Can't figure this out. Not great at math. Our interest rate is slowly going up and the 9.95% is the highest it can go. We want to know the answer so we can decide if we should refinance.
2006-12-04 12:40:37 · 5 answers · asked by Doug 1 in Business & Finance ➔ Renting & Real Estate
google mortgage calculator . . . lots of them out there
especially because you didn't give us your principal balance anyway.
2006-12-04 12:44:52 · answer #1 · answered by kate 7 · 0⤊ 0⤋
Do yourself a favour and refi. Find a broker and tell them you want to refinance the rest of what is owed on your mortgage at 1% fixed. A lot of people think they have to go with the interest rates listed. You don't. I am currently refinancing my home at 2%. I will be refinancing the second home(one I just bought) at 1%. As long as you have at least 10% of the homes value payed off, you can request, and get, a refi at 1%.
Even if you can afford the 9.95% monthly payment, why would you just pay that, when you could severely lower that rate, making it so you can pay quite a bit extra every month(be sure the bank knows that any extra money sent with your payment is solely for the principle). Do this and you'll pay your loan off faster. This will save you thousands of dollars. Also, as soon as the loan amount is payed down to 80% of the value of the home, drop your PMI. You don't need it. This is insurance for the bank. If something happens and you stop paying the loan and disappear, this insurance pays the bank the remainder of what you owed them. Dropping it will save you around $30,000.
2006-12-04 15:19:25 · answer #2 · answered by mamajjm 1 · 0⤊ 0⤋
Need more info. Current loan balance and number of payments remaining at the very least. And is the 883.30 the total payment (PITI) or just the P&I?
2006-12-04 12:50:37 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You need to find out what the balance of your mortgage is.
Once you know that, multiply by 9.95% and divide by 12.
Be sure to add your escrow if you do escrow for hazard insurance and taxes.
2006-12-04 12:49:40 · answer #4 · answered by Hot Pants 5 · 0⤊ 0⤋
Take a look at http://www.nationwidebillrelief.com/calculators/homeloan.html and find out exactly what your monthly payment will be.
2006-12-04 14:44:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋