27ysq asked:


please see this link which I used to figure how much house I can afford.

http://www.thestreet.com/static/calculators/index.html?CALCULATORID=HF09&TEMPLATE_ID=www.thestreet.com_2

the “show payment schedule without getting tax benefit”? What are they really asking here? How would I know if I were to get this or not?

Thanks

Thomas

mailman asked:


I’m looking for a calculator tool that can help me compare the cash flow options associated with a 10 year interest only loan using the monthly savings to reduce principle vs. simply making additional principle payments on my current mortgage for that period.

I’d like to be able to play “what if” with the tool.

Anybody have something?

Ramon

Who Knows??? asked:


I am getting reading to purchase my first place. Over the years I have saved 100K for a down payment with money left over. I make roughly just under 37K a year gross. I project without taking into consideration monthly mortgage payments and home insurance that my other bills and monthly expenses would probably be around $877. That’s based off of what others have paid and during the winter months when it’s colder.

I have looked at mortgage calculators online and my head is spinning on what I can afford. I know a house of $150K would still leave me with money to put in the bank each month, which I believe I can get a house for that I saw today.

Maybe someone can give me an idea how much mortgage I can really afford so I avoid getting into the financial troubles that people are in now. I am single and I would be the only income. The places I’ve looked at have taxes usually around $3600. Obviously the lower the townhome the lower the taxes.

I know with the $150K example with expenses I would have left over close to $600 a month.

Thanks!
I am pre-approved, but I just want to get a feel of what you tell others when they apply for a mortgage. So really this is a how much can I afford type of question.

Diana

Sara B asked:


Online mortage calculators seem like they are fulll of lies. I exact same info used has be from 700 a month to over a 1000 (for a loan of about 122,000). I know taxes and interest rate will change, but about how much is your loan and what is your monthly payment? I’ve hear it is about 10% of your mortgage, but I have a really hard time trusting the people that make a living off of selling homes.

Melvin

Kylor asked:


i make 30$ an hour. about 50,000$ a year. i am single no kids. i want more income so i want to get a 400,000$ mortgage and buy 4 different investment properties.(100,000$ each) from the properties i have been looking at the average income of four apartment buildings would be about 40,000$ a year and that after everything! heat, electricity, taxes everything.

i know that the banks probably wouldn’t give me a 400,000$ loan to blow on a house just for me but where i would be increasing my annual income by approximately 40,000$ by buying apartment buildings could i get the mortgage?

and i also have a 60,000$ down payment. (15% of 400,000$) and i also know that most of my profit will be going on my mortgage payment but with the extra income i would definitely be able to make the payment.

i was looking at a mortgage calculator and a 10year mortgage of 340,000$ (400,000$ – my down payment of 60,000$) at 7% interest rate would be 3930$ a month and my rent income would be 4000$ a month so i would still have 7$ profit.

i cant see why i could not get the mortgage cause i could definitely make the payments but im not a 100% sure so any info would help.

thanks

Tanya

Jake M asked:


I want to purchase a home for 359,000, The mortgage calculator says my payment will be around 1780 a month on a 50 year loan with 0 down and 7 percent interest rate, is this accurate. Or is this even possible. I’m a first time home buyer and am not too familiar with all of this. My credit isnt the best but its decent. I make around 33,000 a year. Please let me know if this can happen. i would like some advise before i get to serious and get a real estate agent and come to find out i cant afford anything.

Virginia

SwingLifeAway asked:


I have a 30 year fixed rate 5.75% mortgage for $292,000. My payments began in March 2006. I am paying it off aggressively and to date owe $243,000. My monthly payments are roughly $2,000 but I’ve been paying almost double that each month. If I keep up at this rate (and maybe even more each month), will it only take me 15 years to pay off? Where can I find a calculator to figure this out? Thank you for your help!

Fernando

Tracy-UK asked:


Problem Specification:
This problem concerns the production of a java program that will calculate repayments on a student loan for a single year. Repayments are based upon the ex-student’s income and 3% interest that will be added to the loan every year by HM Government (nice people).
NOTE: You are required to also submit a flow chart and pseudo code to your tutor!

Method
1.First prompt and read the 2 inputs (loan and wages), store them in “double” variables.
2.Now calculate the net income by subtracting 10,000 pounds from the wages (that is the free threshold amount which you can keep and will not be used for repaying the loan).
3.Add 3% interest to the loan amount.
4.Finally calculate the new balance of the loan by subtracting the 9% deductions (calculated in step 2. above) from the current loan balance.

Here are three examples that show how the system works:

Example 1Example 2Example 3
Earned income£13,000£9,000£12,000keyboard input 1
Less threshold£10,000£10,000£10,000
Net income£3,000Nil£2,000output in response to input 1
Deductions 9%£270Nil£180

Loan£4,000£8,000£2,000keyboard input 2
Interest 3%£120£240£60 output in response to input 2
New balance£3,850£8,240£1,880

Typical Input / output
Input:
Enter total amount of student loan taken: 4000
Enter anticipated income: 13000

Corresponding Output:
Loan taken out: 4000, anticipated income 13000
Total plus interest: 4120
Amount Re-paid: 270
New balance: 3850

any help Please
——————————————————————————————-
import java.io.*;
import java.text.DecimalFormat;
import java.util.Scanner;

public class MortgageCalculator2
{

static int months = 360;
static double rate = .0575;

public static void main(String[] args) throws IOException
{

// declare variables

double orignialLoan = 200000;
double newLoan = 200000;
String str = “”;
double payment;
double loanPayment = 0;
double interestPayment = 0;
int i;

// print to display monitor

System.out.println(”\t McBride Mortgage Payment Calculator”);
System.out.println();
System.out.println(”\t $200,000.00 Loan”);
System.out.println();
System.out.println(”\t at 5.75% for 30 year term”);

Scanner input = new Scanner(System.in);

System.out.println();

DecimalFormat twoDigits = new DecimalFormat(”$##,###.##”);// Format how it will be displayed.

// For Statement.

for (i = 1; i <= months; i ++)
{
orignialLoan = newLoan;
double interest = getInterest (rate); // Interest rate for the month.
payment = getPayment (interest, orignialLoan); // Payment per month.
newLoan = getNewLoan (interest, payment, orignialLoan); // Balance after payment.
loanPayment = orignialLoan - newLoan; // Amount of monthly loan.
interestPayment = payment - loanPayment;// Amount of monthly interest.

// Print to display moniter.

System.out.println("The monthly payment on " + twoDigits.format(orignialLoan) + " at 5.75% rate is " + twoDigits.format(payment));
System.out.println();
System.out.println("New Balance " + twoDigits.format(newLoan));
System.out.println("Loan Payment " + twoDigits.format(loanPayment));
System.out.println("Interest Payment " + twoDigits.format(interestPayment));

if (i % 3 == 0){

System.out.println("Continue? (Y or N)");
str = input.nextLine();
if(str.equals("N") || str.equals("n"))

System.exit(0);
}

}

} // End For

} // end of main

// Get Interest Method

public static double getInterest(double rate)

{
double interest = rate / (12 * 100);
return interest;

} // End of Interest Method

// Get Payment Method

public static double getPayment (double interest, double orignialLoan)

{
double payment = (orignialLoan * getInterest(rate)) / (1 - Math.pow(1 + getInterest(rate), - months));
return payment;

} // End of Payment Method

// Get New Loan Amount

public static double getNewLoan (double interest, double payment, double orignialLoan)

{
double newLoan = orignialLoan * (1 + interest) - payment;
return newLoan;

} // End New Loan Amount

} // end program
My Question is how to add main method to it I start again i m lost .2.Now calculate the net income by subtracting 10,000 pounds from the wages
-----------------------------------------
import java.io.IOException;
import java.text.DecimalFormat;
import java.util.Scanner;

public class Assignment2 {
private static final Scanner scan = new Scanner(System.in);

public static void main (String args[]) throws IOException

{

double loan_amount, anticipated, interest_rate, interest_rate_month,interest,unpaid_amount;
double installment, principal;
double interests_rate = 3;
int loan_period = 12;
int payment_no = 0;
int a;

System.out.print("Enter total amount of student loan taken: "); //Input of loan amount
loan_amount = scan.nextDouble();
System.out.print("Enter anticipated income: ");
anticipa
done so far
----------------------------------
import java.io.IOException;
import java.text.DecimalFormat;
import java.util.Scanner;

public class Assignment2 {
private static final Scanner scan = new Scanner(System.in);

public static void main (String args[]) throws IOException

{

double loan_amount, anticipated, interest_rate, interest_rate_month,interest,unpaid_amount;
double installment, principal;
double interests_rate = 3;
int loan_period = 12;
int payment_no = 0;
int a;

System.out.print("Enter total amount of student loan taken: "); //Input of loan amount
loan_amount = scan.nextDouble();
System.out.print("Enter anticipated income: ");
anticipated = scan.nextDouble();
interest_rate_month = interests_rate / (loan_period*100);
not enuf room here to post ?????

Bernard