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Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules.
The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more.
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Are Balloon Mortgages For You?
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.
Definitions
Mortgage amount
Original or expected balance for your mortgage.
Interest rate
Annual interest rate for this mortgage.
Term in years
The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.
Monthly payment
Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.
Total payments
Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest
Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type
The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
Savings
Total amount of interest you will save by prepaying your mortgage.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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Buying Land and New Construction >What About the Water
If you are considering buying acreage, your real estate agent will probably supply you with basic information about the soil quality, zoning and property boundaries. Whether you intend to build a vacation home or a working horse ranch, you'll also need to know about the water quality and quantity.
If the land is not in an area where water is supplied and tested by a municipal water system, you will need to drill a well for drinking water even if the land has surface sources that provide water for irrigation. Instead of paying monthly water bills, you'll be investing a substantial sum to drill the well and maintain it over time. Contact the county water department to determine how many gallons per minute you and your family (or agricultural business) will require. Talk to the neighbors to find out how long it actually takes to obtain permits to drill for water in that area, and get estimates from local companies on drilling costs.
With a little detective work and help from your agent you can discover any local problems with contamination of the water supply due to toxic substances. Surface waters such as streams, ponds or lakes may be considered public property, and may require you to obtain a water use permit from the state in order to dam a creek or pump water from a supply that sits on your land.
Lynn Garafola and Team Nest Builder RE/MAX Platinum Group 200 Woodport Road Sparta, NJ 07871 973-222-3777 Fax: 973-726-5757 LynnGarafola@NUMBER1EXPERT.com
Lynn Garafola, GRI, CRS, CLHMS, is a seasoned real estate veteran who has successfully closed more than $125 million in transactions and won numerous industry awards and accolades. Lynn has enjoyed helping over 400 families make moves in and out of Northern New Jersey over her 15 year career. Lynn is known for being a tireless advocate for her clients. When you are looking to buy, she takes the time to explore who you are and what you want, helping you discover what you need, what you like and what fits your budget. And then gets you into that home. When its time to sell, you can count on her guidance on preparing your home for sale and pricing it right. And then she takes over and markets it aggressively to get it sold for you. Not only is she very knowledgeable about the housing market in New Jersey, she is very personable and professional and stays in touch after the sale. You can count on Lynn to take care of ALL of your real estate needs. Call or email Lynn@MyNestBuilder.com today for an appointment with your real estate needs.
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Sparta, Lake Mohawk and Randolph, New Jersey
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200 Woodport Road
Sparta, NJ 07871
973-726-5700 x 311 (office)
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