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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
By Jakob Jelling http://www.cashbazar.com
Households across the country are finding themselves in a
similar situation. They lack the financial funds to make the
necessary changes to their home and need to find a way to fund
upgrades and eliminate debt. A popular way of financing these
changes without killing themselves is by taking a home equity
loan to pay down their debt.
The Home Equity Loan has become a fast-track way of paying down
large credit card debt, financing college education and even
taking a vacation. Since the stock market has lost quite a bit
of appreciation, people have been purchasing homes as a means of
investment, thus sending housing prices through the roof. With
higher prices comes a great deal of appreciation in the home.
People who have found themselves in 20 – 30 thousand dollars in
debt can pay it down by taking a home equity loan. Home Equity
Loans have been a source of relief and flexibility to get the
homeowner out of debt and moving forward in life.
The home equity tax shelter
The greatest benefit from taking a Home Equity Loan is being
able to crush debt, but also reduce the amount you owe the
government every year. Most loans by design do not provide any
tax relief, whereas a Home Equity Loan provides a direct line
item to reduce your debt. To figure out your home equity value
you can hire a professional appraiser to come out and tell you
how much it is worth to a bank or financial institution. Once
you have that figure you can easily find out how much equity you
have in your home. For example, should your home appraise for
$150,000 and you owe $ 60,000 you have $90,000 in equity. This
equity will not become a taxable event should you buy a bigger
home and spend more money. Should you step down in your home,
you can be penalized for the difference, provided that you have
not already taken the one-time exemption allowed by the
government.
Debt relief
Once you have found out how much your home is now worth, it is
time to apply for the loan. During the loan process you can
bring your credit card statements as well as any other debts you
may owe to the table. Explain to the loan officer your situation
and ask that these debts also be included in the Home Equity
Loan. If your home has at least 40% equity in your property you
should have no problem getting them dissolved into the loan.
There are many reputable lenders who will help you find the
right loan for you. The Home Equity Loan will restart the 15 or
30-year clock from day one. Your payment may increase or
decrease depending on how much debt you add or cash you take out
of the property.
About the author:
Jakob Jelling is the founder of http://www.cashbazar.com. Visit
his website for the latest on personal finance, debt
elimination, budgeting, credit cards and real estate.