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03-13-2005, 02:51 PM
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| | | Do mortgage calculators factor in taxes and inurance?
What is the name of your state?nc
a 65000 loan at 10% =570 a month, is that including insurance and taxes? thanks |
03-13-2005, 03:37 PM
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Originally Posted by ffraust What is the name of your state?nc
a 65000 loan at 10% =570 a month, is that including insurance and taxes? thanks | Without knowing the length of the loan, I couldn't tell you if this amortizes correctly or not.
Generally, however, taxes and insurance are not calculated in an amortization schedule because no one knows what those amounts will be for the length of the loan. |
03-13-2005, 04:42 PM
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Originally Posted by ffraust What is the name of your state?nc
a 65000 loan at 10% =570 a month, is that including insurance and taxes? thanks | $570.00 would be the principle and interest for a 30 year period. Taxes and insurance would be added to this amount. Taxes vary by municipally and school district and insurance varies by the amount of coverage the homeowner buys.
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03-13-2005, 05:00 PM
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Originally Posted by PghREA $570.00 would be the principle and interest for a 30 year period. Taxes and insurance would be added to this amount. Taxes vary by municipally and school district and insurance varies by the amount of coverage the homeowner buys. | Is the principle in the school and the principal in the loan or is the principal in the school and the principle in the loan? |
03-13-2005, 05:24 PM
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Originally Posted by seniorjudge Is the principle in the school and the principal in the loan or is the principal in the school and the principle in the loan? |
"The principal is our pal" (but, it is also a capital sum with interest) - sorry!
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03-13-2005, 05:59 PM
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| | | Nope. As stated, that is ONLY the P&I.
Another factor is that some of us do not pay our property taxes or HO insurance as a monthly escrow along with our P&I, so it is not "part of the payment".
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03-13-2005, 10:07 PM
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Originally Posted by ffraust What is the name of your state?nc
a 65000 loan at 10% =570 a month, is that including insurance and taxes? thanks | **A: what &I mortgage calculator are you using? |
03-14-2005, 08:35 AM
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Originally Posted by HomeGuru **A: what &I mortgage calculator are you using? | My Amortizer Plus® shows a 30 year payment: totals $141,163.93 interest and $65K principal. |
03-14-2005, 02:20 PM
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| | | [quote=seniorjudge]My Amortizer Plus® shows a 30 year payment: totals $141,163.93 interest and $65K principal.[/QUOTE
or 572.68 per month
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03-14-2005, 05:28 PM
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| | | My mortgage agency keeps telling me that my payments are going to be around 570 a month, including taxes and insurance. This is a 30 year loan at 8.8%, When I use a calculator off thenet I keep getting something closer to 640, if I assume my insurance is 300 a year and tax is 1000 a year. 640 is a lotmore that 570, and I cant understand how they keep coming up with the 570. Guess I will have to call them again tommorow... |
03-14-2005, 05:31 PM
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Originally Posted by ffraust My mortgage agency keeps telling me that my payments are going to be around 570 a month, including taxes and insurance. This is a 30 year loan at 8.8%, When I use a calculator off thenet I keep getting something closer to 640, if I assume my insurance is 300 a year and tax is 1000 a year. 640 is a lotmore that 570, and I cant understand how they keep coming up with the 570. Guess I will have to call them again tommorow... | Tell them you had three geniuses and one judge run it for you and they all agree that $570 +/- is about right for principal and interest only. |
03-15-2005, 07:23 AM
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Originally Posted by ffraust My mortgage agency keeps telling me that my payments are going to be around 570 a month, including taxes and insurance. This is a 30 year loan at 8.8%, When I use a calculator off thenet I keep getting something closer to 640, if I assume my insurance is 300 a year and tax is 1000 a year. 640 is a lotmore that 570, and I cant understand how they keep coming up with the 570. Guess I will have to call them again tommorow... |
**A: have them explain it to you. Maybe they are amortizing the loan at less than 30 years. |
03-15-2005, 07:47 AM
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Originally Posted by HomeGuru **A: have them explain it to you. Maybe they are amortizing the loan at less than 30 years. | Sweetie, wouldn't that INCREASE the payment?
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03-15-2005, 07:57 AM
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Originally Posted by nextwife Sweetie, wouldn't that INCREASE the payment? |
**A: that's correct. I am glad someone is paying attention. |
03-15-2005, 07:39 PM
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Originally Posted by ffraust What is the name of your state?nc
a 65000 loan at 10% =570 a month, is that including insurance and taxes? thanks | How would your calculator know what your taxes and insurance would be? Of course, it's only the principle and interest!
But if you should find such a calculator that automatically calculates insurance and taxes based on a person's loan, please let me know. | |
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