calculate how much mortgage i have left?
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Probably the simplest way to find out how much is left on your mortgage is to check your mortgage statement. Look for an item labeled "principal balance." That's how much you actually owe, and the interest you pay is charged on that amount.
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It's calculated as a percentage of the mortgage and is based on the size of your down payment. Your lender will likely pass this cost on to you. You can pay it in a lump sum or add it to your mortgage and include it in your payments.
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The maximum amount for monthly mortgage-related payments at 28% of gross income is $933. ($40,000 times 0.28 equals $11,200, and $11,200 divided by 12 months equals $933.33.) Furthermore, the lender says the total debt payments each month should not exceed 36%, which comes to $1,200.
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So how much equity is enough? At the very least you want to have enough equity to pay off your current mortgage with enough left over to provide a 20% down payment on your next home. But if your sale can also cover your closing costs, moving expenses and an even larger down payment—that's even better.
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To calculate 'how much house can I afford,' a good rule of thumb is using the 28%/36% rule, which states that you shouldn't spend more than 28% of your gross monthly income on home-related costs and 36% on total debts, including your mortgage, credit cards and other loans like auto and student loans.
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['C = Future sum.', "i = Interest rate (where '1' is 100%)", 'n= number of periods.']
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["Divide your interest rate by the number of payments you'll make in the year (interest rates are expressed annually). ... ", 'Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.']
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['Ask the Homeowner. The easiest way to determine how much is still owed on a house is to ask the homeowner. ... ', 'Legal Section of the Newspaper. ... ', 'Ask the Lender. ... ', 'Review Default Notices. ... ', 'Check the Recorded Deed. ... ', 'A Note About Second Mortgages. ... ', 'Other Balances Owed.']
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Adding Extra Each Month Just paying an additional $100 per month towards the principal of the mortgage reduces the number of months of the payments. A 30 year mortgage (360 months) can be reduced to about 24 years (279 months) – this represents a savings of 6 years!
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Divide the asset's total debt by its fair market value and multiply by 100 to calculate the asset's debt percentage. For example, if you have mortgages totaling $100,000 on home worth $300,000, the asset's debt percentage is 33 percent -- $100,000 divided by $300,000 times 100.
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Subtract mortgage payment from the annual income of the property in determining the Annual Net Operating Income. Then divide the annual NOI by the sum of down payments and repairs needed in order to rent the property. For example, add a $20,000 down payment to $5,000 in repairs; then divide NOI by $25,000.
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How is mortgage interest calculated? Interest on your mortgage is generally calculated monthly. Your bank will take the outstanding loan amount at the end of each month and multiply it by the interest rate that applies to your loan, then divide that amount by 12.
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['Calculate your monthly income and debt.', 'Check your FICO Score.', 'Figure Out What You Can Afford as a Down Payment and for a Mortgage (Price Range).', 'Get Pre-approved for a mortgage, preferably a 15, 20 or 30 year fixed. ... ', 'Determine What You Need.']
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This is a simple calculation -- just divide your loan amount by your home's value, to get a figure that should be in decimal points. If, for example, your loan is $200,000 and your home is appraised at $250,000, your LTV ratio is 0.8, or 80%.
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It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.
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Interest on your mortgage is generally calculated monthly. Your bank will take the outstanding loan amount at the end of each month and multiply it by the interest rate that applies to your loan, then divide that amount by 12.
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Divide home equity by market value to determine home equity percentage. (45,000 / 200,000 = 22.5) In this scenario, you have a home equity percentage of 22.5 percent.