Real cost of mortgage loan calculator?
Query by Praveen Pradeep: Genuine value of mortgage mortgage calculator?
My dad and mom are thinking about refinancing to a fixed rate mortgate. I want software that can just take in the subsequent information: quoted rate, initial service fees which includes mortgate details, mortgage quantity, loan interval, tax deductions on mortgate interest. The computer software requirements to output the next. Total payments minus tax break plotted against time.
If there is no such software program, a webpage with action by step recommendations to do the calculation would be valuable.
Best response:
Response by xxnessaluvznessaxx
Chase.com has a mortgage loan calculator….
Give your answer to this issue beneath!
Look for an amortization table calculator. That will give you the run down on payments/interest. The tax amount is the interest paid.
Typically though, the amount of interest paid on the loan will be equal to, if not greater than, the original amount of the loan. Add the closing costs to it as well and that is the total cost of the loan.
Ex: a $ 120k note financed at 6% over 30 years would have a P/I payment of 719.49. Total interest paid over 30 years, $ 139k.
Figure closing costs of 6k. Total cost for a 120k loan is $ 145k.
If you make $ 1k/mo payments, loan will be paid off in about 15.3 years and only pay about $ 64k in interest. Total cost: $ 70k. Savings of $ 75k. That is money in their pocket, not money that is taken off at the end of the year (which would at the 35% bracket, only save about $ 25k in taxes spread out OVER the additional 15 years).
Note: I am not a tax person so that number is an estimate.