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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.
Nowadays, every time you apply for a loan you will most likely
be offered payment protection insurance. If you are taking out a
particularly large loan, the idea may seem very attractive.
These insurance policies will take over repayments on your loans
in the event of losing your job or being involved in a medical
emergency. But what are the true costs and benefits of this type
of insurance? Given that over a billion pounds is spent in
Britain on this kind of insurance annually, it is worth asking
yourself.
The Cost Of Insurance
The fact of the matter is that the lending industry has become
more and more competitive in recent years. With interest rates
getting lower and lower, lenders have sought to find out ways of
increasing their returns. One of the ways they have come up with
is to offer various additional products that accompany the loan,
such as payment protection insurance. What may come as a
surprise is that payment protection can often cost as much as
the loan interest repayments. The payment protection repayments
can, incredibly, effectively double the cost of the loan. With
such startling consequences, it is imperative that consumers
think carefully before opting for such options.
Peace of Mind?
Many people will hold the view that as lives and jobs become
more and more unstable, the peace of mind offered by such
policies are worth the price. In some cases this is true, but
not always. Every insurance policy varies, but one thing remains
the same, it is very difficult to get an insurance policy to pay
out. You should look very carefully at the fine print of your
policy and you will be amazed to find out what actually is
covered, and what exclusions and exceptions apply.
For example, unemployment protection may only kick in after a
certain period of unemployment, will not count if the
unemployment was voluntary, and can require proof that the
applicant has actively sought employment, and not turned any
down, for the period since losing their job. This will give the
insurance company literally dozens of reasons for refusing pay
out in most instances.
Don't Accept The First Quote!
As well as these conditions, you should also shop around. The
person you are borrowing from will always offer you a policy,
but this unlikely to be the best policy available and a little
shopping around will go a long way. You will probably also find
your self better terms or terms that suit your needs more
closely. Government standards are in place to make sure such
policies are clear and in plain language, but complaints are
still pouring into consumer protection groups regarding these
policies.
The basic advice here is be very careful if opting for expensive
insurance policies. Make sure you understand the terms, and that
you think they might be of benefit to you, and if you don't want
the policy, just say no.
About the author:
Joseph Kenny writes for the loan comparison sites,
http://www.ukpersonalloanstore.co.uk and also
http://www.selectloans.co.uk. The latest loans are reviewed in
detail at the Loan Store.