The Best Mortgage Calculators On the Web! Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it! 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. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... Will Buying Points Save You Money?
Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each "point" will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points, or use the money to increase your down payment. Click on the "View Report" button to review your information.
Definitions
- Term
- Number of years for this mortgage. Most common terms
are 15 years and 30 years.
- Mortgage amount
- Total balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage without purchasing any discount points.
- Years in home
- The number of years you expect to live in this home or the number of years before you refinance your mortgage.
- Principal and interest
- Monthly principal and interest (PI) for this mortgage.
- Points rate
- Annual interest rate for this mortgage with discount points.
- Points
- The number of discount points you need to receive the lower rate. Each point costs 1% of your mortgage amount.
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.
Tax Considerations >Beneficial Tax Laws American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
What is the role of the U.S. Housing Authority?
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| A |
Created in 1937 by FDR, the U.S. Housing Authority provides construction loans to small communities and states. |
 See More Real Estate Trivia > |
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