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Jamie S | I'm looking for a mortgage calculator to see if it is worth while borrowing over 40 years, can anyone help? |
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PepsiLime
|
I've attached a link. |
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acermill
 |
It's not worth it. On a $150K loan for thirty years at 7%, your monthly P&I payment is $997.95. The exact same loan amortized over forty years yields a payment of $932.15.
Would you really want to extend a mortgage another ten years to save $65 a month ? |
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sbro
|
http://www.mortgagearrangers.co.uk/mortgage_calculator.html |
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mazziatplay
|
go to firsthorizonusa.com |
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Franco
 |
I have the formula in my calculator and can calculate any situation in seconds. But you have not mentioned the amount you want to borrow or the interest rate. Nevertheless, the following table may be useful:
Assuming 7% interest, the monthly payments per £100,000 loan will be as follows:
20 years......£ 762
25 years...... ...693
30 years..........651
35 years..........624
40 years..........606
Naturally, if you borrow a different amount, the payments will change in proportion. |
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madison t
 |
do a search for mortgage calculator in google |
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scottie
 |
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
Check out this from the BBC website
Good luck |
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mia170107
|
Many brokers will do all the work for you and as long as they are independant can give you unbiased advice.
If you would like further info please feel free to email me
mia170107@yahoo.co.uk |
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toodle666
 |
http://www.moneymadeclear.fsa.gov.uk/mortgagecalc
Gr8 for other bits of info too |
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PK
 |
try www.bankrate.com
I wasn't sure if you meant you were looking for a 40 year loan or something that is longer than 40years. I haven't seen anything that is longer than 40 years in the market, but that isn't saying much. |
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GashlycrumbTiny
 |
Take the amount borrowed and multiply it by the loan percentage (assuming it's not compound interest...it should be just simple interest.)
Like, say, 100,000X10%. Bear in mind that the longer the loan, the higher the percentage, in most cases. You'd probably save maybe 1-2% if you went with a shorter loan.
Take that result (your yearly %age) and multiply it by 40. Whew. That's a lot. A lot of years.
Now divide that by 480 to get your monthly loan payment (bear in mind that closing costs, taxes, and insurance will also be included in your mortgage payments, and "points" if you get a bad loan. Don't get points if you can help it. Points are an extra percentage, separate from the loan percentage itself.)
Sure, you're spreading your payments out over an extra ten years or so, but, man, you're paying a TON of extra interest. Ten thousand bucks a year! By adding an extra ten years, you're adding a whole 'nother principal!
It's not worth it. Buy a substantially cheaper house and do it on a much shorter loan. If you can't manage a 30-year loan...you gotta cut back. Think about what you could do if you weren't paying all that extra interest, if your house was already paid off.
That's why I went for a 10-year loan rather than even a 15-year loan. I have a small house loan, but I just couldn't stomach paying all that extra interest, even over 5 years. I went for payments that were about twice as big (but still cheaper than rent, because I got a cheap, small house) as the 30-year loan, but I'm paying it off in a third of the time.
If you're looking at a 40-year loan, you're living outside your means. Think smaller. You'll get screwed on a loan that lasts that long. |
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rs19uk
|
that depends as figures on the internet are very sketchy due to the Financial Services Authority claiming that this would constitute to full advice from the maker of the mortgage calculator. I am an independant mortgage broker email me your figures borrowing etc and I can let you know the exact figures |
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