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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.
Property investment has always been known to be financially
rewarding and many have made their millions through this
channel. However, in order to acquire a mortgage loan to finance
the purchase of a property, you first need to have sufficient
cash to pay for the down payment. Usually a minimum of 10% of
the property purchase price is required as a down payment, with
some lenders requiring up to 20%, failing which private mortgage
insurance must be purchased.
With this, although the dollar value of a down payment is
relatively high, obtaining the funds for it is not beyond reach.
If you have the will-power, there are many ways in which you can
save adequate funds to make that down payment for the property
that you desire:
1.Determination If you are determined enough to get what you
want, you will most likely be able to attain it. Therefore, with
determination comes motivation for you to save, limited only by
the size of your paycheck, in order for you to reach your goals.
A great motivation booster would be to spend your free time
looking around at ideal properties and then forming a vision of
yourself as the owner. As your mind drives your actions, you
will be compelled to save and nothing will be able to stop you.
2.Planning A strong goal is always attained with strong planning
in place. If you know the amount you need for your down payment,
based on the estimated size of your mortgage loan, you will also
be able to plan for it with sound budgeting and planning. This
can be done by analyzing your spending patterns and identifying
areas in which you can cut back or spend less on. With this, you
will then know how much you can afford to save each month.
Additionally, you could also open a special bank account
specifically dedicated for your down payment savings and
allocate a realistic portion of your earnings each month into
this account.
3.Make your money work harder Putting your money into a
certificate of deposit at the bank, with a higher interest yield
as compared to a normal savings account, would be a conventional
way for your money to work harder for you. Also, since your
money is tied down and cannot be withdrawn without a penalty,
you will be less tempted to take the money out and use it.
4.Tell your family It would be a good idea to relate your
intentions to your family, as some parents may be able to chip
in, albeit in small ways to help you save up. For example,
instead of buying you gifts for the holidays, they can give you
a monetary contribution instead which will go into your down
payment savings pool.
5.Standing Instruction One good way to put money aside is to
have it automatically transferred to the account allocated for
down payment savings. With this, you will be certain that you
will not be tempted to spend any of it and at the same time will
not miss out on any of your monthly allocations.
6.Pay off credit card debt Credit card debt has one of the
highest interest rates imposed and therefore should be paid off
as much and as quickly as possible. This is as interest payments
are an unnecessary expense to you and clearing your debt will
release more available cash for savings.
7.Continue paying yourself If you have been paying monthly
installments for your car loan, credit card debt or your
education loan, and have already paid off these loans, continue
setting aside these payments to yourself. This is as your
lifestyle has already been accustomed to not having the need for
these funds, and therefore you can now save this money instead
of spending it on extra expenses.
About the author:
Chris Edison is a successful author and regular contributor to
http://www.mortgage-traps.com a home mortgage loan
information site, that reveals mortgage traps for home buyers.