The Best Mortgage Calculators On the Web! Please try our 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... Are Balloon Mortgages For You?
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.
- Monthly payment
- Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.
- Total payments
- Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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.
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Tax Considerations >Tax Breaks
Most homeowners are keenly aware of the interest tax deduction on their home loan, but there are many other tax breaks which are often overlooked at income tax time. Pro-rated property taxes and mortgage interest in the year of sale are deductible. You will find these amounts listed on your closing settlement statement. If you paid off your mortgage and had to pay a pre-payment penalty, it qualifies as tax deductible interest. If you paid an "acquisition mortgage loan fee" on a home loan, this fee can be deducted as itemized interest. Home improvement loan fees are also deductible. Any remaining loan fees from re-financed or paid-off mortgages are fully deductible at the time of the mortgage payoff.
Certain items don't qualify as deductions, but can be added to the cost basis of your home, such as transfer taxes, recording and title fees, and special local property tax assessments for new sidewalks, streets, or sewers.
Don't be intimidated by the tax code! A little research or consultation with an expert can help you maximize your real estate tax advantages.
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| Q |
What is the world's most valuable piece of furniture?
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| A |
The 18th century Italian Badmiton Cabinet owned by the Duke of Beaufort sold in 1990 at Christie's, London for $15.1 million dollars. |
 See More Real Estate Trivia > |
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The Danley - Golding Jones Team
Sotheby's International Realty
200 Clocktower Suite 100D
Carmel, CA 93923
831-601-5355
Fax: 831-855-0210
christinadanley@NUMBER1EXPERT.com
Christina has been a broker associate since 1987. She values her clients and makes their needs and their investment's potential the priority. She has listed and sold single-family homes and condominiums throughout the Monterey County area and specializes in Pacific Grove, Pebble Beach, Carmel, Carmel Valley and Monterey. Christina earned the Certified Residential Specialist (CRS) designation, which distinguishes a higher level of education in real estate and a professional affiliation affording up-to-the-minute industry information and local market knowledge. She is the proud receiver of the John Leo Award, in recognition of top sales volume within the Monterey County Association of Realtors, for 1998. Her background includes 20 years of management in the hotel and restaurant business as well. She holds a lifetime limited service credential for California Community Colleges and was honored with the Papa Vince award for excellence in hospitality.
Courtney was born and raised on the Monterey Peninsula. She attended local schools Santa Catalina Lower School and Robert Louis Stevenson Upper School. She has always been surrounded by real estate as her mother, Stacey Golding, worked for the Mitchell Group (now Sotheby's) and her husband is a commercial real estate agent. Courtney attended Santa Clara University, graduating Cum Laude with a major in finance and a minor in art history. She then spent the next 8 years in San Francisco working as a finance and accounting recruiter for a nationwide firm, Kforce Professional Staffing. She was a top producer for the company, consistently achieving platinum status.    
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