IF YOU ARE A HOMEOWNER OR ABOUT TO BECOME ONE
AND HAVE SIGNIFICANT NON-MORTGAGE DEBT,
YOU MAY WANT TO KNOW…
WHETHER TO CONSOLIDATE NON-MORTGAGE DEBT
1a) Consolidation by House Purchasers: For those about to purchase a house who may want to consolidate non-mortgage debt in the purchase mortgage.
1b) Consolidation by Home Owners With One Mortgage: For borrowers with a first mortgage who may want to consolidate non-mortgage debt, either by refinancing the first mortgage with “cash-out”, or by taking out a new second.
1c) Consolidation by Home Owners With Two Mortgages: For borrowers with a first and second mortgage who may want to explore a variety of consolidation options.
IF YOU ARE A HOMEOWNER WITH A MORTGAGE, YOU MAY WANT TO KNOW …
WHETHER TO MAKE ADDITIONAL PAYMENTS TO PRINCIPAL
2a) Term-Shortening and Interest-Savings From Making Extra Payments: For borrowers who want to know when their loan will pay off, and how much interest they will save, if they make extra voluntary payments in addition to their required monthly payment.
2b) Term-Shortening and Interest-Savings on Biweekly Mortgages With Payments Applied Monthly: For borrowers who want to know when their loan will pay off, and how much interest they will save, if they shift to a biweekly payment plan, and if they make extra voluntary payments in addition to their required monthly payment.
2bi) Term-Shortening and Interest-Savings on Biweekly Mortgages With Payments Applied BiWeekly: For borrowers who want to know when their loan will pay off, and how much interest they will save, if they shift to a biweekly payment plan, and if they make extra voluntary payments in addition to their required biweekly payment.
2c) Extra Payments Required to Pay Off By a Certain Period: For borrowers who want to know how much extra they must pay, above their required monthly payment, to pay off their loan within a specified period.
WHETHER TO REFINANCE FIXED-RATE MORTGAGES
3a) Refinancing One Mortgage To Lower Costs: For borrowers trying to decide whether refinancing a mortgage will reduce their costs.
3b) Refinancing Two Mortgages To Lower Costs: For borrowers with two mortgages trying to decide whether refinancing into one or two new mortgages will reduce their costs.
3c) Refinancing One Mortgage Into Two Mortgages to Lower Costs: For borrowers trying to decide whether they should refinance one mortgage into two mortgages to lower costs.
3d) Refinancing to Raise Cash or Take Out a Second Mortgage: For borrowers with a mortgage who need to raise cash, trying to decide whether they should do a “cash out” refinance or take out a second mortgage.
WHEN YOUR MORTGAGE INSURANCE WILL TERMINATE
4a) How Long Before Mortgage Insurance Terminates: For borrowers who want to know how long they will have to pay mortgage insurance premiums on their current mortgage.
IF YOU’RE SHOPPING FOR A HOME,
YOU MAY WANT TO KNOW …
WHETHER YOU CAN AFFORD A PARTICULAR HOUSE
5a) Housing Affordability: For borrowers trying to figure out whether they can afford a given-priced house.
WHETHER YOU SHOULD BUY NOW OR WAIT AWHILE
6a) Buy Now or Save First: For borrowers trying to decide whether they will be better off buying a home now with a small or no down payment, or saving for a down payment first and buying later.
IF YOU’RE SHOPPING FOR A MORTGAGE TO FINANCE
A HOME PURCHASE, YOU MAY WANT TO KNOW …
WHAT THE PAYMENTS WILL BE
7a) Mortgage Payments on Fixed-Rate Mortgages: For borrowers who want to know the monthly mortgage payment on a fully-amortizing mortgage at different loan amounts, interest rates and terms.
7b) Mortgage Payments on Adjustable-Rate Mortgages Without Negative Amortization: For borrowers who want to know how the interest rate and monthly payments may change on an adjustable rate mortgage that does not permit negative amortization.
7c) Mortgage Payments on Adjustable-Rate Mortgages With Negative Amortization: For borrowers who want to know how the interest rate and monthly payments may change on an adjustable rate mortgage that permits negative amortization.
7d) Mortgage Payments With Temporary Buydowns: For borrowers who want an amortization schedule that shows the lower monthly payments in the early years from setting up a buydown account, and the amount that must be deposited in the account.
HOW THE LOAN WILL AMORTIZE
8a) Loan Amortization Including Tax Savings: For borrowers who want an amortization schedule that shows the tax savings on the interest they pay, for their tax bracket.
8b) Loan Amortization and Property Appreciation on Fixed-Rate Mortgages: For borrowers who want to know how long it will take for amortization on an FRM combined with property value appreciation to reduce the ratio of loan balance to property value to some desired level.
HOW THE INTEREST COSTS OF DIFFERENT MORTGAGES COMPARE
9a) Interest Cost on a No-Negative Amortization ARM and a Fixed-Rate Mortgage: For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) without negative amortization or a fixed rate mortgage (FRM) based on the lowest after-tax interest cost.
9b) Interest Cost on a Negative Amortization ARM and a Fixed-Rate Mortgage: For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) with negative amortization or a fixed rate mortgage (FRM) based on the lowest after-tax interest cost.
9c) Comparing Two Fixed-Rate Mortgages: For borrowers trying to decide which of two fixed-rate mortgages they should select based on the lowest after-tax interest cost.
HOW MUCH LENDERS ARE CHARGING IN FEES
10a) Estimating Lender Fees From the APR on Fixed-Rate Mortgages: For borrowers who want to know the fees charged by a lender, in addition to the rate and points quoted in the media.
HOW MANY POINTS TO PAY
11a) The Costs and Benefits of Paying Points on Fixed-Rate Mortgages: For borrowers who want to know whether they will save or lose money over a specified period by paying points in order to reduce the interest rate on an FRM.
11b)
The Costs and Benefits of Paying Points on Adjustable-Rate Mortgages:For borrowers who want to know whether they will save or lose money over a specified period by paying points in order to reduce the interest rate on an ARM…
11c) Rate of Return From Investing in Points on Fixed-Rate Mortgages: For borrowers who want to know whether paying higher points to get a lower interest rate on an FRM is a good investment.
11d) Rate of Return From Investing in Points on Adjustable-Rate Mortgages: For borrowers who want to know whether paying higher points to get a lower interest rate on an ARM is a good investment.
HOW LARGE A DOWN PAYMENT TO MAKE
12a) Rate of Return From Investing in a Larger Down Payment: For borrowers with enough cash to make a down payment in excess of the minimum required on a particular loan, who want to know whether using the cash to increase the down payment is a good investment.
WHETHER TWO MORTGAGES ARE LESS COSTLY THAN ONE?
13a) Two Mortgages Versus One Larger Mortgage: For borrowers trying to decide whether they should take a second mortgage, either to avoid mortgage insurance or to avoid the higher interest rate on a jumbo as opposed to a conforming loan amount.
WHETHER TO PAY FOR MORTGAGE INSURANCE
14a) Pay for Mortgage Insurance or Pay a Higher Interest Rate: For borrowers trying to decide whether they should elect to pay mortgage insurance on a fixed-rate mortgage, or avoid mortgage insurance by paying a higher interest rate.
HOW LONG A TERM TO TAKE
15a) Rate of Return From Investing in a Shorter Term: For borrowers with sufficient income to afford the higher monthly payment on a shorter term FRM, who want to know whether the higher payment is a good investment.
These calculators were provided by
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and they can be found at www.DecisionAide.com