mortgageloanus's blog

There are tons, maybe even hundreds, of online financial calculators that can be used to figure out how much a monthly loan payment over a mortgage or a automobile loan. What can you do to find out a monthly loan payment amount if you have no computer or world wide web handy? And you have ultimately lost or tossed out there that old HP12c you needed in your top bathroom drawer since 1982. The formula is simple but unless that can be done logarithms in your head you will need a calculator with a strength function. That's the key together with y^x (superscript x) about it. For example 2 raised for the 3 power = 8, or perhaps 2 x 2 times 2 = 8. On the calculator you'll enter 2 then y^x next 3 then = to obtain the answer 8. If you have kids in school you almost certainly have a calculator using a power function lying at home. Some cell phone calculators will do just fine also. A compound interest payment calculation just isn't rocket science but it isn't trivial math either. Hence the necessity for the power operate key. If you do the calculation half dozen times you can possibly commit it to memory space. Worst case is the particular formula will fit over a small index card you could slip into your finances or purse. You are watching the particular Sunday afternoon game and you also see an ad from your local mortgage finance business offering 6% mortgage capital. You got your existing $50, 000 second mortgage 5 years back at 8%. It can be a 20 year loan. Can it be worth checking out the particular mortgage finance company's offer to refinance the rest of the balance of your 2nd mortgage for your remaining 15 years with a lower monthly payment? Why don't we do the math with out leaving the couch. The factors are: N = bank loan period in months. my partner and i. e. 15 years = a hundred and eighty months. I = interest in whole numbers. my partner and i. e. 6% written since 6. P = principal level of the loan. The sum borrowed. Q = the particular Q factor. An more advanced calculation. M = payment per month amountHere's the entire formula for your monthly payment amount of your compound interest loan: M = (P * My partner and i * Q) / (1200 * (Q -1))Easy adequate, but first you must calculate the value regarding Q. Here is the particular formula: Q = (1 + R/1200) ^N. Quite simple, but you do need the energy function key. N will get fairly large. Your current monthly R + I payment on your own second mortgage is $418. twenty-two. The pay-off on the rest of the balance of the loan by the end of the 60th calendar month is $43, 763 (rounded)The mortgage finance company offers 6% on $43, 763 regarding 15 years. What could be the monthly payment amount? Q = (1 + 6/1200) ^180 = a couple of. 454M = (43763 * 6 * a couple of. 454) / (1200 * (2. 454 -1)) = $369. thirty-one (rounded). In this example by refinancing the second mortgage at the lower rate you'll pay off your current second mortgage concurrently and have almost $49 more cash each month in your pocket. Why don't we see. If you invested that $49 each month at a 20% twelve-monthly return...






(c) 2006 Peter Boston can be an attorney, writer, and the editor with the profacere. com website, any tips and resource web site to refinance an additional mortgage, get no fax pay day advance loans, or improve the FICO credit rating score, updated daily around the profacere. com credit website.

View this post on my blog: http://www.mortgageloanus.org/there-are-tons-maybe-even-hundreds-of-online-financial-calculators/