excellent credit

public class mortgageCalculator3 {

public static void main(String[] args) throws IOException{

NumberFormat currency=NumberFormat.getCurrencyInstance();

System.out.println("Juanita Smith");

System.out.println("Week 4 Assignment");

System.out.println("Mortgage Calculator");

System.out.println("August 29, 2011");

pauseProg(); // code to pause program found at
//http://codewithdesign.com/2010/01/17/create-a-press-enter-to-continue-with-java/
}

public static void pauseProg() throws IOException{
System.out.println("Press enter to continue…");
Scanner keyboard = new Scanner(System.in);
keyboard.nextLine();

//Calculate the monthly mortgage payment for a 20,000 loan
//with 5.35 percent interest over seven years…
//and 5.5 percent interest over 15 years…
//and 5.75 percent interest over thirty years.

// define the array of interest rates for all necessary terms
double [] APR = {0.0535, 0.055, 0.0575};

//define array of note period for all necessary terms
int [] NP= {84, 180, 360};

//define array of terms for output
int [] Terms= {7,15,30};

//interest rate per month
double IR= (double) (APR/12);

//principle Value
int PV= 200000;

//monthly payment with interest
double PMT= (200000 * IR)/(1-Math.pow(1+IR,-NP));

//monthly payment without interest
double MPMT = 200000/360;

//Loan total with interest
double BT =(PMT*360);

///the actual number of payments
int NPMT = 0;

//actual amount paid
double PMTD= (PMT * NPMT);

//loan balance after given number of payments has been made
double Balance= (BT-PMTD);

//Interest paid so far for each payment
double IRT= (IR * NPMT);

//number of payments in the Mortgage in Years
int NPY = 30;

//monthly payment without interest
double PMTI= PMT-IR;

//input more necessary tools

NumberFormat currency=NumberFormat.getCurrencyInstance(); //allows currency format

InputStreamReader isr = new InputStreamReader(System.in); //alls reading strings

BufferedReader bfr = new BufferedReader(isr);// allows another pause in the program

//for loop to calcullate and display the terms
for (int i=0;i<NP.length;i++){

System.out.println("Monthly Payment on a 0,000 loan over" + Terms +"years");
System.out.println("at " + APR*100 + "% interest is");
System.out.println(currency.format(PMT));

System.out.println();

}

}
}
The PMT calculation it says – cannot be applied in the -NP
The IR calculation it says / cannot be applied in the APR/12
The System.out.println it says * cannot be applies in the APR*100

These are the only errors I am getting right now. Yes, this is in Java ( I ran out of characters for the question). I would really like to know what I am doing wrong so I can finish this. Please! Thank You!

QUESTIONS:
I’m not here to ask how much it’s going to be or how long it will take because there are online mortgage calculators for that.

I want to know if I will be ABLE to get a mortgage in my current situation?

I went on a college savings website and did a calculator and it said by the time my kids all go to college (ages 12, 11, 7 and 3). It will cost for a 4 year PUBLIC college between 50k and 60k per YEAR!

Although, we both have high paying jobs and are doing well, we live paycheck to paycheck. Paying for daycare and child support and our mortgage. At this point, our mortgage won’t be paid off until we are 70! Thirty year mortgage we got at age 40…..

My ex is obligated to pay for half his child college from previous marriage in the divorce decree. My ex will have nothing. I am so worried about my other three.

Do we worry about retirement and save nothing for them? Or do we save for both and not have enough for retirement and only some for a portion of their college? Because we both do pretty well, I doubt the kids will get much in terms of financial aid etc…

Lost….

I’m just so confused on how your deposit affects how much you can borrow etc :S

We could have a deposit of £50,000 but still only be able to borrow £120,000 so i really don’t get it

Thanks for any help and try not to make it to complicated

What I want to know is if I should divert 0 a month towards the house…that would equal around 3.5 extra mortgage payments a year. I imagine it might shave over a decade off our payments, though I haven’t consulted a table or mortgage calculator.

On the other hand…s&p has a pretty impressive return for its safe feeling track record, and putting it in there makes my money semi-liquid in the event of necessity.

So which is it, put 0 in the house each month, or let it ride for semi-liquidity in the stock market.

All this is still early, so I have the opportunity to get it right from the get go. Thank you for considering my question.

Brian…
I am not worried about bi-monthly stuff…I would just send in regular payments…In the end the numbers work out to be about the same.

I have no prepayment penalty on my loan. I made sure of that. My mortgage guy gave me a dvd about why I should invest the money and not pay down my house. In these times, I’m not so sure that is good advice.
I can’t believe I’m explaining this. My wife, mother in law, and I live in the same house. My M-I-L is retired and pays us her share of the living costs. My wife and I both have solid part time jobs. The three of us have a quiet existence and we believe there is more to life than working a full time job. Its cool to be able to do anything you want with more time in your life. Time with each other is more valuable than money to us. Therefore we end up paying no taxes, and there is no additional write off to claim from mortgage interest. We have a good amount of extra left over each month–something that we feel can make a difference if we make the right choice.