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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.
A mortgage is a loan, usually from a bank, finance company or
building society to help you buy your home.
A mortgage is a loan, from a bank or building society that is
secured against your house or flat. You have to pay back
everything you borrow from your lender within an agreed length
of time (the mortgage term). You also have to pay interest on
what you have borrowed.
A mortgage is a loan you take out to buy property. Most banks
and building societies offer mortgages, as well as specialist
mortgage lending companies.
To repay the mortgage you either make monthly repayments of
interest and capital, or you pay interest only each month then
repay the loan at the end of the mortgage term from separate
savings or investments.
The purpose of a mortgage is, quite simply, to enable a person
to borrow money using the property as security. As the prices of
houses are beyond the immediate personal resources of most
purchasers, it is necessary to enter into a borrowing agreement
with a lender.
A mortgage is therefore a form of a secured loan, whereby the
lender agrees to lend a person the money to enable them to
purchase a property. This loan is secured against the property
by a legal charge and is subject to the purchaser and the
property being able to meet the lender's criteria. This loan is
then paid back over a period of time along with the interest
charged by the lender.
In most cases lenders will offer three times a single person's
salary or two-and-a-half times the borrowers' joint salaries.
However you should consider whether your budget can afford the
repayments before borrowing to the hilt.
A mortgage is a long term financial commitment with repayments
typically spread over a term of up to 25 years. However in
practice, people often sell their house before the end of the
mortgage period. The original loan is then repaid from the sale
of the first house and a new loan is taken out to buy the new
home.
Each joint borrower is individually liable for the amount of the
loan and interest due to the lender and is always responsible
for the full amount outstanding. Events such as separation,
divorce, unemployment, long term sickness, injury or disability
could ultimately cause a house to be sold and the mortgage to be
terminated. The early repayment of a loan can have different
financial consequences depending on the type of mortgage
involved.
Most mortgage lenders also require you to have a suitable life
assurance policy, which would repay the borrowing in the event
of death or critical illness. This ensures that, in these
distressing circumstances, your house would not have to be sold
to repay the mortgage.
You may find the perfect mortgage for you at your local building
society. But shopping around could land you with a much better
deal or alternatively you can use a mortgage broker. Mortgage
brokers scour the market to find the most suitable deal for you.
A good mortgage broker can save you time and money.
If you are in full-time employment the lender will ask for
written evidence for example, payslips and your P60 for the past
two years. They'll also probably write to your employer asking
for confirmation.
If you're self-employed it more difficult to get a mortgage and
as a result there are lenders who specialise in the
self-employed. You would need to show three years audited
accounts. If you haven't been in business long enough then the
lender should accept a letter of confirmation from your
accountant.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the www.directonlineloans.
co.uk website.