Fha Loan Calculator

http://www.maclenders.com – I have a bit of a confession to make. I am a Mac fanboy at heart. I use Windows PCs in my office but, in secret, I long to have an Apple computer of my very own. Unfortunately, Apple computers remain, much to my dismay, out of my price range. Fortunately, a group has been founded online that hopes that remedy such a problem. MacLenders.com is a community of Apple enthusiasts, whose sole purpose is to build the Apple community by lending money to new and existing Macintosh users. The web site is run on the Prosper engine, an auction engine similar to the one used by eBay. This helps borrowers afford the Macintosh computers they have always wanted, while paying a lower interest rate than that of credit card financing or Apple Credit. In fact, MacLenders.com even presents you with a comparison of the interest rates you get from their site. In addition to helping you find lenders, the MacLenders group also presents you with several resources, including a loan calculator (compatible only with Mac OSX, unfortunately) and a bulletin board. Most importantly, MacLenders.com also provides articles and tips on how to check and improve your credit score.

Duration : 0:2:20

(more…)

Technorati Tags: apple, articles, board, bulletin, calculator, computers, Credit, Lenders, listings, loan, mac, macintosh, maclenders.com, osx, resources, Score, tips

According to several online calculators, it looks like my tax withholding will be a larger percentage of my income if I’m paid semi-monthly as opposed to monthly. Why is this? I’m expecting to get most of my withheld tax back, so I don’t want to give the gov’t an interest-free loan if I don’t have to.

It shouldn’t if you have correctly entered the gross salary figure.

For instance, a $4000 per month salary equates to a semi-monthly of $2000.

If you enter the wrong numbers, you’ll get the wrong answer.

GIGO, in other words.

my wife and I are looking to buy a condo and we’ve found some in our area for $20,000-$30,000, which is roughly equal to one year of our income. We have about $10,000 to put down but we would need a loan for the other 10-20 thousand (which according to online calculators would yield a monthly payment of around $100). However, when I spoke with the Realtor about some of these properties she said that because of the "rent ratio" the banks would probably not finance.

I, of course, did some googling about rent ratios and subsequently became even more confused. These same condos would probably rent for about $500/mo here which would give a rent ratio of 5 or less (from what I’ve researched that supposed to be a good time to buy, right?). So my question is, what does she mean by the banks won’t lend because of the rent ratio?

Is it because (some of) these are foreclosures and the bank can make more money renting it out on its own than lending money for somebody to buy it? Or is there something I’m not understanding. Please help. Thanks in advace!
Edited to ask for clarification: Why would a lot of rentals in the complex concern the bank? (forgive my ignorance, this will be our first place if we can get it…)

This is just a guess, but maybe the bank is concerned that too many of the condos in your building are rentals instead of owner-occupied.

I went to a dealer to buy a $7000 car. The bank and his third party people are quoting me $250 a month for a 48 month loan. There is a 7% interest rate, and I used one of those online payment calculators, and I keep getting around $160 per month. Logically 7000/ 48. = 145(without interest.) How is he getting $250 per month? No one can give me a straight answer. Am I missing something? Any help would be appreciated, thanks.

The online calculator is probably not calculating the compounded interest. You pay interest on the interest that accrued the month before.

I hope someone can figure this out for me because I can’t !
I tried for hours, calculating and using all different online calculators. Never work !
Bought a truck and finance with a loan company $23 468.00 on 11-17-2009.
Supposedly at 9.99% APR for 72 months with $436.43 monthly payments.

1rst payment12-30-2009$436.43Interest $295.46Principal $140.97

2nd payment01-29-2010$436.43Interest $191.54Principal $244.89

3rd payment02-26-2010$436.43Interest $176.89Principal $259.54

I guess the amount on the principal by just doing math since the account summary only shows the interest paid each month.

Refinanced with another loan company on 03-10-2010. This new loan shows that they paid off $23 107.42 on the first one. ??? Doesn’t add up !?
Got a letter from the first loan company saying the loan have been paid off (dated 03-29-2010).

Got a refund check from first loan company dated on 03-30-2010 for $103.67
It was a “refund of overpayment on paid-in-full contract”.

I need to enter that into my financial program and I can’t figure out since the balance left after the 3rd payment on the first loan was $22 882.60. Well, I though !

Can someone help me with this so confusing thing !
Thanks a lot !

The 9.99% APR is the annual interest rate, but the loan company applies part of it monthly. The interest is based on the average daily balance that period, so the less you owe, the less the interest will be (in dollars). Each time you make a payment, it pays off the interest accrued and the rest goes toward paying down the principal. The interest on the first payment was much higher because it was for more days (11/17 through 12/30 rather than regular month).

Lenders stipulate the loan pay-off amount at any given time, but it usually is an estimate because of interest calculations. It sounds to me like the 2nd company paid more than what was owed on the first account, possibly based on this estimate, and the first company has issued a refund for the difference. The amount owed to the first company would not match the last statement ending balance because of the partial-month interest. I would suggest adding $103.67 to your next payment on the current car loan; it will reduce the principal by that amount and save you interest every month going forward.

Im hoping to get my first job in the spring and want to buy a dirt bike. As of now i am broke but i was thinking of taking out a personal loan from my bank. Even if i work at walmart pushing carts for 25? hours a week i will still make at least 700 after taxes a month. Which for me is pretty good. the dirt bike will be 7100 but i will be able to put down a 1500 down payment. im looking to finance 6000 dollars. I did a calculator online and it comes to roughly 240 dollars per month. In my eyes it makes good sense. as 800 minus 240 will leave me plenty of money to do other things. Keep in mind im only 16 and have no bills. I asked my mom about this and she seems to think a loan for a 16 year old is a little crazy so im just wondering what you guys think.
My mom would be cosighning and it would be a 2 year loan

No, NO and NO………save the money. You say, "…you are HOPING to get a job.." Never count on money or a job you do not have.

I know there are online payment calculators but I am trying to make an excel spreadsheet calculator and I need to know the equations used to get the results. For example, calculate the monthly payment on a $220,000 loan over 30 years at 5.5% interest.

This link shows the formula to amortize a loan "by hand" http://www.frickcpa.com/tvom/TVOM_Amort.asp

Microsoft has "templates" you can download for free so you don’t have to reinvent the wheel. There are 33 available online at Microsoft through this link http://office.microsoft.com/en-us/templates/results.aspx?qu=loan+amortization&av=TPL000

For a $230,000 80-20 loan with 6.25/8.25 I can figure how much the actual loans will cost me, but how do I figure in taxes, PMI, and all that jazz ? I’ve tried finding a calculator online, but they only do 30 yr fixed and ask for the downpayment! Can anybody help ? Thank you!

Generally, to calculate your total payment, you want to calculate the principle, interest, taxes, insurance and HOA fees.

On an 80/20 loan, there should be no PMI, because the second loan (the 20% loan) will suffice.

The first loan at 6.25% will have a payment of $1,132.92. That includes $621.81 in interest and $511.11 in principle. To calculate that, I went to http://realestate.yahoo.com/calculators/payment.html and used 80% of $230,000 or $184,000.

The second loan of $46,000 (or 20% of $230,000) at 8.25% will have a monthly payment of $345.58 with $217.80 in interest and $127.78 in principle.

So your total principle and interest will be $1478.50. That assumes that these are both 30 year fixed loans. Usually, the second loan is shorter than 30 years, so you may have to plug in the actual numbers. If these are ARM loans, there is no way to know for sure how interest rates might fluctuate (although, most would predict an increase). However, most ARMs will cap payments if interest rates go too high (keep in mind, though, that this will lead to negative amortization).

Taxes will vary quite a bit from state to state. You need to figure out how taxes are assessed in your area. To calculate your home owner’s insurance, the best thing to do is contact an insurance company and ask for a quote (they should be able to give you a quote within minutes). The seller should also be able to tell you if there are any HOA fees.

Rather than do all of this leg work yourself, it is best to ask your mortgage broker. This is their job.

Our loan docs show a $37 per month higher cost than if it was a simple amortization like you would calculate on an online calculator. This is about $7,000 more on the life of the loan. We feel a bit of "bait and switch" occurred.

although i have never seen it done this way… this would mean that you have a 365 month loan due in 360 months. this means that your last payment would be a baloon. it should actually make your payments cheaper.

I have a situation with a 10 year loan at 8% interest. The monthly payment needs to be $1500 in year 1, $2000 in year 2 and $3000 in years 3-10. What would the amount financed be? Actually, the interest rate could be the variable in order to get the different payment amounts. I have a HP 12-C calculator, but have no idea how to run this formula on it. Does anybody know of an online calculator that can help me figure this out? I would like to be able to change the numbers slightly if necessary, so the online calculator would help.
I’m not looking for a loan. I am purchasing a business and the seller is financing it for me. He is retiring and wants a specifice monthly income and that is why I have specific payments. The amount to be financed is what I’m trying to figure out.
I’m not looking for a loan. I am purchasing a business and the seller is financing it for me. He is retiring and wants a specifice monthly income and that is why I have specific payments. The amount to be financed is what I’m trying to figure out.

My bank is BB&T. They have amortization calculators on their website www.bbt.com for various types of loans but you can plug in any numbers you want. Good luck!