Your All Round Mortgage Calculator

The reason I’m putting this in weddings is that I’m here most of the time and figure there are people here in the same situation. Thanks for your help!!

I know a fixed rate mortgage is better than a variable (9 times out of 10).

I have looked at some of the calculators online and am having trouble with the tax and insurance rates, as I will be a first time buyer. Any ideas where I can find that information?

Any general suggestions? We are working on paying off our credit cards, car, and student loans.. Saving as much as we can for a down payment..
just under a year ago, my credit score was in the mid to upper 600′s (depending on the credit company). I will be checking my credit again once it’s been a full year.

Also, just as a side note, I am not looking to e-mail someone to get approved for a loan. I am nowhere near that point yet, but thank you for any advice you can give.

So, I’ve done online tax refund calculators and I figured our refund (my husband and I filing jointly) would get around 6200 back, give or take about a 100 dollars. The catch is we are going to have to file a 8379 form because of a mortgage I owe on to the USDA Rural Development. ONLY my name is on the mortgage so I know that my husband is not obligated to pay on it, so they can’t take money from his party of the refund. All of the income this year is from him. We have 2 children, ages 2 and 11 months. So what I am wondering is are there any tax places that we could go to that will give us an IRAL or RAL for all or part of our refund, even though we are having to file that form. Please nobody give me an answer that says not to get an RAL because of high interest rates. I really don’t have much of an option because we have no money right now and he is coming home for R&R (he’s in the army, in iraq) on the 22nd of this month and I really don’t want to be stuck at home for 18days.

Hello:

Just about to buy my first home which is very exciting!
Since I’ll be be paying close to ,000 in interest/,000 in real estate taxes a month and I would like to keep my monthly income as high as possible I would like to tweak the W-4 withholding allowance so less taxes are being withheld. There are a number of calculators on the internet, but none of them seem to be applicable specially for mortgage interest (and real estate taxes).

How can I go about this?

Thanks!

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From: BBritt6715@aol.com
Message-ID: <d2f.2942f795.36059980@aol.com>
Date: Fri, 19 Sep 2008 20:10:40 EDT
Subject: You are The Boss andYou Must Hire a Team Leader and Their Backup …
To: CLOCKEV@aol.com
MIME-Version: 1.0
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——————————-1221869440
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Content-Transfer-Encoding: quoted-printable
Content-Language: en

The following potential are presented to you, which team leader would you=20
hire?=20

With your country facing historic debt, multiple war fronts, stumbling=20
health care, a weakened dollar, all-time high prison population, skyrocketi=
ng=20
Federal spending, mortgage crises, bank foreclosures, etc. etc., this is an=
=20
unusually critical election year. The idea of =E2=80=9Cleadership=E2=80=9D=20=
must be broadened from=20
mere =E2=80=9Cexperience=E2=80=9D to include knowledge, learnedness and ins=
ight.=20

Let’s look at the educational background of your two options:=20

Obama:=20
Occidental College – Two years.=20
Columbia University – B.A. political science with a specialization in=20
international relations.=20
Harvard – Juris Doctor (J.D.) Magna Cum Laude, very active in University=20
extra curricular clubs, president of The Harvard Law Review.

& Biden:=20
University of Delaware – B.A. in history and B.A. in political science.=20
Syracuse University College of Law – Juris Doctor (J.D.) =20

vs.=20

McCain:=20
United States Naval Academy – Class rank 894 of 899=20

& Palin:=20
Hawaii Pacific University – 1 semester=20
North Idaho College – 2 semesters – general study=20
University of Idaho – 2 semesters – journalism=20
Matanuska-Susitna College – 1 semester-literature
University of Idaho – 3 semesters – B.A. in journalism =20

Now it’s your decision, which team leader are you going to hire ?=20

**************Looking for simple solutions to your real-life financial=20
challenges? Check out WalletPop for the latest news and information, tips a=
nd=20
calculators. (http://www.walletpop.com/?NCID=3Demlcntuswall00000001)

——————————-1221869440
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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HEAD>
<META http-equiv=3DContent-Type content=3D"text/html; charset=3DUTF-8">
<META content=3D"MSHTML 6.00.6001.18099" name=3DGENERATOR></HEAD>
Arial"=20
bottomMargin=3D7 leftMargin=3D7 topMargin=3D7 rightMargin=3D7>e_document=20
face=3DArial color=3D#000000 size=3D3>
<DIV>The following potential are present=
ed to=20
you, which team leader would you hire?

With <st1:country-region=
=20
w:st=3D"on"><st1:place=20
w:st=3D"on">your country</st1:place></st1:country-region> facing=20
historic debt, multiple war fronts, stumbling health care, a weakened dollar=
,=20
all-time high prison population, skyrocketing Federal spending, mortgage cri=
ses,=20
bank foreclosures, etc. etc., this is an unusually critical election year.=20
 The idea of =E2=80=9Cleadership=E2=80=9D must be broadened from mere=20=
=E2=80=9Cexperience=E2=80=9D to=20
include knowledge, learnedness and insight.

Let’s look at the=20
educational background of your two options:

Obama:
<st1:place=20
w:st=3D"on"><st1:PlaceName w:st=3D"on">Occidental</st1:PlaceName> <st1:Place=
Type=20
w:st=3D"on">College</st1:PlaceType></st1:place> – Two years.
<st1:place=20
w:st=3D"on"><st1:PlaceName w:st=3D"on">Columbia</st1:PlaceName> <st1:PlaceTy=
pe=20
w:st=3D"on">University</st1:PlaceType></st1:place> – B.A. political science=20=
with a=20
specialization in international relations.
Harvard – J
*** MESSAGE TRUNCATED ***

.

My mortgage payment is 00 a month, my interest rate is 8.55%
I purchase the house in April 2007 for 5,000. I have 8,000 left on the loan. I call my mortgage company and they told me If I refinance before march 2009 I will get a pre-payment penalty for 00.

My mortgage is attach to libor, my credit score is around 630.

I was wondering should I take the hit with the 00 and save money or should I wait for march 2009.
I have check the calculators online and I saw my payment might drop. Please help any comments is appreciated.

There are tons of online calculators, but those include all your big costs like cribs, change tables, mortgage blah…

I want to know how much it cost YOU, with your first baby.
I’m talking baby stuff. Not the house you bought at the same time, the crib, the nanny, the clothes…

We put aside a few thousand dollars, and within the next month will be buying everything from crib, dresser, crib sheets, receiving blankets, baby bottles etc etc etc.
And yes, the baby shower is a factor as well, but after that – we will buy everything that is still needed.

We have enough clothes to last him his first year, if not more, depending on his growth speed.
Socks, hats, bibs, onesies – everything is in the hundreds probably. We’ve had so many generous gifts and found so many good deals – and we still have 3 months to go!
Obviously anything could happen and I could have to buy new clothes..but that’s not a huge expense to me.

And then crib sheets, blankets, pacifiers, wash cloths..little things that you may need or may not need..

Now everyone keeps saying that "you have no idea how much things are going to cost" and "there are so many unexpected costs…"

So WHAT are these unexpected costs I’m not thinking about?

Obviously diapers.
Medical bills.
And then formula if for some reason I can’t breast feed.

…What else is a monthly expense?
Sure, little things like baby lotion, powder, diaper rash cream etc. But again, that’s not a huge expense.

Am I missing something?
Sorry if this sounds like a stupid question.

I’m not talking about the first 5 years of his life, I’m talking right off the bat. For the first few months..

I know you can use a calculator but I want to be able to calculate a mortgage without.
The correct answer is ,199.10
30 year mortgage at a 6% interest rate with a 0,000 loan.

Here is a link to the formula

http://steadfastfinances.com/blog/wp-content/uploads/2010/02/Amortization-Equation-example.jpg

Here is what I bashed into my calculator

200 000 * 0.0005 = 100

0.06 / 12 + 1 = 1.005
1 – 1.005 = -0.005
-0.005 – 12 * 30 = -360.15

100 / -360.15 = -260.15

What did I do wrong?
I already have the algebra I just don’t know how to interpret it.

Ok, I am such a nOOb at Java, it is not even funny (as in this is my first attempt) I have gotten this far, but I cant seem to make multiple scripts run or add up on the bottom. Can anybody please help? Here is my current script.

thanks!

</SCRIPT>
</HEAD><SCRIPT language = JavaScript>

function calculate() {
A = document.frmOne.txtFirstNumber1.value
B = document.frmOne.txtSecondNumber1.value
C = (A * B)
document.frmOne.txtThirdNumber1.value = C
}
</SCRIPT>
<SCRIPT language = JavaScript>
function calculate() {
A = document.frmOne.txtFirstNumber2.value
B = document.frmOne.txtSecondNumber2.value
C = (A * B)
document.frmOne.txtThirdNumber2.value = C
}
</SCRIPT>
<BODY>

<P><FONT SIZE="+2">F.O.C.U.S. Life Insurance Calculator</FONT></P>
<table width="750" border="2" cellpadding="2">
<tr>
<td width="169"><font size="+3">F</font> – Funeral Expenses:</td>
<td width="246"><input type=TEXT name="input_A" size=25></td>
<td width="305"><font size="2">Flowers, Burial Plots, Caskets, Professional and Transportation Services, Food, Airfare, and Others. Typically, the average funeral in the US is between ,000 – ,000. </font></td>
</tr>
<tr>
<td><font size="+3">O </font>- Other Debts:</td>
<td><input type=TEXT name="input_B" size=25
></td>
<td><font size="2">Other Debts: Mortgages, Vehicle Loans, Credit Cards and other fiduciary responsibilities.</font></td>
</tr>
<tr>
<td><font size="+3">C </font>- College </td>
<td><FORM NAME = frmOne>
<p>Number of Children
<select name="txtFirstNumber1" id="txtFirstNumber1">
<option value="0">0</option>
<option value="1">1</option>
<option value="2">2</option>
<option value="3">3</option>
<option value="4">4</option>
<option value="5">5</option>
</select>
</p>
<p>Type of College
<select name="txtSecondNumber1" id="txtSecondNumber1">
<option value="40000">Public/,000 per year</option>
<option value="100000">Private/,000 per year</option>
</select>
</p>
<P>
<input type = Button name = b1 value = "Add Numbers" onClick = calculate()>
<P>
<input type = Text name = txtThirdNumber1 size = 25 value = "">
</FORM></td>
<td><table cellspacing="0" cellpadding="0">
<td colspan="8" height="32" width="515"><font size="2">The average cost of a (4) year public school is ,000 per year and ,000 per year for private universities.  You will want to choose the number of children you have here, if "0" leave blank.</font></td>
</table></td>
</tr>
<tr>
<td><font size="+3">U</font> – Unforeseen Expenses </td>
<td><input type=TEXT name="input_A4" size=25></td>
<td> </td>
</tr>
<tr>
<td><font size="+3">S</font> – Salary </td>
<td><div align="center">
<FORM NAME = frmTwo>
<p align="left">Salary Needed Per Year
<INPUT TYPE = Text NAME = txtFirstNumber2 SIZE = 15 value ="">
</p>
<p align="left">Number of Years
<select name="txtSecondNumber2" id="txtsecondNumber2">
<option value="5">5 Years</option>
<option value="10">10 Years</option>
<option value="15">15 Years</option>
<option value="20">20 Years</option>
<option value="25">25 Years</option>
<option value="30">30 Years</option>
<option value="35">35 Years</option>
<option value="40">40 Years</option>
</select>
</p>
<P align="left">
<input type = Button name = b12 value = "Add Numbers" onClick = calculate()>
<P align="left">
<input type = Text name = txtThirdNumber2 size = 25 value = "">
</FORM>
</div></td>
<td> </td>
</tr>
</table>
<P>
<input type="button" value="Add Numbers" name="AddButton" onClick="CalculateSum(this.form.input_A.value, this.form.input_B.value, this.form.COL.value, this.form.input_A4.value, this.form.txtThirdNumber2.value,)">
<input type="button" value="Clear Fields" name="ClearButton" onClick="ClearForm(this.form)">
</P>
<P>F.O.C.U.S Total Life Insurance Needed=
<INPUT TYPE=TEXT NAME="Answer2" SIZE=12>
</P>
<FORM NAME="Calculator" METHOD="post">
<P> </P>

<P> </P>
<P> </P>
<P>Answer = <INPUT TYPE=TEXT NAME="Answer" SIZE=12></P>
</FORM>

</BODY>
</HTML>

I’m getting married in May 2009 and plan to buy or rent a hose by about that time. I can’t rent an apt, it has to be a house for enough space for my home business.

IF I buy, I’d really like to buy way under my means at around 0-140K (already approved for 5K in August) and pay it off really quickly. Using calculators and such, I estimate I could pay off that entire mortgage in 3 years (no car payment, no kids, tight spending).
I want to stay here in VA for 3 more years so I can stay closer to our two families just a bit longer, but all our lives we have wanted to move further south where it is much warmer (both seasonal depressants when it comes to winter).
In 3 years when we do move, it will definitely be a more permanent home.

So in these 3 years, should we rent or buy (with the intention of fully paying off the house before we move)? The market here has not experienced a decline really and my realtor friend says the average around this area remains at 6-8% appreciation each year, but he could just be *saying* that.

thanks so far guys, thats been good info.
I’ve been doing some more math, and with just living in the house for 3 years then selling, it would be throwing away about ,000 on interest, tax’s, and insurance. Even if the house value went up a few %, any maintenance needed and closing cost’s would eat that profit entirely away. (all math on a 0K home with K down at 7.25%)
The only principle I’d get back out of it in the best case scenario I see would be about 00 in payments to principle from the 3 years. In total spending k in 3 years, and coming back with 00 (from principle).
So if I can just find a rental for K over 3 years (00 a month) and just invest the K down payment, I’ll actually make off way better eh? Or maybe I can ask the rental owner for a 5% break if I pay 2 or 3 years up front?
I guess the only other question I could propose would be if I bought a foreclosure at a really good deal and sell it with a 10-15% gain? or buy a fix’er upper or even fix up the foreclosure and gain 10-15% in 3 years?

Here’s the situation. My boyfriend and I aren’t married yet, but we are looking for houses together very soon. After doing some loan calculators online, we finally went to a mortgage lender and got pre-qualified. Alone – I qualify for 0,000. But that’s not really enough for the market we are in and what we need for our families. We’ve been told he can be on the deed but not the loan. So here’s the question, if we got married, what would happen to our combined credit scores? Would they combine them? Would it hurt me at that point? Our combined incomes would put us where we need to be but would the banks even care?

Thank you in advance for your help. This whole process can be so stressful!!!