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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.
When you refinance your home mortgage, lenders often tempt you
with the option of cashing out part of your home’s equity. Cash
at a comparably low interest rate may seem like a good option,
but make sure you will financially benefit from it first.
Raising Your Home’s Value
Only some home improvements raise the value of your home.
Bathroom and kitchen upgrades are one example of this. However,
with most remodel jobs, you will not see a financial gain. If
you are using your home’s equity to fund projects, make sure
that your investment will pay off.
Saving On Interest Payments
Paying off credit cards with your home’s equity will save you
money in two ways. First of all, you will save on interest
payments. Secondly, the interest you pay on your mortgage is tax
deductible, unlike credit card interest.
PMI Penalty
Private mortgage insurance kicks in if you borrow more than 80%
of your home’s value. These extra payments can add up to several
hundred dollars a year, so be careful how much you borrow. Other
lines of credit may be more cost efficient when you factor in
the cost of PMI on your mortgage.
The Length Of The Loan
While it may see smart to take out equity at a low interest rate
with your mortgage, it may be cheaper to cash out through a home
equity loan. Home equity loans allow you to deduct interest
payments from your taxes, but they require a shorter repayment
period.
Interest rates on a home equity loan are higher, so you will
need to compare the costs between refinancing and a home equity
loan. Generally, if your mortgage is long-term, a home equity
loan is a better deal.
Your Financial Situation
To decide whether to cash out the equity of your home, you have
to make decisions around what is best for your financial
situation. There are no hard rules for this type of decision.
For example, purchasing a car with your home’s equity may be a
wise investment if you need a car and would struggle with a car
payment. In the end, financial decisions are about making
trade-offs.
About the author:
Carrie Reeder is the owner http://www.abcloanguide.com,
an informational website about various types of loans. To view
our recommended sources for refinance mortgage loans online,
visit this page: http://www.abclo
anguide.com/refinance.shtml