The Best Home Mortgage and Commuting Expense Calculators On the Web! Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it! Also, please try my Commuting Expense Calculator to see just how affordable that "cheaper", but farther home really is. Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... Are Balloon Mortgages For You?
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.
- Monthly payment
- Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.
- Total payments
- Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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James W. McCormack, Broker, REALTOR, e-PRO, RECS
Help-U-Sell Edge Real Estate
1454 Bethlehem Pike
North Wales, PA 19454
Office: 215-619-0100 ext. 111
Direct: 215-397-5102
jwm@jameswmccormack.com
The James W. McCormack Home Selling Team
James W. McCormack, Broker/Owner, Lead Listing Specialist and Mortgage Consultant
Joseph Hradnansky, Buyer Specialist
James Henshaw, Transaction Manager
James W. McCormack
Broker/Owner, REALTOR, e-PRO, RECS, Real Estate and Mortgage Consultant
Your Personal Real Estate Expert Who Cares About You AND Guarantees it!
James W. McCormack Broker/Owner of Help-U-Sell Edge Real Estate, is an experienced full-time real estate professional serving Bucks County PA and Montgomery County PA. Jim is a graduate of the University of Pennsylvania and Archbishop Ryan High School.
He is a member of the Bucks County Association of Realtors, Pennsylvania Association of Realtors and the National Association of Realtors. Jim McCormack and Help-U-Sell Edge Real Estate are members of the Better Business Bureau.
Jim received a sales award from Help-U-Sell in 2005. He looks forward to helping you buy and sell real estate in Bucks and Montgomery Counties. Jim and his wife, Dawn, lived in North Wales/Montgomery Township from 1999 through 2004. In January 2005 they moved to Quakertown.
Please visit my websites for lots of great real estate related information: www.NorthPennHomes.com, www.BucksMontPA.com and www.JimTheRealEstateExpert.com.
License Jurisdiction: Pennsylvania
Brokerage Company License #: RB063564
Broker of Record: James W. McCormack
Broker of Record License #: RM419403
Company Name: JWM Realty, LLC dba Help-U-Sell Edge Real Estate
Address: 1454 Bethlehem Pike, North Wales, PA 19454
Office Phone: 215-619-0100
   
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