By making additional monthly payments you will be able to repay your loan much more quickly. Find out how your monthly, yearly, or one-time pre-payments influence the loan term and the interest paid over the life of loan. Make additional 1/12 of monthly payments (a popular 'do-it-yourself' biweekly) or an additional monthly payment once a year.
Can be used as a mortgage (ARM) index comparison tool. Lets you find the right index + margin combination based on the lowest interest cost.
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.
For borrowers with two mortgages trying to decide whether refinancing into one or two new mortgages will reduce their costs.
For borrowers trying to decide whether they should refinance one mortgage into two mortgages to lower costs.
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.
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.
For borrowers who want to know how the interest rate and monthly payments may change on an adjustable rate mortgage that permits negative amortization.
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.
For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) without negative amortization or a fixed rate mortgage (FRM) based on the lowest after-tax interest cost.
For borrowers trying to decide whether they should select an adjustable rate mortgage (ARM) with negative amortization or a fixed rate mortgage (FRM) based on the lowest after-tax interest cost.
For borrowers trying to decide which of two fixed-rate mortgages they should select based on the lowest after-tax interest cost.
For borrowers trying to decide whether they should take a second mortgage, either to avoid mortgage insurance or to avoid the higher interest rate on a jumbo as opposed to a conforming loan amount.