Calculate my Mortgage!

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=100 style=" border-bottom: 3px solid #000000;" BGCOLOR="#006699" TEXT="#080000" background="19b536e3.jpg"> <div> <B>Home Sweet Home Mortgages - How to Buy a Home with No Money Down! </B><FONT SIZE="1" COLOR="#FFFFFF" FACE="Arial" ><B>  </B></FONT></div> <div> <B> </B><A HREF="index.htm" TARGET="_top" TITLE="Home Sweet Home Mortgages How to Buy a "><B>home</B></A><B>  |  </B> <A HREF="foreclosures_swap_a_home_gro.htm" TARGET="_top" TITLE="Foreclosures Swap a Home Group ">Foreclosures Swap a Home Group </A>   |   <A HREF="id37.htm" TARGET="_top" TITLE="Bartlett Home: Rent or Lease with Option">Bartlett Home: Rent or Lease with Option to Buy</A>   |   <A HREF="homes_for_sale_by_owner_in_i.htm" TARGET="_top" TITLE="Homes For Sale By Owner in Illinois">Homes For Sale By Owner in Illinois</A>   |   <A 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BGCOLOR="CCCCCC"><center><b>Sample Calculators</b></center></td></tr> <tr> <td valign=top width=25%><font size="-1" face="Verdana, Arial, Helvetica"><b><a HREF="MortgageRentvsBuy.html"> Rent vs. Buy</a></b></font> </td> <td width=75%><font size="-1" face="Verdana, Arial, Helvetica">Are you better off buying your home, or should you continue to rent?</font> </td> </tr> <tr> <td valign=top width=25%><font size="-1" face="Verdana, Arial, Helvetica"><b><a HREF="MortgagePayoff.html"> Mortgage Payoff</a></b></font> </td> <td width=75%><font size="-1" face="Verdana, Arial, Helvetica">Save thousands of dollars in interest by increasing your monthly mortgage payment.</font> </td> </tr> <tr> <td valign=top width=25%><font size="-1" face="Verdana, Arial, Helvetica"><b><a HREF="Millionaire.html"> Cool Million</a></b></a></b></font> </td> <td width=75%><font size="-1" face="Verdana, Arial, Helvetica">Find out when your savings plan will make you a millionaire!</font> </td> </tr> <tr> <td valign=top width=25%><font size="-1" face="Verdana, Arial, Helvetica"><b><a HREF="CompoundInterest.html"> Compound Interest</a></b></font> </td> <td width=75%><font size="-1" face="Verdana, Arial, Helvetica"> This calculator demonstrates how compounding can affect your savings. </font> </td> </tr> </table> </center> <font size="-1" face="Verdana, Arial, Helvetica"> <p>Please note that all sample financial calculators require Internet Explorer 4.x or Netscape Navigator 4.x. Our commercial versions provide complete 3.x browser support and server side HTML reports. </font> <br> </td></tr> </table> <hr SIZE=1> <font size="1" face="Verdana, Arial, Helvetica"> information and interactive financial calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.</font> </center> <br> </body> </html>  </I></div> <div> <I> <A NAME="calculate"><IMG BORDER="0" SRC="1x1.gif" HEIGHT="1" ALIGN="bottom" WIDTH="1" HSPACE="0" VSPACE="0" ></A></I><FONT SIZE="3" COLOR="#000000" FACE="Arial" > <meta HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=iso8859-1"> <meta NAME="KeyWords" CONTENT="Java Financial Calculators"> <meta NAME="Description" CONTENT="Java Financial Calculators, Copyright 2001 KJE Computer Solutions. For more information please see http://www.dinkytown.net"> </head>  <script LANGUAGE="JavaScript">  </Script> <body TOPMARGIN="0" LEFTMARGIN="10" bgcolor="#FFFFFF" LINK="#003399" VLINK="#666666" BGCOLOR="#FFFFFF">  <table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#000000"> <tr><td> <center> <font size="6" face="Verdana, Arial, Helvetica" color="#FFFFFF">Financial Calculators from <a HREF="http://www.dinkytown.net"><font size="6" face="Verdana, Arial, Helvetica" color="#FFFFFF">Dinkytown.net!</a></font> </center> </td></tr> </table> <br>   <p><font SIZE="4" FACE="Arial"> Mortgage Payoff Calculator </b></font> <p> How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. View the report to see a complete amortization payment schedule, and how much you can save on your mortgage! </font><br><br> <center> <applet name="calculator" code="MortgagePayoff.class" align="baseline" WIDTH="565" HEIGHT="440" archive="dinkytown.jar"> <param name="MORTGAGE_YRS_LEFT" value="25"> <param name="MORTGAGE_YRS_LENGTH" value="30"> <param name="MORTGAGE_AMT" value="100000"> <param name="INCREASE_BY_AMT" value="100"> <param name="RATE" value="7.5"> <param name="BACKGROUND_COLOR" value="FFFFDD"> <param name="BORDER" value="ROUND"> <param name="BORDER_COLOR" value="000000"> <param name="BORDER_WIDTH" value="2"> <param name="BACKGROUND" value="background.jpg"> <param name="TEXT_FOR_REPORT" value=" <HTML> <HEAD> <TITLE>Financial Calculator Results</title> <META HTTP-EQUIV='Content-Type' CONTENT='text/html; charset=iso8859-1'> <META NAME='KeyWords' CONTENT='Java Financial Calculators'> <META NAME='Description' CONTENT='Java Financial Calculators, Copyright 2000 KJE Computer Solutions. For more information please see http://www.dinkytown.net'> </HEAD> <BODY TOPMARGIN='20' LEFTMARGIN='20' MARGINWIDTH='20' MARGINHEIGHT='20' bgcolor='#FFFFFF' LINK='#003399' VLINK='#666666' BGCOLOR='#FFFFFF'> <p><CENTER><table border=0 bgcolor='#000000' width=468 cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFDD' border=0 width=468 cellspacing=1 cellpadding=5><tr><td width='100%' align=center valign=middle><font size='4' face='Arial'>Mortgage Payoff </font></td></tr></table></TD></TR></TABLE></CENTER> <P><font size='4' face='Arial'> Mortgage repayment shortened by EARLY_PAYOFF_YEARS years and EARLY_PAYOFF_MONTHS months.</FONT> <P>By increasing your mortgage payment INCREASE_BY_AMT per month you not only shorten your mortgage, but it will also save you EARLY_PAYOFF_SAVINGS in interest. <p><CENTER><table border=0 bgcolor='#000000' width=95% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='#CCCCCC'><TD COLSPAN=2><CENTER><B>Mortgage Payoff Summary</B></CENTER></TD></TR> <TR><TD >Original term</b></TD><TD ><B>MORTGAGE_YRS_LENGTH Years</b></TD></TR> <TR><TD >Remaining</TD><TD >MORTGAGE_YRS_LEFT Years</TD></TR> <TR><TD >Interest rate</TD><TD >RATE</TD></TR> <TR><TD >Normal payment (PI)</TD><TD >PI_PAYMENT</TD></TR> <TR><TD ><B>Prepayment amount</B></TD><TD ><B>INCREASE_BY_AMT per month</B></TD></TR> <TR><TD ><B>Prepayment shortens mortgage by</B></TD><TD ><B>EARLY_PAYOFF_YEARS years, EARLY_PAYOFF_MONTHS months</B></TD></TR> <TR><TD ><B>Prepayment savings</B></TD><TD ><B>EARLY_PAYOFF_SAVINGS</B></TD></TR> </TABLE></TD></TR></TABLE> </CENTER> <p><FONT SIZE='4' FACE='Arial'> Payment schedule </font> <HR SIZE = 1> **REPEATING GROUP** <BR> <HR SIZE=1> <CENTER> <font size='1' face='Verdana, Arial, Helvetica'>Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. </CENTER> <br><br> </BODY> </HTML> " >This Financial Calculator requires a Browser with Java Support</applet> <script>document.write(showbuttons())</SCRIPT> </center> <br><font SIZE="4" FACE="Arial"><p>Definitions</font><p><center> <table WIDTH="90%"> <tr VALIGN=TOP><td><b>Annual interest rate:</b></td><td>Annual interest rate. Maximum interest rate is 20%. </td></tr> <tr VALIGN=TOP><td><b>Mortgage length (years):</b></td><td>Total length, or term, of your original mortgage in years. Most common lengths are 30 years and 15 years. </td></tr> <tr VALIGN=TOP><td><b>Original mortgage amount:</b></td><td>The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance. </td></tr> <tr VALIGN=TOP><td><b>Additional monthly payment:</b></td><td>Your proposed extra payment per month. This payment will be used to reduce your principal balance. </td></tr> <tr VALIGN=TOP><td><b>Scheduled payment:</b></td><td>Monthly principal and interest payment based on your original mortgage amount, term and interest rate. </td></tr> <tr VALIGN=TOP><td><b>Accelerated payment:</b></td><td>Scheduled payment plus additional monthly payment. </td></tr> <tr VALIGN=TOP><td><b>Total savings:</b></td><td>Total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full. </td></tr> </table> </center> <br> <hr SIZE=1> <center><table WIDTH=90%><tr><td> <center><font size=2 face="Arial"><b> ©2001 KJE Computer Solutions, </b><br> Financial Calculators from www.dinkytown.net<br></font> <font size=1 face="Arial">(612) 532-4194 <br>1730 New Brighton Blvd. PMB #111<br> Minneapolis, MN 55413 <br><br>KJE Computer Soltuions' information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. More <a HREF="http://www.dinkytown.net">Information</a>. </font></center> </td></tr></table></center> <br> </body> </html>  </FONT></div> <div>  <html> <head> <title>Financial Calculators from Dinkytown.net</title> <meta HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=iso8859-1"> <meta NAME="KeyWords" CONTENT="Java Financial Calculators"> <meta NAME="Description" CONTENT="Java Financial Calculators, Copyright 2001 KJE Computer Solutions. For more information please see http://www.dinkytown.net"> </head>  <script LANGUAGE="JavaScript">  </Script> <body TOPMARGIN="0" LEFTMARGIN="10" bgcolor="#FFFFFF" LINK="#003399" VLINK="#666666" BGCOLOR="#FFFFFF">  <table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#000000"> <tr><td> <center> <font size="6" face="Verdana, Arial, Helvetica" color="#FFFFFF">Financial Calculators from <a HREF="http://www.dinkytown.net"><font size="6" face="Verdana, Arial, Helvetica" color="#FFFFFF">Dinkytown.net!</a></font> </center> </td></tr> </table> <br>   <p><font SIZE="4" FACE="Arial"> Rent vs. Buy </b></font> <p> Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes, and monthly payments to help you make a good financial decision. </font><br><br> <center> <applet name="calculator" code="MortgageRentvsBuy.class" align="baseline" WIDTH="565" HEIGHT="520" archive="dinkytown.jar"> <param name="PRICE_OF_HOME" value="100000"> <param name="DOWNPAYMENT_CLOSING_CASH" value="10000"> <param name="PROPERTY_TAX_RATE" value="1.0"> <param name="HOME_INSURANCE_RATE" value="0.5"> <param name="INTEREST_RATE" value="7.0"> <param name="LENGTH_OF_LOAN" value="30"> <param name="LOAN_ORIGINATION_RATE" value="1.0"> <param name="POINTS_PAID_NBR" value="1.0"> <param name="PMI_RATE" value="0.5"> <param name="OTHER_CLOSING_COSTS" value="800"> <param name="TAX_RATE" value="28"> <param name="MONTHLY_RENT" value="750"> <param name="INFLATION_RATE" value="4.0"> <param name="INVESTMENT_RETURN" value="7.0"> <param name="HOME_APPRECIATION_RATE" value="3.0"> <param name="HOME_COMMISION_RATE" value="7.0"> <param name="BACKGROUND_COLOR" value="FFFFDD"> <param name="BORDER" value="ROUND"> <param name="BORDER_COLOR" value="000000"> <param name="BORDER_WIDTH" value="2"> <param name="BACKGROUND" value="background.jpg"> <param name="TEXT_FOR_REPORT" value=" <HTML> <HEAD> <TITLE>Financial Calculator Results</title> <META HTTP-EQUIV='Content-Type' CONTENT='text/html; charset=iso8859-1'> <META NAME='KeyWords' CONTENT='Java Financial Calculators'> <META NAME='Description' CONTENT='Java Financial Calculators, Copyright 2000 KJE Computer Solutions. For more information please see http://www.dinkytown.net'> </HEAD> <BODY TOPMARGIN='20' LEFTMARGIN='20' MARGINWIDTH='20' MARGINHEIGHT='20' bgcolor='#FFFFFF' LINK='#003399' VLINK='#666666' BGCOLOR='#FFFFFF'> <p><CENTER><table border=0 bgcolor='#000000' width=468 cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFDD' border=0 width=468 cellspacing=1 cellpadding=5><tr><td width='100%' align=center valign=middle><font size='4' face='Arial'>Rent vs. Buy</font></td></tr></table></TD></TR></TABLE></CENTER> <P><font size='4' face='Arial'>RESULT_MESSAGE_MAIN</FONT> <P>This is based on your home's equity minus a HOME_COMMISION_RATE sales commission paid to brokers or real estate agents when you sell your home. It also assumes your home will appreciate at HOME_APPRECIATION_RATE per year and you have an income tax rate of TAX_RATE. RESULT_MESSAGE_ADVICE <P> We calculated your breakeven point by examining how long it would take to create enough equity in your home to exceed the value of investing your cash on hand. We also accounted for differences in your monthly rent and house payments. If your rent payment is less than your net house payment, we add that monthly savings to your investment. If your house payment is less than your rent payment we subtract that amount from your investment. You may notice that on the schedule at the bottom of this report the investment value can be reported as negative. This happens if your house payment is significantly lower than your rent payment. It illustrates that if you continue to rent the extra cost of renting would, in effect, use up your cash on hand. <p><FONT SIZE='4' FACE='Arial'> Loan Information </b></font> <P>For MONTHLY_TOTAL_PMT and a down payment of TOTAL_FOR_DOWNPAYMENT you can purchase a home with a price of PRICE_OF_HOME. This is for a LENGTH_OF_LOAN year mortgage at INTEREST_RATE in the amount of LOAN_AMOUNT. Total closing costs for this loan are estimated at TOTAL_CLOSING_COSTS. <P> Your current monthly rent is MONTHLY_RENT. The expected inflation rate of INFLATION_RATE annually was used to estimate future rent and property taxes. The rate of return used for investments was INVESTMENT_RETURN per year. <P> <table border=0 bgcolor='#000000' width=90% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='CCCCCC'><TD COLSPAN=2><b>Your MONTHLY_TOTAL_PMT monthly payment consists of</b></TD></TR> <TR><TD width=50%><b>Principal and Interest</b></TD width=50%><TD>MONTHLY_PI</TD></TR> <TR><TD width=50%><b>PMI</b></TD><TD width=50%>MONTHLY_PMI</TD></TR> <TR><TD width=50%><b>Taxes</b></TD><TD width=50%>PROPERY_TAX_MONTHLY</TD></TR> <TR><TD width=50%><b>Insurance</b></TD><TD width=50%>HOME_INSURANCE_MONTHLY</TD></TR> </TABLE></TD></TR></TABLE> <P> <table border=0 bgcolor='#000000' width=90% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='CCCCCC'><TD COLSPAN=2><b>Closing costs of TOTAL_CLOSING_COSTS consists of:</b></TD></TR> <TR><TD width=50%><b>Amount paid of points</b></TD><TD width=50%>POINTS_PAID_AMT</TD></TR> <TR><TD width=50%><b>Origination fee</b></TD><TD width=50%>LOAN_ORIGINATION_AMT</TD></TR> <TR><TD width=50%><b>Other closing costs</b></TD><TD width=50%>OTHER_CLOSING_COSTS</TD></TR> </TABLE></TD></TR></TABLE> <P>To avoid PMI payments a DOWNPAYMENT_20 down payment is required. This equals 20% of your home's purchase price. The total amount of cash required for a 20% down payment plus closing costs would be CLOSING_CLOSING_COSTS_20. </font><p><FONT SIZE='4' FACE='Arial'> Analysis of Future Payments</b></font> <HR SIZE=1> <font size='3' face='Times New Roman, Times, Garamond' color='FFFFFF'> **REPEATING GROUP** </font> <BR> <HR SIZE=1> <CENTER> <font size='1' face='Verdana, Arial, Helvetica'>Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. </CENTER> <br><br> </BODY> </HTML> " >This Financial Calculator requires a Browser with Java Support</applet> <script>document.write(showbuttons())</SCRIPT> </center> <br><font SIZE="4" FACE="Arial"><p>Definitions</font><p><center> <table WIDTH="90%"> <tr VALIGN=TOP><td><b>Price of home:</b></td><td>Purchase price of the home you wish to buy. </td></tr> <tr VALIGN=TOP><td><b>Cash on hand:</b></td><td>Cash you have for the down payment and closing costs. </td></tr> <tr VALIGN=TOP><td><b>Interest rate:</b></td><td>The current interest rate you can receive on your mortgage. </td></tr> <tr VALIGN=TOP><td><b>Term in years:</b></td><td>The number of years over which you will repay this loan. </td></tr> <tr VALIGN=TOP><td><b>Property tax rate:</b></td><td>Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes. </td></tr> <tr VALIGN=TOP><td><b>Home insurance rate:</b></td><td>Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance. </td></tr> <tr VALIGN=TOP><td><b>Loan origination rate:</b></td><td>The percentage the lending institution charges for its origination fee. 1% for a $100,000 home equals $1,000. </td></tr> <tr VALIGN=TOP><td><b>Points paid:</b></td><td>The total number of points paid to reduce the interest rate of your mortgage. Each point costs 1% of your mortgage balance. </td></tr> <tr VALIGN=TOP><td><b>Other closing costs:</b></td><td>Estimate of all other closing costs for this loan. This should include filing fees, appraiser fees and any other misc. fees paid. </td></tr> <tr VALIGN=TOP><td><b>Total closing costs:</b></td><td>Total up front costs to close your loan. This is the sum of the loan origination fee, amount paid for points and other closing costs. </td></tr> <tr VALIGN=TOP><td><b>Total for down payment:</b></td><td>Total funds remaining for down payment. </td></tr> <tr VALIGN=TOP><td><b>Mortgage amount:</b></td><td>Total amount of loan. </td></tr> <tr VALIGN=TOP><td><b>Investment return:</b></td><td>Annual percentage return you would receive if you invested your closing costs and down payment instead of purchasing a home. </td></tr> <tr VALIGN=TOP><td><b>Monthly rent payment:</b></td><td>Amount you currently pay for rent per month. </td></tr> <tr VALIGN=TOP><td><b>Income tax rate:</b></td><td>Your current marginal income tax rate. </td></tr> <tr VALIGN=TOP><td><b>Expected inflation rate:</b></td><td>Inflation rate used to adjust amounts subject to annual increases. This includes rent, insurance and tax payments. </td></tr> <tr VALIGN=TOP><td><b>Home appreciates at:</b></td><td>Annual appreciation you expect in the home you are purchasing. </td></tr> <tr VALIGN=TOP><td><b>Future sales commission:</b></td><td>The percent of your homes selling price you expect to pay to a broker or real estate agent when you sell your home. </td></tr> <tr VALIGN=TOP><td><b>House payment:</b></td><td>Total of principal, interest, taxes and insurance paid per month for your home. Insurance includes PMI and homeowner. </td></tr> <tr VALIGN=TOP><td><b>Principal payment:</b></td><td>Total of principal paid per month on your mortgage. </td></tr> <tr VALIGN=TOP><td><b>Tax savings:</b></td><td>The value of the tax deduction you receive on your mortgage's interest and home's property taxes. For example, if you have $900 in interest and $100 property taxes per month, the value of the tax deduction would be $280. (At a tax rate of 28%) </td></tr> <tr VALIGN=TOP><td><b>Net house payment:</b></td><td>Your house payment minus the value of the tax deduction and principal payment. </td></tr> <tr VALIGN=TOP><td><b>Net home price:</b></td><td>Net selling price of your home after subtracting any sales commissions. </td></tr> <tr VALIGN=TOP><td><b>Monthly PI:</b></td><td>Monthly principal and interest payment. </td></tr> <tr VALIGN=TOP><td><b>Monthly PMI:</b></td><td>Monthly cost of Principal Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year. </td></tr> </table> </center> <br> <hr SIZE=1> <center><table WIDTH=90%><tr><td> <center><font size=2 face="Arial"><b> ©2001 KJE Computer Solutions, </b><br> Financial Calculators from www.dinkytown.net<br></font> <font size=1 face="Arial">(612) 532-4194 <br>1730 New Brighton Blvd. PMB #111<br> Minneapolis, MN 55413 <br><br>KJE Computer Soltuions' information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. More <a HREF="http://www.dinkytown.net">Information</a>. </font></center> </td></tr></table></center> <br> </body> </html>  </div> <bR> <bR> <bR> <bR> <bR> </td> </tr></table></body>