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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.
It is possible that after a few years you might get sick of
making monthly payments on your home. Then it occurs to you, why
not put all your extra cash into paying off the home loan. It
certainly sounds like a great idea. After all, no one wants to
be in debt forever. If you are the average homeowner maybe you
should give that idea a second thought.
Unlike other types of debt like credit cards and car loans, the
interest on your home loan is tax deductible. So when you look
at your mortgage payments, talk to your tax advisor to see what
kind of adjustments will be made once you do you tax returns. If
you have car loans, student loans and any other type of personal
debt, try to pay those down first and then take the cash and put
it towards your mortgage.
Take a look at your overall financial picture. If you have any
other type of high interest debt, use the extra cash to pay off
the outstanding balances on those items before you start putting
money towards your mortgage balance. Then you want to look at
your investment portfolio. Find out the rate of return on your
mortgage if you prepay, since it’s basically paying yourself.
Then compare it against the return that you get from other
investments and this will give a bit more to go on before you
decided to funnel extra cash towards the mortgage.
Build up your emergency fund. It is always a good idea to have
cash on hand for the little emergencies, but a nice cushion is
even better. How long could you continue to make your mortgage
payments if you lost your job? If your answer is six months or
less, build up your cash reserves then consider paying down
other long term debt like your home loan.
So why should you prepay on your mortgage? If your home loan is
the last hurdle in you goal to become debt free, pay as much as
you can towards reducing the loan. Even if you get the maximum
tax right offs nothing can compare to the psychological effect
of knowing that you own your small piece of America. Work out a
budget with a financial planner or a tax advisor and setup a
payment schedule.
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