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 IF YOU ARE A HOMEOWNER WITH A MORTGAGE, YOU MAY WANT TO KNOW ...
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. Term-Shortening and Interest-Savings From Switching to Biweekly Payments: 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 schedule. 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.
Refinancing One Mortgage To Lower Costs: For borrowers trying to decide whether refinancing a mortgage will reduce their costs. 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. Refinancing One Mortgage Into Two Mortgages to Lower Costs: For borrowers trying to decide whether they should refinance one mortgage into two mortgages in order to eliminate mortgage insurance. 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. IF YOU'RE SHOPPING FOR A HOME, YOU MAY WANT TO KNOW ...
Housing Affordability: For borrowers trying to figure out whether they can afford a given-priced house.
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,
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. Mortgage Payments on Adjustable-Rate Mortgages: 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. 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.
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. 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.
Comparing an Adjustable-Rate With a Fixed-Rate Mortgage: For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) or a fixed-rate mortgage (FRM) based on the lowest after-tax interest cost. 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.
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.
The Break-Even Period For Paying Points on Fixed-Rate Mortgages: For borrowers who want to know how long they must hold an FRM before it makes sense to pay additional points in order to reduce the interest rate. The Break-Even Period For Paying Points on Adjustable-Rate Mortgages:For borrowers who want to know how long they must hold an ARM before it makes sense to pay additional points in order to reduce the interest rate. 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. 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.
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.
Pay For Mortgage Insurance or Take a Second Mortgage: For borrowers trying to decide whether they should elect to pay mortgage insurance on a fixed-rate mortgage, or avoid mortgage insurance by taking out a combination 80% first mortgage plus a second mortgage. 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.
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.
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